EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE

Schedule of reconciliation of the numerators and denominators of the basic and diluted earnings per share

	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
	2013		2012		2013		2012
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income available to PLC’s common shareowners	$	93,061	$	60,480	$	274,551	$	235,656
Average shares issued and outstanding	78,521,996		79,725,407		78,396,347		80,632,108
Issuable under various deferred compensation plans	970,278		937,338		950,424		909,354
Weighted shares outstanding - basic	79,492,274		80,662,745		79,346,771		81,541,462
Per share:
Net income available to PLC’s common shareowners - basic	$	1.17	$	0.75	$	3.46	$	2.89
Calculation of diluted earnings per share:
Net income available to PLC’s common shareowners	$	93,061	$	60,480	$	274,551	$	235,656
Weighted shares outstanding - basic	79,492,274		80,662,745		79,346,771		81,541,462
Stock appreciation rights (“SARs”)(1)	409,964		464,504		433,174		460,104
Issuable under various other stock-based compensation plans	592,580		677,218		758,976		568,587
Restricted stock units	357,260		601,636		343,631		617,701
Weighted shares outstanding - diluted	80,852,078		82,406,103		80,882,552		83,187,854
Per share:
Net income available to PLC’s common shareowners - diluted	$	1.15	$	0.73	$	3.39	$	2.83

(1)Excludes 454,925 and 665,320 SARs as of September 30, 2013 and 2012, respectively, that are antidilutive. In the event the average market price exceeds the issue price of the SARs, such rights would be dilutive to the Company’s earnings per share and will be included in the Company’s calculation of the diluted average shares outstanding, for applicable periods.