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Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2011

Computation of Earnings Per Share [Abstract]

COMPUTATION OF EARNINGS PER SHARE

NOTE D – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing net income attributable to PLPC common shareholders by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income attributable to PLPC common shareholders by the weighted-average of all potentially dilutive common shares that were outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three and nine month periods ended September 30, 2011 and 2010 were as follows:


		For the three month period ended September 30								For the nine month period ended September 30
		2011				2010				2011				2010
Numerator
Amount attributable to PLPC shareholders
Net income attributable to PLPC		$	6,660			$	9,879			$	22,044			$	17,107

Denominator
Determination of shares
Weighted-average common shares outstanding			5,253				5,238				5,263				5,248
Dilutive effect - share-based awards			128				152				123				148

Diluted weighted-average common shares outstanding			5,381				5,390				5,386				5,396

Earnings per common share attributable to PLPC shareholders
Basic		$	1.27			$	1.89			$	4.19			$	3.26

Diluted		$	1.24			$	1.83			$	4.09			$	3.17

Common shares issuable upon the exercise of employee stock options or vesting of restricted share awards are excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. For the three and nine month periods ended September 30, 2011, 9,500 and 14,700, respectively, stock options were excluded from the calculation of diluted earnings per shares because their effect would have been anti-dilutive. For the three and nine month periods ended September 30, 2010, 41,500 and 32,500, respectively, stock options were excluded from the calculation of diluted earnings per shares because their effect would have been anti-dilutive. For the three and nine month periods ended September 30, 2011 and 2010, no restricted shares were excluded from the calculation of diluted earnings per share.