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Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Computation of Earnings Per Share [Abstract]  
Computation of Earnings Per Share

Note H—Computation of Earnings Per Share

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

 

The calculation of basic and diluted earnings per share for the years ended December 31 were as follows:

 

      September 30,       September 30,       September 30,  
    2011     2010     2009  
       

Numerator

                        

Amount attributable to PLPC shareholders

                        

Net income attributable to PLPC

   $ 30,984     $ 23,113     $ 23,357  
   

 

 

    

 

 

    

 

 

  

Denominator

                        

Determination of shares

                        

Weighted-average common shares outstanding

     5,259       5,242       5,232  

Dilutive effect—share-based awards

     99       93       134  
   

 

 

    

 

 

    

 

 

  

Diluted weighted-average common shares outstanding

     5,358       5,335       5,366  
   

 

 

    

 

 

    

 

 

  
       

Earnings per common share attributable to PLPC shareholders

                        

Basic

   $ 5.89     $ 4.41     $ 4.46  
   

 

 

    

 

 

    

 

 

  
       

Diluted

   $ 5.78     $ 4.33     $ 4.35  
   

 

 

    

 

 

    

 

 

  

For the years ended December 31, 2011, 2010 and 2009, 4,500, 56,500 and 32,500 stock options were excluded from the calculation of diluted earnings per share due to the average market price being lower than the exercise price plus any unearned compensation on unvested options, and as such they are anti-dilutive. For the years ended December 31, 2011, 2010 and 2009, 0, 4,422 and 44,262 restricted shares were excluded from the calculation of diluted earnings per share due to the average market price being lower than the exercise price plus any unearned compensation on unvested options, and as such they are anti-dilutive.