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Computation of Earnings Per Share
 3 Months Ended
Mar. 31, 2012
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 stock 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 stock that were outstanding during the periods presented.

 

The calculation of basic and diluted earnings per share for the three month periods ended March 31, 2012 and 2011 were as follows:

 

                 
    For the three month period ended March 31  
    2012     2011  

Numerator

                

Amount attributable to PLPC shareholders

                

Net income attributable to PLPC

   $ 8,133     $ 6,998  
   

 

 

    

 

 

  

Denominator

                

Determination of shares

                

Weighted-average common shares outstanding

     5,334       5,272  

Dilutive effect—share-based awards

     104       128  
   

 

 

    

 

 

  

Diluted weighted-average common shares outstanding

     5,438       5,400  
   

 

 

    

 

 

  

Earnings per common share attributable to PLPC shareholders

                

Basic

   $ 1.52     $ 1.33  
   

 

 

    

 

 

  

Diluted

   $ 1.50     $ 1.30  
   

 

 

    

 

 

  

For the three month period ended March 31, 2012 and 2011, 14,500 and 9,500, stock options, respectively, were excluded from the calculation of diluted earnings per shares 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 three month periods ended March 31, 2012 and 2011, 1,311 and zero restricted shares, respectively, were excluded from the calculation of diluted earnings per shares 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.