XML 81 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2012
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 was as follows:

 

                         
    2012     2011     2010  

Numerator

                        

Net income attributable to PLPC

   $ 29,286     $ 30,984     $ 23,113  
   

 

 

    

 

 

    

 

 

  

Denominator

                        

Determination of shares

                        

Weighted-average common shares outstanding

     5,324       5,259       5,242  

Dilutive effect—share-based awards

     47       99       93  
   

 

 

    

 

 

    

 

 

  

Diluted weighted-average common shares outstanding

     5,371       5,358       5,335  
   

 

 

    

 

 

    

 

 

  

Earnings per common share attributable to PLPC shareholders

                        

Basic

   $ 5.50     $ 5.89     $ 4.41  
   

 

 

    

 

 

    

 

 

  

Diluted

   $ 5.45     $ 5.78     $ 4.33  
   

 

 

    

 

 

    

 

 

  

For the year ended December 31, 2012, 17,750 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 and 2010, 4,500 and 56,500 stock options were excluded from the calculation, respectively. For the years ended December 31, 2012, 2011 and 2010, 37,985, 0 and 4,422 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.