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Computation of Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

NOTE E – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income 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 six month periods ended June 30, 2013 and 2012 were as follows:

 

     Three Month Period
Ended June 30		      Six Month Period
Ended June 30		  
     2013      2012      2013      2012  

Net income

    $ 6,386       $ 6,596       $ 11,351       $ 14,729   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator

            

Determination of shares

            

Weighted-average common shares outstanding

      5,368         5,332         5,372         5,333   

Dilutive effect—share-based awards

      82         109         78         107   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted-average common shares outstanding

      5,450         5,441         5,450         5,440   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share attributable to PLPC shareholders

            

Basic

    $ 1.19       $ 1.24       $ 2.11       $ 2.76   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 1.17       $ 1.21       $ 2.08       $ 2.71   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

For the three and six month period ended June 30, 2013, no stock options were excluded from the calculation of diluted earnings as they were not antidilutive. For the three and six month period ended June 30, 2012, 25,750 and 22,750 stock options, respectively, 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 three and six month periods ended June 30, 2013, 5,614 and 3,846 restricted shares, respectively, 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 three and six month periods ended June 30, 2012, 4,588 and 0 restricted shares, respectively, were excluded from the calculation of diluted earnings per shares for both periods due to anti-dilutive effects.