Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2013

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 nine month periods ended September 30, 2013 and 2012 were as follows:


	Three Month Period Ended September 30				Nine Month Period Ended September 30
	2013		2012		2013		2012
Net income	$	6,104	$	9,284	$	17,455	$	24,013

Denominator
Determination of shares
Weighted-average common shares outstanding		5,361		5,319		5,369		5,328
Dilutive effect—share-based awards		88		112		81		104

Diluted weighted-average common shares outstanding		5,449		5,431		5,450		5,432

Earnings per common share attributable to PLPC shareholders
Basic	$	1.14	$	1.75	$	3.25	$	4.51

Diluted	$	1.12	$	1.71	$	3.20	$	4.42

For the three and nine month period ended September 30, 2012, 22,500 and 17,750 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 were anti-dilutive.

For the three and nine month periods ended September 30, 2012, zero and 3,496 restricted shares, respectively, were excluded from the calculation of diluted earnings per shares due to the average market price being lower than the date of grant fair value plus any unearned compensation on unvested options, and as such they were anti-dilutive.

- Definition

The entire disclosure for earnings per share.

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