Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2013

Note I – 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:


	2013		2012		2011
Numerator
Net income	$	20,587	$	29,286	$	30,984

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding		5,361		5,324		5,259
Dilutive effect - share-based awards		106		47		99

Diluted weighted-average common shares outstanding		5,467		5,371		5,358

Earnings per common share attributable to PLPC shareholders
Basic	$	3.84	$	5.50	$	5.89

Diluted	$	3.77	$	5.45	$	5.78

For the year ended December 31, 2013, 2012 and 2011, 1,500, 17,750 and 4,500 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, 2013, 2012 and 2011, 0, 37,985 and 0 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.

- Definition

The entire disclosure for earnings per share.

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