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Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

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 years presented.

 

The calculation of basic and diluted earnings per share for the year ended December 31 was as follows:

 

     2014      2013      2012  

Numerator

         

Net income

    $ 12,861       $ 20,587       $ 29,286   
  

 

 

     

 

 

     

 

 

  

Denominator

Determination of shares (in thousands)

Weighted-average common shares outstanding

   5,377      5,361      5,324   

Dilutive effect - share-based awards

   5      106      47   
  

 

 

     

 

 

     

 

 

  

Diluted weighted-average common shares outstanding

   5,382      5,467      5,371   
  

 

 

     

 

 

     

 

 

  

Earnings per common share attributable to PLPC shareholders

Basic

 $ 2.39    $ 3.84    $ 5.50   
  

 

 

     

 

 

     

 

 

  

Diluted

 $ 2.39    $ 3.77    $ 5.45   
  

 

 

     

 

 

     

 

 

  

For the year ended December 31, 2014, 2013 and 2012, 25,000, 1,500 and 17,750 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

For the year ended December 31, 2014, 2013 and 2012, 52,368, 0 and 37,985 restricted share units, respectively, were excluded from the calculation of diluted earnings per share as the effect of the exercise would have been anti-dilutive.