Many times I've found SIC's that had a high amount of PIC time and when queried these pilots said they were Pilot Flying, which while meeting the FAA definition of PIC is not considered PIC by most companies.
Not quite. The FAA definition of PIC is the pilot who makes the final decision as to how the flight will progress. The FAA
allows the pilot flying - the sole manipulator of the controls - to
log PIC time. So per 61.51 there is no connection between what's in the PIC column of the logbook and what the pilot has done. That's what the Jet Blue question is trying to sort out.
For those in JAR-LAND... under the FAA system, if you are type rated, you can log 50% of the flight time in that aircraft as PIC.
Well if the Captain takes the first leg and it's 4 hours and the SIC flys the second leg and it's an hour, the math is a little more complicated. I don't really understand when a pilot gets to this point in their career why it matters. I can see two PVT pilots trying to get to 250 PIC but type rated pilots? I may never log PIC again at work but I'm more concerned about what goes into the checkbook v. the logbook.