diff --git a/bfd/ChangeLog b/bfd/ChangeLog
index 6df990270b1..1afd7e42ee0 100644
--- a/bfd/ChangeLog
+++ b/bfd/ChangeLog
@@ -1,3 +1,9 @@
+2012-06-29  Nick Clifton  <nickc@redhat.com>
+
+	PR ld/14189
+	* elf32-arm.c (elf32_arm_check_relocs): Do not increment refcount
+	for locally bound symbols.
+
 2012-06-29  Alan Modra  <amodra@gmail.com>
 
 	* section.c (bfd_get_linker_section): New function.
diff --git a/bfd/elf32-arm.c b/bfd/elf32-arm.c
index 7083422309f..bc1f19532cd 100644
--- a/bfd/elf32-arm.c
+++ b/bfd/elf32-arm.c
@@ -12669,7 +12669,8 @@ elf32_arm_check_relocs (bfd *abfd, struct bfd_link_info *info,
 
 	  /* If the symbol is a function that doesn't bind locally,
 	     this relocation will need a PLT entry.  */
-	  root_plt->refcount += 1;
+	  if (root_plt->refcount != -1)
+	    root_plt->refcount += 1;
 
 	  if (!call_reloc_p)
 	    arm_plt->noncall_refcount++;