I think (may be wrong) that the pet takes 75% of the XP and leaves you with only 25% if you do not outdamage it.
if the pet does all the damage you still receive this split (you do not need to do a point).
With charmed pets, if you break charm and kill your charmed pet first you will get full XP on your pet and on the mob you were fighting (I may be backwards here, been awhile since I charmed after the initial patch - you may have to break charm, kill mob and then kill your pet).
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