We apply an adaptive forward error correction (FEC) allocation strategy to an Elastic Optical Network (EON) operated with shared backup path protection (SBPP). To maximize the protected network capacity that can be carried, an Integer Linear Programing (ILP) model and a spectrum window plane (SWP)-based heuristic algorithm are developed. Simulation results show that the FEC coding overhead required by the adaptive FEC scheme is significantly lower than that needed by a fixed FEC allocation strategy resulting in higher network capacity for the adaptive strategy. The adaptive FEC allocation strategy can also significantly outperform the fixed FEC allocation strategy both in terms of the spare capacity redundancy and the average FEC coding overhead needed per optical channel. The proposed heuristic algorithm is efficient and not only performs closer to the ILP model but also does much better than the shortest-path algorithm.