That photograph is a composite of two images taken with different exposure times.
To be correct we'd have to say that the exposure of the two photographs is different, i.e. the outer photo was created by absorbing more light. In this case we can assume that the focal ratio (derived from Hubble's lens aperture) and the luminance of the scene (how much light is travelling in the lens' direction) are identical for both photographs, which leaves only the exposure time as a free variable when it comes to determining exposure.
This is necessary because we're photographing objects with very different brightness. For Pluto to show up a relatively short exposure time is required, but its moons reflect much less light and would need a longer exposure time to visible. As long as the sensor is exposed, Pluto would continue to increase in brightness to the point that it becomes washed out. Objects that are significantly brighter become over-exposed resulting in a loss of detail and fidelity, known as blown-out highlights in photography. In our case Pluto would turn into a solid white dot compared to the more detailed picture that is now possible. You can draw a parallel with false color images rendered from infrared: this composite is not what the human eye would see if it was capable of picking up this level of light and detail.
In another Hubble image, NASA explained the reason why composite imaging is used:
This is a composite image because a single exposure of the stellar background, comet Siding Spring, and Mars would be problematic. Mars actually is 10,000 times brighter than the comet, so it could not be properly exposed to show detail in the Red Planet. The comet and Mars also were moving with respect to each other and could not be imaged simultaneously in one exposure without one of the objects being motion blurred. Hubble had to be programmed to track on the comet and Mars separately in two different observations.
Source: Hubble Sees Comet Next to Mars
Very long exposure times are often necessary since relatively little light is coming our way from distant planets and stars. As the Hubble website explains for its Deep Fields images:
Hubble has made a series of very deep observations taken in very dark parts of the sky. Like using a long exposure on a digital camera, these long exposure shots (up to several weeks) reveal very faint details that are not normally visible in shorter exposures.
Source: "What are the Hubble Deep Fields?", Spacetelescope.org FAQ.
Wikipedia summarises a paper by Robert E. Williams and the HDF team, "The Hubble Deep Field: Observations, Data Reduction, and Galaxy Photometry" as follows:
Between December 18 and December 28, 1995—during which time Hubble orbited the Earth about 150 times—342 images of the target area in the chosen filters were taken. The total exposure times at each wavelength were 42.7 hours (300 nm), 33.5 hours (450 nm), 30.3 hours (606 nm) and 34.3 hours (814 nm), divided into 342 individual exposures to prevent significant damage to individual images by cosmic rays, which cause bright streaks to appear when they strike CCD detectors. A further 10 Hubble orbits were used to make short exposures of flanking fields to aid follow-up observations by other instruments.
Source: Hubble Deep Field, Wikipedia, retrieved 2014-12-09