Net Income Per Common Share

6 Months Ended

Jun. 30, 2012

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(10)Net Income Per Common Share:

The reconciliation of the net income per common share calculation is as follows:

	For the three months ended						For the six months ended
($ and shares in thousands, except per share amounts)	June 30,						June 30,
	2012			2011			2012			2011
Net income used for basic and diluted earnings per common share:
Net income attributable to common shareholders of Frontier	$	17,989		$	32,261		$	44,757		$	86,972
Less:  Dividends paid on unvested restricted stock awards		(735	)		(955	)		(1,472	)		(1,921	)
Total basic and diluted net income attributable to common shareholders of Frontier	$	17,254		$	31,306		$	43,285		$	85,051
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards outstanding - basic		998,462			994,482			996,989			994,413
Less:  Weighted average unvested restricted stock awards		(7,279	)		(5,125	)		(7,120	)		(4,933	)
Total weighted average shares outstanding - basic		991,183			989,357			989,869			989,480
Net income per share attributable to common shareholders of Frontier	$	0.02		$	0.03		$	0.04		$	0.09
Diluted earnings per common share:
Total weighted average shares outstanding - basic		991,183			989,357			989,869			989,480
Effect of dilutive shares		-			805			10			1,446
Effect of dilutive stock units		-			-			704			442
Total weighted average shares outstanding - diluted		991,183			990,162			990,583			991,368
Net income per share attributable to common shareholders of Frontier	$	0.02		$	0.03		$	0.04		$	0.09

Stock Options

For the three and six months ended June 30, 2012 and 2011, options to purchase 557,000 shares (at exercise prices ranging from $8.19 to $14.15) and 577,000 shares (at exercise prices ranging from $9.52 to $14.15), respectively, issuable under employee compensation plans were excluded from the computation of diluted earnings per share (EPS) for those periods because the exercise prices were greater than the average market price of our common stock and, therefore, the effect would be antidilutive.  In calculating diluted EPS, we apply the treasury stock method and include future unearned compensation as part of the assumed proceeds.

Stock Units

At June 30, 2012 and 2011, we had 704,527 and 442,212 stock units, respectively, issued under our Non-Employee Directors' Deferred Fee Equity Plan (Deferred Fee Plan) and the Non-Employee Directors' Equity Incentive Plan (Directors' Equity Plan).