Net Income Per Common Share

12 Months Ended

Dec. 31, 2012

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(13) Net Income Per Common Share:

The reconciliation of the net income per common share calculation for the years ended December 31, 2012, 2011 and 2010 is as follows:

($ and shares in thousands, except per-share amounts)
	2012			2011			2010
Net income used for basic and diluted
earnings per common share:
Net income attributable to common shareholders of Frontier	$	136,636		$	149,614		$	152,673
Less: Dividends paid on unvested restricted stock awards		(2,901	)		(3,743	)		(3,072	)
Total basic and diluted net income attributable to common shareholders
of Frontier	$	133,735		$	145,871		$	149,601
Basic earnings per common share:
Total weighted-average shares and unvested restricted stock awards
outstanding - basic		997,665			994,753			653,248
Less: Weighted-average unvested restricted stock awards		(7,128	)		(4,901	)		(3,420	)
Total weighted-average shares outstanding - basic		990,537			989,852			649,828
Net income per share attributable to common shareholders
of Frontier	$	0.14		$	0.15		$	0.23
Diluted earnings per common share:
Total weighted-average shares outstanding - basic		990,537			989,852			649,828
Effect of dilutive shares		1,263			1,415			1,163
Effect of dilutive stock units		-			557			-
Total weighted-average shares outstanding - diluted		991,800			991,824			650,991
Net income per share attributable to common shareholders
of Frontier	$	0.13		$	0.15		$	0.23

Stock Options

For the years ended December 31, 2012, 2011 and 2010, options to purchase 540,000 shares (at exercise prices ranging from $10.44 to $14.15), 895,000 shares (at exercise prices ranging from $8.19 to $14.15) and 1,116,000 shares (at exercise prices ranging from $10.44 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 December 31, 2012, 2011 and 2010, we had 864,114, 557,480 and 434,765 stock units, respectively, issued under the Director Plans. These securities have not been included in the diluted income per share of common stock calculation for the years ended December 31, 2012 and 2010, because their inclusion would have an antidilutive effect.