Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2013

Net Income (Loss) Per Common Share [Abstract]

Net Income (Loss) Per Common Share

(10)  Net Income (Loss) Per Common Share:

The reconciliation of the net income (loss) 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,
	2013			2012			2013			2012
Net income (loss) used for basic and diluted earnings
per common share:
Net income (loss) attributable to common shareholders of Frontier	$	(38,460	)	$	17,989		$	9,680		$	44,757
Less:  Dividends paid on unvested restricted stock awards		(755	)		(735	)		(1,276	)		(1,472	)
Total basic and diluted net income (loss) attributable to common
shareholders of Frontier	$	(39,215	)	$	17,254		$	8,404		$	43,285
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards
outstanding - basic		999,234			998,462			998,770			996,989
Less:  Weighted average unvested restricted stock awards		(6,623	)		(7,279	)		(6,606	)		(7,120	)
Total weighted average shares outstanding - basic		992,611			991,183			992,164			989,869
Net income (loss) per share attributable to common shareholders of Frontier	$	(0.04	)	$	0.02		$	0.01		$	0.04
Diluted earnings per common share:
Total weighted average shares outstanding - basic		992,611			991,183			992,164			989,869
Effect of dilutive shares		603			-			449			10
Effect of dilutive stock units		-			-			-			704
Total weighted average shares outstanding - diluted		993,214			991,183			992,613			990,583
Net income (loss) per share attributable to common shareholders of Frontier	$	(0.04	)	$	0.02		$	0.01		$	0.04

Stock Options

For the three and six months ended June 30, 2013, options to purchase 93,000 shares (at exercise prices ranging from $12.50 to $14.15) and for the three and six months ended June 30, 2012, 557,000 shares (at exercise prices ranging from $8.19 to $14.15), 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, 2013 and 2012, we had 1,044,128 and 704,527 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).  These securities have not been included in the diluted income per share of common stock calculation for the three months ended June 30, 2013 and 2012 and the six months ended June 30, 2013 because their inclusion would have an antidilutive effect.