Net Income Per Common Share

9 Months Ended

Sep. 30, 2013

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 nine months ended
($ and shares in thousands, except per share amounts)	September 30,				September 30,
	2013		2012		2013		2012
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	35,400	$	67,000	$	45,080	$	111,757
Less:  Dividends paid on unvested restricted stock awards		(632)		(717)		(1,908)		(2,189)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	34,768	$	66,283	$	43,172	$	109,568
Basic earnings per common share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		999,826		998,488		999,017		997,437
Less:  Weighted average unvested restricted stock awards		(6,711)		(7,193)		(6,537)		(7,137)
Total weighted average shares outstanding - basic		993,115		991,295		992,480		990,300
Net income per share attributable to common
shareholders of Frontier	$	0.04	$	0.07	$	0.04	$	0.11
Diluted earnings per common share:
Total weighted average shares outstanding - basic		993,115		991,295		992,480		990,300
Effect of dilutive shares		990		163		922		667
Total weighted average shares outstanding - diluted		994,105		991,458		993,402		990,967
Net income per share attributable to common
shareholders of Frontier	$	0.04	$	0.07	$	0.04	$	0.11

Stock Options

For the three and nine months ended September 30, 2013, options to purchase 93,000 shares (at exercise prices ranging from $ 12.50 to $ 14.15) and for the three and nine months ended September 30, 2012, 540,000 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 September 30, 2013 and 2012, we had 1,141,963 and 788,165 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 and nine months ended September 30, 2013 and 2012 because their inclusion would have an antidilutive effect.