Net Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Net Earnings (Loss) Per Share [Abstract]

Net Earnings (Loss) Per Share

(15) Net Earnings (Loss) Per Share:

The reconciliation of the net earnings (loss) per share calculation is as follows:

	Successor		Predecessor
	For the three months		For the three months
	ended September 30,		ended September 30,
($ in millions)	2021		2020
Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	126	$	15
Effect of loss related to dilutive stock units		-		-
Total diluted net income
attributable to Frontier common shareholders	$	126	$	15
Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,403		104,919
Less: Weighted average unvested restricted stock awards		-		(393)
Total weighted average shares outstanding - basic		244,403		104,526
Basic net earnings per share
attributable to Frontier common shareholders	$	0.52	$	0.14
Diluted earnings per share:
Total weighted average shares outstanding - basic		244,403		104,526
Effect of dilutive stock units		1,264		340
Total weighted average shares outstanding - diluted		245,667		104,866
Diluted net earnings per share
attributable to Frontier common shareholders	$	0.51	$	0.14

	Successor		Predecessor
	For the five months		For the four months		For the nine months
	ended September 30,		ended April 30,		ended September 30,
($ in millions)	2021		2021		2020
Net income (loss) used for basic and diluted earnings (loss)
per share:
Total basic net income (loss)
attributable to Frontier common shareholders	$	225	$	4,541	$	(352)
Effect of loss related to dilutive stock units		-		-		-
Total diluted net income (loss)
attributable to Frontier common shareholders	$	225	$	4,541	$	(352)
Basic earnings (loss) per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,402		104,799		104,989
Less: Weighted average unvested restricted stock awards		-		(215)		(529)
Total weighted average shares outstanding - basic		244,402		104,584		104,460
Basic net earnings (loss) per share
attributable to Frontier common shareholders	$	0.92	$	43.42	$	(3.37)
Diluted earnings (loss) per share:
Total weighted average shares outstanding - basic		244,402		104,584		104,460
Effect of dilutive shares		1,198		340		-
Total weighted average shares outstanding - diluted		245,600		104,924		104,460
Diluted net earnings (loss) per share
attributable to Frontier common shareholders	$	0.92	$	43.28	$	(3.37)

Restricted Stock

In calculating diluted net income per common share for the three and five months ended September 30, 2021, 1,264,000 and 1,198,000 restricted stock shares have been included in the calculation as the effect would be dilutive.

Stock Units

As of September 30, 2021, there were no stock units outstanding. As of April 30, 2021, there were 339,544 stock units issued under Old Frontier director and employee compensation plans that were included in the diluted EPS calculation for the four months ended April 30, 2021 as the effect would be dilutive.