Net Earnings Per Share

3 Months Ended

Mar. 31, 2022

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(13) Net Earnings Per Share:

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


	Successor		Predecessor
	For the three months ended March 31,		For the three months ended March 31,
($ in millions and shares in thousands, except per share amounts)	2022		2021

Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	65	$	60
Effect of loss related to dilutive stock units		-		-
Total diluted net income
attributable to Frontier common shareholders	$	65	$	60

Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,433		104,786
Less: Weighted average unvested restricted stock awards		-		(230)
Total weighted average shares outstanding - basic		244,433		104,556

Basic net earnings per share
attributable to Frontier common shareholders	$	0.27	$	0.57

Diluted earnings per share:
Total weighted average shares outstanding - basic		244,433		104,556
Effect of dilutive stock units		-		340
Effect of dilutive restricted stock awards		818		-
Total weighted average shares outstanding - diluted		245,251		104,896

Diluted net earnings per share
attributable to Frontier common shareholders	$	0.26	$	0.57

In calculating diluted net income per common share for the three months ended March 31, 2022, the effect of all performance stock units is excluded from the computation as their respective performance metrics have not been satisfied as of March 31, 2022.

Stock Units

At March 31, 2021, the dilutive common stock equivalents consisted of stock units issued under the Non-Employee Directors’ Deferred Fee Equity Plan (Deferred Fee Plan), the Non-Employee Directors’ Equity Incentive Plan (Directors’ Equity Plan), the 2013 Equity Incentive Plan and the 2017 Equity Incentive Plan.