Net Earnings Per Share

6 Months Ended

Jun. 30, 2022

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(13) Net Earnings Per Share:

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


	Successor		Successor		Predecessor
	For the three months ended June 30,		For the two months ended June 30,		For the one month ended April 30,
($ in millions and shares in thousands, except per share amounts)	2022		2021		2021
Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	101	$	99	$	4,481
Effect of loss related to dilutive stock units		-		-		-
Total diluted net income
attributable to Frontier common shareholders	$	101	$	99	$	4,481

Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,723		244,401		104,816
Less: Weighted average unvested restricted stock awards		-		-		(154)
Total weighted average shares outstanding - basic		244,723		244,401		104,662

Basic net earnings per share
attributable to Frontier common shareholders	$	0.41	$	0.41	$	42.81

Diluted earnings per share:
Total weighted average shares outstanding - basic		244,723		244,401		104,662
Effect of dilutive stock units		-		-		340
Effect of dilutive restricted stock awards		-		-		-
Total weighted average shares outstanding - diluted		244,723		244,401		105,002

Diluted net earnings per share
attributable to Frontier common shareholders	$	0.41	$	0.41	$	42.68

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	Successor		Successor		Predecessor
	For the six months ended June 30,		For the two months ended June 30,		For the four months ended April 30,
($ in millions and shares in thousands, except per share amounts)	2022		2021		2021
Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	166	$	99	$	4,541
Effect of loss related to dilutive stock units		-		-		-
Total diluted net income
attributable to Frontier common shareholders	$	166	$	99	$	4,541

Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,592		244,401		104,799
Less: Weighted average unvested restricted stock awards		-		-		(215)
Total weighted average shares outstanding - basic		244,592		244,401		104,584

Basic net earnings per share
attributable to Frontier common shareholders	$	0.68	$	0.41	$	43.42

Diluted earnings per share:
Total weighted average shares outstanding - basic		244,592		244,401		104,584
Effect of dilutive stock units		-		-		340
Effect of dilutive restricted stock awards		239		-		-
Total weighted average shares outstanding - diluted		244,831		244,401		104,924

Diluted net earnings per share
attributable to Frontier common shareholders	$	0.68	$	0.41	$	43.28

In calculating diluted net income per common share for the six months ended June 30, 2022, the effect of all performance stock units is excluded from the computation as their respective performance metrics have not been satisfied as of June 30, 2022.

Stock Units

At June 30, 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.