Net Earnings Per Share

12 Months Ended

Dec. 31, 2022

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

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



	Successor				Predecessor
	For the year ended		For the eight months		For the four months		For the year ended
($ in millions and shares in thousands,	December 31,		ended December 31,		ended April 30,		December 31,
except per share amounts)	2022		2021		2021		2020
Net income (loss) used for
basic and diluted earnings (loss) per share:
Net income (loss) attributable to Frontier common shareholders	$	441	$	414	$	4,541	$	(402)
Less: Dividends paid on unvested restricted stock awards		-		-		-		-
Total basic net income (loss) attributable to
Frontier common shareholders	$	441	$	414	$	4,541	$	(402)

Effect of loss related to dilutive stock units		-		-		-		-
Total diluted net income (loss) attributable to
Frontier common shareholders	$	441	$	414	$	4,541	$	(402)

Basic earnings (loss) per share:
Total weighted average shares and unvested
restricted stock awards outstanding - basic		244,781		244,405		104,799		104,944
Less: Weighted average unvested restricted stock awards		-		-		(215)		(477)
Total weighted average shares outstanding – basic		244,781		244,405		104,584		104,467

Basic net income (loss) per share attributable
to Frontier common shareholders	$	1.80	$	1.69	$	43.42	$	(3.85)

Diluted earnings (loss) per share:
Total weighted average shares outstanding – basic		244,781		244,405		104,584		104,467
Effect of dilutive units		-		1,480		340		-
Effect of dilutive restricted stock awards		499		-		-		-
Total weighted average shares outstanding – diluted		245,280		245,885		104,924		104,467

Diluted net income (loss) per share attributable to Frontier common shareholders	$	1.80	$	1.68	$	43.28	$	(3.85)

In calculating diluted net income per common share for the years ended December 31, 2022, and 2021, and diluted net loss for 2020 the effect of all outstanding PSUs is excluded from the computation as their respective performance metrics have not been satisfied.

Stock Units

As of December 31, 2022, 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.