Net Income Per Common Share

6 Months Ended

Jun. 30, 2011

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 six months ended
($ and shares in thousands, except per share amounts)	June 30,						June 30,
	2011			2010			2011			2010
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	32,261		$	35,121		$	86,972		$	77,686
Less:  Dividends paid on unvested restricted stock awards		(955	)		(734	)		(1,921	)		(1,375	)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	31,306		$	34,387		$	85,051		$	76,311
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards
outstanding - basic		994,482			313,401			994,413			313,095
Less:  Weighted average unvested restricted stock awards		(5,125	)		(2,737	)		(4,933	)		(2,583	)
Total weighted average shares outstanding - basic		989,357			310,664			989,480			310,512
Net income per share attributable to common shareholders of Frontier	$	0.03		$	0.11		$	0.09		$	0.25
Diluted earnings per common share:
Total weighted average shares outstanding - basic		989,357			310,664			989,480			310,512
Effect of dilutive shares		805			-			1,446			286
Effect of dilutive stock units		-			473			442			-
Total weighted average shares outstanding - diluted		990,162			311,137			991,368			310,798
Net income per share attributable to common shareholders of Frontier	$	0.03		$	0.11		$	0.09		$	0.25

Stock Options

For the three and six months ended June 30, 2011 and 2010, options to purchase 577,000 shares (at exercise prices ranging from $9.52 to $14.15) and 3,547,000 shares (at exercise prices ranging from $8.19 to $18.46), respectively, 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.

In addition, for the three and six months ended June 30, 2011 and 2010, we have deducted the impact of dividends paid on unvested restricted stock awards from net income attributable to common shareholders of Frontier.

Stock Units

At June 30, 2011 and 2010, we had 442,212 and 472,120 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 months ended June 30, 2010, because their inclusion would have an antidilutive effect.