Net Income Per Common Share

9 Months Ended

Sep. 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 nine months ended
($ and shares in thousands, except per share amounts)	September 30,						September 30,
	2011			2010			2011			2010
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	20,395		$	28,995		$	107,367		$	106,681
Less:  Dividends paid on unvested restricted stock awards		(914	)		(865	)		(2,835	)		(2,240	)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	19,481		$	28,130		$	104,532		$	104,441
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards
outstanding - basic		995,188			993,056			994,642			585,049
Less:  Weighted average unvested restricted stock awards		(4,929	)		(4,111	)		(4,917	)		(3,180	)
Total weighted average shares outstanding - basic		990,259			988,945			989,725			581,869
Net income per share attributable to common shareholders of Frontier	$	0.02		$	0.03		$	0.11		$	0.18
Diluted earnings per common share:
Total weighted average shares outstanding - basic		990,259			988,945			989,725			581,869
Effect of dilutive shares		535			855			1,478			250
Effect of dilutive stock units		490			-			490			-
Total weighted average shares outstanding - diluted		991,284			989,800			991,693			582,119
Net income per share attributable to common shareholders of Frontier	$	0.02		$	0.03		$	0.11		$	0.18

Stock Options

For the three and nine months ended September 30, 2011 and 2010, options to purchase 930,000 shares (at exercise prices ranging from $8.19 to $14.15) and 3,429,000 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 nine months ended September 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 September 30, 2011 and 2010, we had 490,018 and 388,722 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 and nine months ended September 30, 2010, because their inclusion would have an antidilutive effect.