Net Income Per Common Share

12 Months Ended

Dec. 31, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(13) Net Income Per Common Share:

The reconciliation of the net income per common share calculation for the years ended December 31, 2011, 2010 and 2009 is as follows:

($ and shares in thousands, except per-share amounts)
	2011			2010			2009
Net income used for basic and diluted
earnings per common share:
Net income attributable to common shareholders of Frontier	$	149,614		$	152,673		$	120,783
Less: Dividends paid on unvested restricted stock awards		(3,743	)		(3,072	)		(2,248	)
Total basic and diluted net income attributable to common shareholders
of Frontier	$	145,871		$	149,601		$	118,535
Basic earnings per common share:
Total weighted-average shares and unvested restricted stock awards
outstanding - basic		994,753			653,248			312,183
Less: Weighted-average unvested restricted stock awards		(4,901	)		(3,420	)		(2,162	)
Total weighted-average shares outstanding - basic		989,852			649,828			310,021
Net income per share attributable to common shareholders
of Frontier	$	0.15		$	0.23		$	0.38
Diluted earnings per common share:
Total weighted-average shares outstanding - basic		989,852			649,828			310,021
Effect of dilutive shares		1,972			1,163			92
Total weighted-average shares outstanding - diluted		991,824			650,991			310,113
Net income per share attributable to common shareholders
of Frontier	$	0.15		$	0.23		$	0.38

Stock Options

For the years ended December 31, 2011, 2010 and 2009, options to purchase 895,000 shares (at exercise prices ranging from $8.19 to $14.15), 1,116,000 shares (at exercise prices ranging from $10.44 to $14.15) and 3,551,000 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 years ended December 31, 2011, 2010 and 2009, 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 December 31, 2011, 2010 and 2009, we had 557,480, 434,765 and 440,463 stock units, respectively, issued under the Director Plans. These securities have not been included in the diluted income per share of common stock calculation for the years ended December 31, 2010 and 2009, because their inclusion would have an antidilutive effect.