Net Income Per Common Share

3 Months Ended

Mar. 31, 2012

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
($ and shares in thousands, except per share amounts)	March 31,
	2012			2011
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	26,768		$	54,711
Less:  Dividends paid on unvested restricted stock awards		(737	)		(966	)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	26,031		$	53,745
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards
outstanding - basic		995,897			994,547
Less:  Weighted average unvested restricted stock awards		(7,024	)		(4,798	)
Total weighted average shares outstanding - basic		988,873			989,749
Net income per share attributable to common shareholders of Frontier	$	0.03		$	0.05
Diluted earnings per common share:
Total weighted average shares outstanding - basic		988,873			989,749
Effect of dilutive shares		12			1,213
Effect of dilutive stock units		623			474
Total weighted average shares outstanding - diluted		989,508			991,436
Net income per share attributable to common shareholders of Frontier	$	0.03		$	0.05

Stock Options

For the three months ended March 31, 2012 and 2011, options to purchase 895,000 shares (at exercise prices ranging from $8.19 to $14.15) and 1,115,000 shares (at exercise prices ranging from $10.44 to $14.15), 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 months ended March 31, 2012 and 2011, 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 March 31, 2012 and 2011, we had 623,121 and 473,940 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).