Net Income Per Common Share

9 Months Ended

Sep. 30, 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						For the nine months ended
($ and shares in thousands, except per share amounts)	September 30,						September 30,
	2012			2011			2012			2011
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	67,000		$	20,395		$	111,757		$	107,367
Less: Dividends paid on unvested restricted stock awards		(717	)		(914	)		(2,189	)		(2,835	)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	66,283		$	19,481		$	109,568		$	104,532
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards
outstanding - basic		998,488			995,188			997,437			994,642
Less: Weighted average unvested restricted stock awards		(7,193	)		(4,929	)		(7,137	)		(4,917	)
Total weighted average shares outstanding - basic		991,295			990,259			990,300			989,725
Net income per share attributable to common shareholders of Frontier	$	0.07		$	0.02		$	0.11		$	0.11
Diluted earnings per common share:
Total weighted average shares outstanding - basic		991,295			990,259			990,300			989,725
Effect of dilutive shares		163			535			667			1,478
Effect of dilutive stock units		-			490			-			490
Total weighted average shares outstanding - diluted		991,458			991,284			990,967			991,693
Net income per share attributable to common shareholders of Frontier	$	0.07		$	0.02		$	0.11		$	0.11

Stock Options

For both the three and nine months ended September 30, 2012 and 2011, options to purchase 540,000 shares (at exercise prices ranging from $8.19 to $14.15) and 930,000 shares (at exercise prices ranging from $8.19 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.

Stock Units

At September 30, 2012 and 2011, we had 788,165 and 490,018 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).