Net Income Per Common Share

3 Months Ended

Mar. 31, 2013

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,
	2013			2012
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	48,140		$	26,768
					-737
Less:  Dividends paid on unvested restricted stock awards		(521	)		(737	)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	47,619		$	26,031
Basic earnings per common share:
Total weighted average shares and unvested restricted stock awards
outstanding - basic		998,146			995,897
Less:  Weighted average unvested restricted stock awards		(6,273	)		(7,024	)
Total weighted average shares outstanding - basic		991,873			988,873
Net income per share attributable to common shareholders of Frontier	$	0.05		$	0.03
Diluted earnings per common share:
Total weighted average shares outstanding - basic		991,873			988,873
Effect of dilutive shares		675			12
Effect of dilutive stock units		-			623
Total weighted average shares outstanding - diluted		992,548			989,508
Net income per share attributable to common shareholders of Frontier	$	0.05		$	0.03

Stock Options

For the three months ended March 31, 2013 and 2012, options to purchase 526,000 shares (at exercise prices ranging from $10.44 to $14.15) and 895,000 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 March 31, 2013 and 2012, we had 949,412 and 623,121 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 March 31, 2013 because their inclusion would have an antidilutive effect.