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Net Income Per Common Share
 12 Months Ended
Dec. 31, 2013
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, 2013, 2012 and 2011 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ and shares in thousands, except per share amounts)

 

 

 

 

2013

 

2012

 

2011

Net income used for basic and diluted earnings 

 

 

 

 

 

 

 

 

per common share:

 

 

 

 

 

 

 

 

Net income attributable to common shareholders of Frontier

$
112,835 

 

$
136,636 

 

$
149,614 

Less:  Dividends paid on unvested restricted stock awards

 
(2,531)

 

 
(2,901)

 

 
(3,743)

Total basic and diluted net income attributable to common

 

 

 

 

 

 

 

 

shareholders of Frontier

$
110,304 

 

$
133,735 

 

$
145,871 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

Total weighted average shares and unvested restricted stock

 

 

 

 

 

 

 

 

awards outstanding - basic

 
999,126 

 

 
997,665 

 

 
994,753 

Less:  Weighted average unvested restricted stock awards

 
(6,467)

 

 
(7,128)

 

 
(4,901)

Total weighted average shares outstanding - basic

 
992,659 

 

 
990,537 

 

 
989,852 

 

 

 

 

 

 

 

 

 

Basic net income per share attributable to common

 

 

 

 

 

 

 

 

shareholders of Frontier

$
0.11 

 

$
0.14 

 

$
0.15 

  

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

Total weighted average shares outstanding - basic

 
992,659 

 

 
990,537 

 

 
989,852 

Effect of dilutive shares

 
1,338 

 

 
1,263 

 

 
1,415 

Effect of dilutive stock units

 

 -

 

 

 -

 

 
557 

Total weighted average shares outstanding - diluted

 
993,997 

 

 
991,800 

 

 
991,824 

 

 

 

 

 

 

 

 

 

Diluted net income per share attributable to common

 

 

 

 

 

 

 

 

shareholders of Frontier

$
0.11 

 

$
0.13 

 

$
0.15 

 

Stock Options

For the years ended December 31, 2013, 2012 and 2011, options to purchase 83,000 shares (at exercise prices ranging from $12.50 to $14.15), 540,000 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 December 31, 2013, 2012 and 2011, we had 1,238,542, 864,114 and 557,480 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 2013 and 2012 because their inclusion would have an antidilutive effect.