Net Income Per Common Share

6 Months Ended

Jun. 30, 2014

Net Income Per Common Share [Abstract]

Net Income Per Common Share

(10) Net Income (Loss) Per Common Share:

The reconciliation of the net income per common share calculation is as follows:

	For the three months ended				For the six months ended
($ and shares in thousands, except per share amounts)	June 30,				June 30,
	2014		2013		2014		2013
Net income (loss) used for basic and diluted earnings
per common share:
Net income (loss) attributable to common shareholders of Frontier	$	37,680	$	(38,460)	$	76,954	$	9,680
Less:  Dividends paid on unvested restricted stock awards		(746)		(755)		(1,513)		(1,276)
Total basic and diluted net income (loss) attributable to common
shareholders of Frontier	$	36,934	$	(39,215)	$	75,441	$	8,404
Basic earnings per common share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		1,002,191		999,234		1,001,474		998,770
Less:  Weighted average unvested restricted stock awards		(7,563)		(6,623)		(7,189)		(6,606)
Total weighted average shares outstanding - basic		994,628		992,611		994,285		992,164
Basic net income (loss) per share attributable to common
shareholders of Frontier	$	0.04	$	(0.04)	$	0.08	$	0.01
Diluted earnings per common share:
Total weighted average shares outstanding - basic		994,628		992,611		994,285		992,164
Effect of dilutive shares		2,157		603		2,645		449
Total weighted average shares outstanding - diluted		996,785		993,214		996,930		992,613
Diluted net income (loss) per share attributable to common
shareholders of Frontier	$	0.04	$	(0.04)	$	0.08	$	0.01

Stock Options

For the three and six months ended June 30, 2014, options to purchase 83,000 shares (at exercise prices ranging from $12.50 to $14.15) and for the three and six months ended June 30, 2013, options to purchase 93,000shares (at exercise prices ranging from $12.50 to $14.15), 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 June 30, 2014 and 2013, we had 1,372,163 and 1,044,128 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 and six months ended June 30, 2014 and 2013 because their inclusion would have an antidilutive effect.