Net Income Per Common Share

9 Months Ended

Sep. 30, 2014

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,
	2014		2013		2014		2013
Net income used for basic and diluted earnings
per common share:
Net income attributable to common shareholders of Frontier	$	41,993	$	35,400	$	118,947	$	45,080
Less:  Dividends paid on unvested restricted stock awards		(749)		(632)		(2,262)		(1,908)
Total basic and diluted net income attributable to common
shareholders of Frontier	$	41,244	$	34,768	$	116,685	$	43,172
Basic earnings per common share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		1,002,092		999,826		1,001,656		999,017
Less:  Weighted average unvested restricted stock awards		(7,445)		(6,711)		(7,263)		(6,537)
Total weighted average shares outstanding - basic		994,647		993,115		994,393		992,480
Basic net income per share attributable to common
shareholders of Frontier	$	0.04	$	0.04	$	0.12	$	0.04
Diluted earnings per common share:
Total weighted average shares outstanding - basic		994,647		993,115		994,393		992,480
Effect of dilutive shares		3,208		990		3,351		922
Total weighted average shares outstanding - diluted		997,855		994,105		997,744		993,402
Diluted net income per share attributable to common
shareholders of Frontier	$	0.04	$	0.04	$	0.12	$	0.04

Stock Options

For the three and nine months ended September 30, 2014, options to purchase 83,000 shares (at exercise prices ranging from $12.50 to $14.15) and for the three and nine months ended September 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 September 30, 2014 and 2013, we had 1,050,568 and 1,141,963 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 nine months ended September 30, 2014 and 2013 because their inclusion would have an antidilutive effect.