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Net Income Per Common Share
 12 Months Ended
Dec. 31, 2014
Net Income Per Common Share [Abstract]  
Net Income Per Common Share

(12)  Net Income Per Common Share:

The reconciliation of the net income per common share calculation for the years ended December 31, 2014, 2013 and 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

2014

 

2013

 

2012

Net income used for basic and diluted earnings 

 

 

 

 

 

 

 

 

per common share:

 

 

 

 

 

 

 

 

Net income attributable to common shareholders of Frontier

$
132,893 

 

$
112,835 

 

$
136,636 

Less:  Dividends paid on unvested restricted stock awards

 
(3,043)

 

 
(2,531)

 

 
(2,901)

Total basic and diluted net income attributable to common

 

 

 

 

 

 

 

 

shareholders of Frontier

$
129,850 

 

$
110,304 

 

$
133,735 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

Total weighted average shares and unvested restricted stock

 

 

 

 

 

 

 

 

awards outstanding - basic

 
1,001,812 

 

 
999,126 

 

 
997,665 

Less:  Weighted average unvested restricted stock awards

 
(7,394)

 

 
(6,467)

 

 
(7,128)

Total weighted average shares outstanding - basic

 
994,418 

 

 
992,659 

 

 
990,537 

 

 

 

 

 

 

 

 

 

Basic net income per share attributable to common

 

 

 

 

 

 

 

 

shareholders of Frontier

$
0.13 

 

$
0.11 

 

$
0.14 

  

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

Total weighted average shares outstanding - basic

 
994,418 

 

 
992,659 

 

 
990,537 

Effect of dilutive shares

 
3,744 

 

 
1,338 

 

 
1,263 

Total weighted average shares outstanding - diluted

 
998,162 

 

 
993,997 

 

 
991,800 

 

 

 

 

 

 

 

 

 

Diluted net income per share attributable to common

 

 

 

 

 

 

 

 

shareholders of Frontier

$
0.13 

 

$
0.11 

 

$
0.13 

 

Stock Options

For the years ended December 31, 2014, 2013 and 2012, options to purchase 83,000, 83,000 and 540,000 shares, 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, 2014, 2013 and 2012, we had 1,102,995, 1,238,542 and 864,114 stock units, respectively, issued under the Director Plans.  These securities have not been included in the diluted income per share of common stock calculation because their inclusion would have an antidilutive effect.