Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2015

Net Income (Loss) Per Share [Abstract]

Net Income (Loss) Per Share

(12)  Net Income (Loss) Per Share:

The reconciliation of the net income per share calculation for the years ended December 31, 2015, 2014 and 2013 is as follows:

($ in millions and shares in thousands, except per share amounts)
	2015		2014		2013
Net income (loss) used for basic and diluted earnings
per share:
Net income (loss) attributable to Frontier common shareholders	$	(316)	$	133	$	113
Less:  Dividends paid on unvested restricted stock awards		(3)		(3)		(3)
Total basic and diluted net income (loss) attributable to Frontier
common shareholders	$	(319)	$	130	$	110
Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		1,091,798		1,001,812		999,126
Less:  Weighted average unvested restricted stock awards		(7,192)		(7,394)		(6,467)
Total weighted average shares outstanding - basic		1,084,606		994,418		992,659
Basic net income (loss) per share attributable to Frontier
common shareholders	$	(0.29)	$	0.13	$	0.11
Diluted earnings per share:
Total weighted average shares outstanding - basic		1,084,606		994,418		992,659
Effect of dilutive shares		-		3,744		1,338
Total weighted average shares outstanding - diluted		1,084,606		998,162		993,997
Diluted net income (loss) per share attributable to Frontier
common shareholders	$	(0.29)	$	0.13	$	0.11

In calculating diluted net loss per share for the year ended December 31, 2015, the effect of all common stock equivalents is excluded from the computation as the effect would be antidilutive.

Stock Options

For the years ended December 31, 2015, 2014 and 2013, options to purchase 50,000,  83,000 and 83,000 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. 

Stock Units

At December 31, 2015, 2014 and 2013, we had 1,437,183,1,102,995 and 1,238,542 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.

Mandatory Convertible Preferred Stock

The impact of the common share equivalents associated with the 19,250,000 shares of Series A Preferred stock described above were not included in the calculation of diluted EPS as of December 31, 2015, as their impact was anti-dilutive.