Net Loss Per Share

9 Months Ended

Sep. 30, 2016

Net Loss Per Share [Abstract]

Net Loss Per Share

(11)  Net Loss Per Share:

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

	For the three months ended				For the nine months ended
	September 30,				September 30,
($ in millions and shares in thousands, except per share amounts)	2016		2015		2016		2015
Net loss used for basic and diluted earnings (loss)
per share:
Net loss attributable to Frontier common shareholders	$	(134)	$	(81)	$	(454)	$	(160)
Less:  Dividends paid on unvested restricted stock awards		(1)		(1)		(3)		(2)
Total basic and diluted net loss
attributable to Frontier common shareholders	$	(135)	$	(82)	$	(457)	$	(162)
Basic earnings (loss) per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		1,173,075		1,168,272		1,172,015		1,068,877
Less:  Weighted average unvested restricted stock awards		(8,903)		(7,065)		(7,903)		(7,233)
Total weighted average shares outstanding - basic		1,164,172		1,161,207		1,164,112		1,061,644
Basic net loss per share
attributable to Frontier common shareholders	$	(0.12)	$	(0.07)	$	(0.39)	$	(0.15)
Diluted earnings (loss) per share:
Total weighted average shares outstanding - basic		1,164,172		1,161,207		1,164,112		1,061,644
Effect of dilutive shares		-		-		-		-
Total weighted average shares outstanding - diluted		1,164,172		1,161,207		1,164,112		1,061,644
Diluted net loss per share
attributable to Frontier common shareholders	$	(0.12)	$	(0.07)	$	(0.39)	$	(0.15)

In calculating diluted net loss per share for the three and nine months ended September 30, 2016 and 2015, the effect of all common stock equivalents is excluded from the computation as the effect would be antidilutive.

Stock Options

For the three and nine months ended September 30, 2016 and 2015, options to purchase 40,000and 68,000shares, respectively, issuable under employee compensation plans were excluded from the computation of diluted earnings (loss) 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, 2016 and 2015, we had 1,743,345 and 1,334,633 stock units, respectively, issued under the Non-Employee Directors’ Deferred Fee Equity Plan (Deferred Fee Plan), the Non-Employee Directors’ Equity Incentive Plan (Directors’ Equity Plan) and the 2013 Equity Incentive Plan. These securities have not been included in the diluted EPS calculation because their inclusion would have an antidilutive effect. There were no compensation costs associated with the issuance of stock units for the nine months ended September 30, 2016 and ($1) million for the nine months ended September 30, 2015.

Mandatory Convertible Preferred Stock

The impact of the common share equivalents associated with the 19,250,000 shares of Series A Preferred stock were not included in the diluted EPS calculation as of September 30, 2016 and 2015, as their impact was antidilutive.