Net Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Net Earnings (Loss) Per Share [Abstract]

(14) Net Earnings (Loss) Per Share:

The reconciliation of the net earnings (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)	2020		2019		2020		2019

Net income (loss) used for basic and diluted earnings (loss)
per share:
Total basic net income (loss)
attributable to Frontier common shareholders	$	15	$	(345)	$	(352)	$	(5,749)
Effect of loss related to dilutive stock units		-		-		-		-
Total diluted net income (loss)
attributable to Frontier common shareholders	$	15	$	(345)	$	(352)	$	(5,749)

Basic earnings (loss) per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		104,919		105,372		104,989		105,375
Less: Weighted average unvested restricted stock awards		(393)		(1,237)		(529)		(1,344)
Total weighted average shares outstanding - basic		104,526		104,135		104,460		104,031

Basic net earnings (loss) per share
attributable to Frontier common shareholders	$	0.14	$	(3.31)	$	(3.37)	$	(55.26)

Diluted earnings (loss) per share:
Total weighted average shares outstanding - basic		104,526		104,135		104,460		104,031
Effect of dilutive stock units		340		-		-		-
Total weighted average shares outstanding - diluted		104,866		104,135		104,460		104,031

Diluted net earnings (loss) per share
attributable to Frontier common shareholders	$	0.14	$	(3.31)	$	(3.37)	$	(55.26)

In calculating diluted net earnings (loss) per common share for the nine months ended September 30, 2020 and the three and nine months ended September 30, 2019, 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, 2020 there were no outstanding stock options. As of September 30, 2019, previously granted options to purchase 1,334 shares 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. These options expired on July 6, 2020.

Stock Units

At each of September 30, 2020 and September 30, 2019, we had 339,544 stock units issued under the Non-Employee Directors’ Deferred Fee Equity Plan (Deferred Fee Plan), the Non-Employee Directors’ Equity Incentive Plan (Directors’ Equity Plan), the 2013 Equity Incentive Plan and the 2017 Equity Incentive Plan. These securities have not been included in the diluted EPS calculation for the nine months ended September 30, 2020 and the three and nine months ended September 30, 2019 because their inclusion would have an antidilutive effect. Compensation costs associated with the issuance of stock units were less than $1 million for each of the nine months ended September 30, 2020 and 2019, respectively. As of June 2019, no further stock units have been issued to Non-Employee Directors.