Net Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

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
	March 31,

($ in millions and shares in thousands, except per share amounts)	2021		2020

Net income (loss) used for basic and diluted earnings (loss)
per share:
Total basic net income (loss)
attributable to Frontier common shareholders	$	60	$	(186)
Effect of loss related to dilutive stock units		-		-
Total diluted net income (loss)
attributable to Frontier common shareholders	$	60	$	(186)

Basic earnings (loss) per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		104,786		105,060
Less: Weighted average unvested restricted stock awards		(230)		(697)
Total weighted average shares outstanding - basic		104,556		104,363

Basic net earnings (loss) per share
attributable to Frontier common shareholders	$	0.57	$	(1.78)

Diluted earnings (loss) per share:
Total weighted average shares outstanding - basic		104,556		104,363
Effect of dilutive stock units		340		-
Total weighted average shares outstanding - diluted		104,896		104,363

Diluted net earnings (loss) per share
attributable to Frontier common shareholders	$	0.57	$	(1.78)

In calculating diluted net loss per common share for the three months ended March 31, 2020, the effect of all common stock equivalents was excluded from the computation as the effect would have been antidilutive.

Stock Options

For the three months ended March 31, 2021 there were no outstanding stock options. As of March 31, 2020, previously granted options to purchase 1,344 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 March 31, 2021 and March 31, 2020, 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 three months ended March 31, 2020 because their inclusion would have an antidilutive effect.