Net Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Net Earnings (Loss) Per Share [Abstract]

(15) Net Earnings (Loss) Per Share:

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


	Successor		Predecessor

	For the two months		For the one month		For the three months
	ended June 30,		ended April 30,		ended June 30,
($ in millions)	2021		2021		2020

Net income (loss) used for basic and diluted earnings (loss)
per share:
Total basic net income (loss)
attributable to Frontier common shareholders	$	99	$	4,481	$	(181)
Effect of loss related to dilutive stock units		-		-		-
Total diluted net income (loss)
attributable to Frontier common shareholders	$	99	$	4,481	$	(181)

Basic earnings (loss) per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,401		104,816		104,988
Less: Weighted average unvested restricted stock awards		-		(154)		(463)
Total weighted average shares outstanding - basic		244,401		104,662		104,525

Basic net earnings (loss) per share
attributable to Frontier common shareholders	$	0.41	$	42.81	$	(1.73)

Diluted earnings (loss) per share:
Total weighted average shares outstanding - basic		244,401		104,662		104,525
Effect of dilutive stock units		-		340		-
Total weighted average shares outstanding - diluted		244,401		105,002		104,525

Diluted net earnings (loss) per share
attributable to Frontier common shareholders	$	0.41	$	42.68	$	(1.73)

	Successor		Predecessor

	For the two months		For the four months		For the six months
	ended June 30,		ended April 30,		ended June 30,
($ in millions)	2021		2021		2020

Net income (loss) used for basic and diluted earnings (loss)
per share:
Total basic net income (loss)
attributable to Frontier common shareholders	$	99	$	4,541	$	(367)
Effect of loss related to dilutive stock units		-		-		-
Total diluted net income (loss)
attributable to Frontier common shareholders	$	99	$	4,541	$	(367)

Basic earnings (loss) per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,401		104,799		105,029
Less: Weighted average unvested restricted stock awards		-		(215)		(592)
Total weighted average shares outstanding - basic		244,401		104,584		104,437

Basic net earnings (loss) per share
attributable to Frontier common shareholders	$	0.41	$	43.42	$	(3.51)

Diluted earnings (loss) per share:
Total weighted average shares outstanding - basic		244,401		104,584		104,437
Effect of dilutive shares		-		340		-
Total weighted average shares outstanding - diluted		244,401		104,924		104,437

Diluted net earnings (loss) per share
attributable to Frontier common shareholders	$	0.41	$	43.28	$	(3.51)

For the two months ended June 30, 2021, there were no outstanding stock options or units that would have a dilutive effect on earnings per share.

In calculating diluted net loss per common share for the three and six months ended June 30, 2020, the effect of all common stock equivalents was excluded from the computation as the effect would have been antidilutive.

Stock Options

For the one month and four months ended April 30, 2021 and the two months ended June 30, 2020, previously granted options to purchase 1,334 shares issuable under Old Frontier employee compensation plans were not included in the diluted earnings (loss) per share (EPS) calculation because their inclusion would have an antidilutive effect.

Stock Units

As of June 30, 2021, there were no stock units outstanding. As of June 30, 2020, there were 339,544 stock units issued under Old Frontier director and employee compensation plans that were not included in the diluted EPS calculation for the six months ended June 30, 2020 because their inclusion would have an antidilutive effect.