Net Earnings Per Share

9 Months Ended

Sep. 30, 2022

‎

(13) Net Earnings Per Share:

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


($ in millions and shares in thousands, except per share amounts)	For the three months ended September 30,		For the three months ended September 30,
	2022		2021
Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	120	$	126
Effect of loss related to dilutive stock units		-		-
Total diluted net income
attributable to Frontier common shareholders	$	120	$	126

Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,984		244,403
Less: Weighted average unvested restricted stock awards		-		-
Total weighted average shares outstanding - basic		244,984		244,403

Basic net earnings per share
attributable to Frontier common shareholders	$	0.49	$	0.52

Diluted earnings per share:
Total weighted average shares outstanding - basic		244,984		244,403
Effect of dilutive restricted stock awards		228		1,264
Total weighted average shares outstanding - diluted		245,212		245,667

Diluted net earnings per share
attributable to Frontier common shareholders	$	0.49	$	0.51

‎


	Successor				Predecessor
($ in millions and shares in thousands, except per share amounts)	For the nine months ended September 30,		For the five months ended September 30,		For the four months ended April 30,
	2022		2021		2021
Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	286	$	225	$	4,541
Effect of loss related to dilutive stock units		-		-		-
Total diluted net income
attributable to Frontier common shareholders	$	286	$	225	$	4,541

Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		244,711		244,402		104,799
Less: Weighted average unvested restricted stock awards		-		-		(215)
Total weighted average shares outstanding - basic		244,711		244,402		104,584

Basic net earnings per share
attributable to Frontier common shareholders	$	1.17	$	0.92	$	43.42

Diluted earnings per share:
Total weighted average shares outstanding - basic		244,711		244,402		104,584
Effect of dilutive stock units		-		-		340
Effect of dilutive restricted stock awards		369		1,198		-
Total weighted average shares outstanding - diluted		245,080		245,600		104,924

Diluted net earnings per share
attributable to Frontier common shareholders	$	1.17	$	0.92	$	43.28

In calculating diluted net income per common share for the nine months ended September 30, 2022, the effect of all outstanding PSUs is excluded from the computation as their respective performance metrics have not been satisfied as of September 30, 2022.

Stock Units

At September 30, 2021, the dilutive common stock equivalents consisted of 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.