Net Earnings Per Share

3 Months Ended

Mar. 31, 2023

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(13) Net Earnings Per Share:

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


($ in millions and shares in thousands, except per share amounts)	For the three months ended March 31,		For the three months ended March 31,
	2023		2022
Net income used for basic and diluted earnings
per share:
Total basic net income
attributable to Frontier common shareholders	$	3	$	65
Effect of loss related to dilutive stock units		-		-
Total diluted net income
attributable to Frontier common shareholders	$	3	$	65

Basic earnings per share:
Total weighted average shares and unvested restricted stock
awards outstanding - basic		245,081		244,433
Less: Weighted average unvested restricted stock awards		-		-
Total weighted average shares outstanding - basic		245,081		244,433

Basic net earnings per share
attributable to Frontier common shareholders	$	0.01	$	0.27

Diluted earnings per share:
Total weighted average shares outstanding - basic		245,081		244,433
Effect of dilutive performance stock awards		769		-
Effect of dilutive restricted stock awards		575		818
Total weighted average shares outstanding - diluted		246,425		245,251

Diluted net earnings per share
attributable to Frontier common shareholders	$	0.01	$	0.26

In calculating diluted net income per common share for the three months ended March 31, 2023, the effect of certain outstanding PSUs is included in the computation as their respective performance metrics have been satisfied as of March 31, 2023.