Frontier Airlines 2004 Annual Report Download - page 45

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Quarterly Information (unaudited)
The following table sets forth summary quarterly financial information for the years ended December 31, 2002, 2003 and 2004.
___________
(1) Includes impairment loss and accrued aircraft return costs of $3,800 recorded in the fourth quarter of 2002.
(2) Includes in the second quarter of 2003, $6,000 received from America West in connection with the termination of our code
-
share agreement with them.
(3) Includes impairment loss and accrued aircraft return costs of $10,160 recorded in the third quarter of 2003.
New Accounting Standards
In December 2004, the Financial Accounting Standards Board issued SFAS No. 123(R), Share
-
Based Payment, as a replacement of SFAS No. 123, Accounting for Stock
-
Based
Compensation, and APB Opinion No. 25, Accounting for Stock Issued to Employees, was rescinded. This statement requires compensation costs related to share
-
based payment transactions
to be recognized in the financial statements. With limited exceptions, the amount of compensation cost will be measured based upon the grant date fair value of the equity or liability issued. In
addition, liability awards will be remeasured each reporting period and compensation costs will be recognized over the period that an employee provides service in exchange for the award. This
statement is effective for public companies as of the first interim or annual reporting period beginning after June 15, 2005. We have not yet completed our assessment of the impact of this
statement on our financial condition and results of operations.
Quarters Ended
March 31
June 30
September 30
December 31
(dollars in thousands)
2004
Operating revenues
$
119,197
$
124,692
$
137,882
$
158,965
Operating income
22,653
21,988
23,065
33,047
Net income
9,936
9,789
10,045
15,001
Net income available for common stockholders
9,936
9,789
10,045
15,001
Net income available for common stockholders per share:
Basic
$
0.50
$
0.44
$
0.39
$
0.59
Diluted
$
0.48
$
0.42
$
0.38
$
0.57
Weighted average number of shares outstanding:
Basic
20,000,000
22,317,363
25,508,756
25,542,702
Diluted
20,887,240
23,055,110
26,203,207
26,164,628
2003
Operating revenues (2)
$
93,679
$
106,147
$
108,472
$
112,817
Operating income (3)
18,707
26,245
11,545
21,321
Net income
8,741
12,602
3,111
9,595
Net income available for common
stockholders
8,651
12,523
3,110
9,595
Net income available for common stockholders per share:
Basic
$
0.43
$
0.63
$
0.15
$
0.48
Diluted
$
0.42
$
0.60
$
0.15
$
0.46
Weighted average number of shares outstanding:
Basic
20,000,000
20,000,000
20,000,000
20,000,000
Diluted
20,826,841
20,826,563
20,821,534
20,841,415
35