Denver-based Frontier Airlines announced this morning that it will buy back up to 300,000 of its outstanding common shares, which the company will contribute to its employee stock ownership plan.

The second-largest carrier at Denver International Airport said it will make the repurchases "from time to time in the open market or in privately negotiated transactions" in compliance with securities laws and other legal requirements.

Frontier's stock has dipped 18 percent this year and is edging closer to its 52-week low. The carrier is facing increased competition in Denver — its primary hub — and was hit hard by heavy snowstorms this winter that forced it to ground hundreds of flights.

Frontier said in a press release that the repurchasing plan doesn't require the company to buy any set amount of stock. The airline can halt or end the plan at any time.