Closed-form analytical formulas are presented to calculate a figure of merit (FoM) of a liquid crystal (LC) phase shifter (PS) based on microstrip transmission line (MS TL). New expressions are derived to account for anisotropic loss of LC and loss in the superstrate. Although approximate, the presented framework provides a useful insight into the effect of numerous design parameters of the LC PS, such as geometric dimensions of TL or complex permittivity of LC and the superstrate. Comparison with the full-wave numerical analysis of Maxwell's equations showed good agreement in the calculated effective permittivity, dielectric and conductor losses and the FoM for operating frequencies up to 12 to 15 GHz. Furthermore, reasonable quantitative agreement for the FoM is maintained for geometries of interest even at millimeter wave frequencies, up to 30 GHz.