The present work focuses on the forward link of a broadband multibeam satellite system that aggressively reuses the user link frequency resources. Two fundamental practical challenges, namely the need to frame multiple users per transmission and the per-antenna transmit power limitations, are addressed. To this end, the so-called frame-based precoding problem is optimally solved using the principles of physical layer multicasting to multiple co-channel groups under per-antenna constraints. In this context, a novel optimization problem that aims at maximizing the system sum rate under individual power constraints is proposed. Added to that, the formulation is further extended to include availability constraints. As a result, the high gains of the sum rate optimal design are traded off to satisfy the stringent availability requirements of satellite systems. Moreover, the throughput maximization with a granular spectral efficiency versus SINR function, is formulated and solved. Finally, a multicast-aware user scheduling policy, based on the channel state information, is developed. Thus, substantial multiuser diversity gains are gleaned. Numerical results over a realistic simulation environment exhibit as much as 30% gains over conventional systems, even for 7 users per frame, without modifying the framing structure of legacy communication standards.