Parenting time, just as with child custody is determined based on the what the court deems to be best interest of the child. A child’s best interest under normal circumstances is presumed to be the preservation of a strong relationship between the child and both parents.
In practice, parenting time is generally going to be whatever both parents agree on. The Court will only step in if the arrangement is suspiciously unfair or if the parents refuse to cooperate in agreeing on a schedule.
Related article: How is Grandparenting time determined?