Earnings (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the year ended December 31, 2023, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was antidilutive, we used basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock,

convertible preferred shares, and convertible debt that could potentially dilute basic EPS in the future that are not included in the computation of diluted loss per share are as follows:


(in millions)			For the year ended December 31, 2023
Assumed conversion of dilutive stock options			0.6
Assumed conversion of dilutive restricted stock			0.3
Assumed conversion of convertible preferred shares			0.3
Assumed conversion of convertible debt			14.1

Schedule of Calculation of Basic and Diluted EPS

The following table sets forth the allocation of net income for the years ended December 31, 2022 and 2021 under the two-class method. For the year ended December 31, 2023, we did not utilize the two-class method due to incurring a net loss for the year.


	For the year ended December 31,
(in millions)	2023		2022		2021
Net income (loss) attributable to PENN Entertainment, Inc.	$	(490.0)	$	222.1	$	420.8
Net income applicable to preferred stock	—		0.9		2.1
Net income (loss) applicable to common stock	$	(490.0)	$	221.2	$	418.7

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the years ended December 31, 2023, 2022, and 2021:


	For the year ended December 31,
(in millions, except per share data)	2023		2022		2021
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	(490.0)	$	221.2	$	418.7
Weighted-average shares outstanding - PENN Entertainment, Inc.	151.5		160.6		158.6
Weighted-average shares outstanding - Exchangeable Shares	0.6		0.6		0.1
Weighted-average common shares outstanding - basic	152.1		161.2		158.7
Basic earnings (loss) per share	$	(3.22)	$	1.37	$	2.64

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$	(490.0)	$	221.2	$	418.7
Interest expense, net of tax (1):
Convertible Notes	—		7.2		17.0
Diluted income applicable to common stock	$	(490.0)	$	228.4	$	435.7
Weighted-average common shares outstanding - diluted	152.1		176.6		175.5
Diluted earnings (loss) per share	$	(3.22)	$	1.29	$	2.48

(1)The tax-affected rates were 21% and 22% for the years ended December 31, 2022 and 2021, respectively

Schedule of Reconciliation of the Weighted-Average Common Shares Outstanding

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2023, 2022, and 2021:


	For the year ended December 31,
(in millions)	2023	2022	2021
Weighted-average common shares outstanding—basic	152.1	161.2	158.7
Assumed conversion of:
Dilutive stock options	—	1.2	2.3
Dilutive restricted stock	—	0.1	0.4
Convertible debt	—	14.1	14.1
Weighted-average common shares outstanding—diluted	152.1	176.6	175.5