Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share

For the three and nine months ended September 30, 2024 and 2023, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was anti-dilutive, 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 were not included in the computation of diluted loss per share, were as follows:


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2024	2023	2024	2023
Assumed conversion of dilutive stock options	0.1	0.5	0.1	0.7
Assumed conversion of dilutive restricted stock	0.5	0.4	0.2	0.4
Assumed conversion of convertible preferred shares	—	0.2	—	0.3
Assumed conversion of convertible debt	14.1	14.1	14.1	14.1

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Calculation of basic loss per share:
Net loss applicable to common stock	$	(36.7)	$	(724.8)	$	(178.2)	$	(131.9)
Weighted-average shares outstanding — PENN Entertainment, Inc.	151.7		150.3		151.6		151.7
Weighted-average shares outstanding — Exchangeable Shares	0.5		0.6		0.5		0.6
Weighted-average common shares outstanding — basic	152.2		150.9		152.1		152.3
Basic loss per share	$	(0.24)	$	(4.80)	$	(1.17)	$	(0.87)

Calculation of diluted loss per share:



Diluted loss applicable to common stock	$	(36.7)	$	(724.8)	$	(178.2)	$	(131.9)
Weighted-average common shares outstanding — diluted	152.2		150.9		152.1		152.3
Diluted loss per share	$	(0.24)	$	(4.80)	$	(1.17)	$	(0.87)