Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share

For the three months ended March 31, 2024, 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, 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:


	For the three months ended March 31,
(in millions)		2024
Assumed conversion of dilutive stock options		0.2
Assumed conversion of dilutive restricted stock		0.2

Assumed conversion of convertible debt		14.1

Schedule of Weighted Average Number of Shares

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 three months ended March 31, 2025 and 2024:


	For the three months ended March 31,
(in millions)		2025	2024
Weighted-average common shares outstanding		152.3	151.9
Assumed conversion of:
Dilutive stock options		0.1	—
Dilutive restricted stock		0.5	—
Convertible debt		14.1	—
Weighted-average common shares outstanding - Diluted		167.0	151.9

Schedule of Calculation of Basic and Diluted Loss Per Share

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three months ended March 31, 2025 and 2024:


	For the three months ended March 31,
(in millions, except per share data)		2025		2024
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock		$	111.8	$	(114.7)
Weighted-average shares outstanding — PENN Entertainment, Inc.		151.9		151.4
Weighted-average shares outstanding — Exchangeable Shares		0.4		0.5
Weighted-average common shares outstanding — basic		152.3		151.9
Basic earnings (loss) per share		$	0.73	$	(0.76)

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock		$	111.8	$	(114.7)
Interest expense, net of tax (1):
Convertible Notes		1.8		—
Diluted income (loss) applicable to common stock		$	113.6	$	(114.7)
Weighted-average common shares outstanding — diluted		167.0		151.9
Diluted earnings (loss) per share		$	0.68	$	(0.76)

(1)The tax-affected rate was 21% for the three months ended March 31, 2025.