Exhibit 11
Pinnacle Entertainment, Inc.
Computation of Earnings Per Share
| For the years ended December 31, | |||||||||||||||||||||||
| Basic | Diluted (a) | ||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | ||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||
| Average number of common shares outstanding | 61,989 | 60,872 | 60,056 | 61,989 | 60,872 | 60,056 | |||||||||||||||||
| Average common share due to assumed conversion of share-based awards | — | — | — | 478 | — | — | |||||||||||||||||
| Total shares | 61,989 | 60,872 | 60,056 | 62,467 | 60,872 | 60,056 | |||||||||||||||||
| Income (loss) from continuing operations, net | $ | 30,196 | $ | (40,841 | ) | $ | (63,051 | ) | $ | 30,196 | $ | (40,841 | ) | $ | (63,051 | ) | |||||||
| Income (loss) from discontinued operations, net of income taxes | (32,735 | ) | 17,422 | (195,251 | ) | (32,735 | ) | 17,422 | (195,251 | ) | |||||||||||||
| Net loss | $ | (2,539 | ) | $ | (23,419 | ) | $ | (258,302 | ) | $ | (2,539 | ) | $ | (23,419 | ) | $ | (258,302 | ) | |||||
| Per share data: | |||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.49 | $ | (0.67 | ) | $ | (1.05 | ) | $ | 0.48 | $ | (0.67 | ) | $ | (1.05 | ) | |||||||
| Income (loss) from discontinued operations, net of income taxes | (0.53 | ) | 0.29 | (3.25 | ) | (0.52 | ) | 0.29 | (3.25 | ) | |||||||||||||
| Net loss per share | $ | (0.04 | ) | $ | (0.38 | ) | $ | (4.30 | ) | $ | (0.04 | ) | $ | (0.38 | ) | $ | (4.30 | ) | |||||
| (a) | When the computed diluted values are antidilutive, the basic per share values are presented on the face of the audited Consolidated Statements of Operations. |