Exhibit 11
Pinnacle Entertainment, Inc.
Computation of Earnings Per Share
(in thousands, except per share data)
| For the three months ended September 30, | |||||||||||||||
| Basic | Diluted (a) | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
| Average number of common shares outstanding | 62,059 | 61,128 | 62,059 | 61,128 | |||||||||||
| Average common shares due to assumed conversion of stock options | — | — | — | — | |||||||||||
| Total shares | 62,059 | 61,128 | 62,059 | 61,128 | |||||||||||
| Income (loss) from continuing operations, net | $ | 11,779 | $ | 1,021 | $ | 11,779 | $ | 1,021 | |||||||
| Income (loss) from discontinued operations, net | (12,569 | ) | (1,787 | ) | (12,569 | ) | (1,787 | ) | |||||||
| Net loss | $ | (790 | ) | $ | (766 | ) | $ | (790 | ) | $ | (766 | ) | |||
| Per share data: | |||||||||||||||
| Income (loss) from continuing operations, net | $ | 0.19 | $ | 0.02 | $ | 0.19 | $ | 0.02 | |||||||
| Income (loss) from discontinued operations, net | (0.20 | ) | (0.03 | ) | (0.20 | ) | (0.03 | ) | |||||||
| Net loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||
| For the nine months ended September 30, | |||||||||||||||
| Basic | Diluted (a) | ||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||
| Average number of common shares outstanding | 61,940 | 60,654 | 61,940 | 60,654 | |||||||||||
| Average common shares due to assumed conversion of stock options | — | — | — | — | |||||||||||
| Total shares | 61,940 | 60,654 | 61,940 | 60,654 | |||||||||||
| Income (loss) from continuing operations, net | $ | 12,507 | $ | (37,377 | ) | $ | 12,507 | $ | (37,377 | ) | |||||
| Income (loss) from discontinued operations, net | (40,014 | ) | 24,040 | (40,014 | ) | 24,040 | |||||||||
| Net loss | $ | (27,507 | ) | $ | (13,337 | ) | $ | (27,507 | ) | $ | (13,337 | ) | |||
| Per share data: | |||||||||||||||
| Income (loss) from continuing operations, net | $ | 0.20 | $ | (0.62 | ) | $ | 0.20 | $ | (0.62 | ) | |||||
| Income (loss) from discontinued operations, net | (0.65 | ) | 0.40 | (0.65 | ) | 0.40 | |||||||||
| Net loss per share | $ | (0.45 | ) | $ | (0.22 | ) | $ | (0.45 | ) | $ | (0.22 | ) | |||
| (a) | When the computed diluted values are antidilutive, the basic per share values are presented on the face of the unaudited Condensed Consolidated Statements of Operations. |