Exhibit 11
Pinnacle Entertainment, Inc.
Computation of Earnings Per Share
(in thousands, except per share data)
| For the three months ended June 30, | |||||||||||||||
| Basic | Diluted (a) | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Average number of common shares outstanding | 60,976 | 59,593 | 60,976 | 59,593 | |||||||||||
| Average common shares due to assumed conversion of stock options | — | — | 2,379 | — | |||||||||||
| Total shares | 60,976 | 59,593 | 63,355 | 59,593 | |||||||||||
| Income (loss) from continuing operations | $ | 15,793 | $ | (2,317 | ) | $ | 15,793 | $ | (2,317 | ) | |||||
| Income from discontinued operations, net of income taxes | 4,699 | 26 | 4,699 | 26 | |||||||||||
| Net income (loss) | 20,492 | (2,291 | ) | 20,492 | (2,291 | ) | |||||||||
| Net loss attributable to non-controlling interest | (1,252 | ) | (32 | ) | (1,252 | ) | (32 | ) | |||||||
| Net income (loss) attributable to Pinnacle Entertainment, Inc. | $ | 21,744 | $ | (2,259 | ) | $ | 21,744 | $ | (2,259 | ) | |||||
| Per share data: | |||||||||||||||
| Income (loss) from continuing operations | $ | 0.28 | $ | (0.04 | ) | $ | 0.27 | $ | (0.04 | ) | |||||
| Income from discontinued operations, net of income taxes | 0.08 | — | 0.07 | — | |||||||||||
| Net income (loss) per share | $ | 0.36 | $ | (0.04 | ) | $ | 0.34 | $ | (0.04 | ) | |||||
| For the six months ended June 30, | |||||||||||||||
| Basic | Diluted (a) | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Average number of common shares outstanding | 60,808 | 59,429 | 60,808 | 59,429 | |||||||||||
| Average common shares due to assumed conversion of stock options | — | — | 2,165 | 1,899 | |||||||||||
| Total shares | 60,808 | 59,429 | 62,973 | 61,328 | |||||||||||
| Income from continuing operations | $ | 42,872 | $ | 16,427 | $ | 42,872 | $ | 16,427 | |||||||
| Income from discontinued operations, net of income taxes | 4,916 | 325 | 4,916 | 325 | |||||||||||
| Net income | 47,788 | 16,752 | 47,788 | 16,752 | |||||||||||
| Net loss attributable to non-controlling interest | (1,262 | ) | (36 | ) | (1,262 | ) | (36 | ) | |||||||
| Net income attributable to Pinnacle Entertainment, Inc. | $ | 49,050 | $ | 16,788 | $ | 49,050 | $ | 16,788 | |||||||
| Per share data: | |||||||||||||||
| Income from continuing operations | $ | 0.73 | $ | 0.28 | $ | 0.70 | $ | 0.27 | |||||||
| Income from discontinued operations, net of income taxes | 0.08 | — | 0.08 | — | |||||||||||
| Net income per share | $ | 0.81 | $ | 0.28 | $ | 0.78 | $ | 0.27 | |||||||
(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.