Exhibit 11.1
Pinnacle Entertainment, Inc.
Computation of Per Share Earnings
| For the three months ended December 31, | ||||||||||||||||||||||||
| Basic | Diluted (a) | |||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2003 | 2002 | 2001 | |||||||||||||||||||
| (in thousands, except per share data—unaudited) | ||||||||||||||||||||||||
Average number of common shares outstanding | 25,643 | 25,929 | 25,444 | 25,643 | 25,929 | 25,444 | ||||||||||||||||||
Average common shares due to assumed conversion of stock options | 0 | 0 | 0 | 360 | 38 | 79 | ||||||||||||||||||
Total shares | 25,643 | 25,929 | 25,444 | 26,003 | 25,967 | 25,523 | ||||||||||||||||||
Net loss | ($ | 8,614 | ) | ($ | 6,693 | ) | ($ | 22,244 | ) | ($ | 8,614 | ) | ($ | 6,693 | ) | ($ | 22,244 | ) | ||||||
Net (loss) income per share | ($ | 0.34 | ) | ($ | 0.26 | ) | ($ | 0.87 | ) | ($ | 0.33 | ) | ($ | 0.26 | ) | ($ | 0.87 | ) | ||||||
| For the years ended December 31, | ||||||||||||||||||||||||
| Basic | Diluted (a) | |||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2003 | 2002 | 2001 | |||||||||||||||||||
| (in thousands, except per share data—unaudited) | ||||||||||||||||||||||||
Average number of common shares outstanding | 25,861 | 25,773 | 25,814 | 25,861 | 25,773 | 25,814 | ||||||||||||||||||
Average common shares due to assumed conversion of stock options | 0 | 0 | 0 | 77 | 157 | 104 | ||||||||||||||||||
Total shares | 25,861 | 25,773 | 25,814 | 25,938 | 25,930 | 25,918 | ||||||||||||||||||
Net loss before cumulative effect of a change in accounting principle | ($ | 28,242 | ) | ($ | 12,925 | ) | ($ | 28,649 | ) | ($ | 28,242 | ) | ($ | 12,925 | ) | ($ | 28,649 | ) | ||||||
Cumulative effect of a change in accounting principle | 0 | 56,704 | 0 | 0 | 56,704 | 0 | ||||||||||||||||||
Net loss | ($ | 28,242 | ) | ($ | 69,629 | ) | ($ | 28,649 | ) | ($ | 28,242 | ) | ($ | 69,629 | ) | ($ | 28,649 | ) | ||||||
Net (loss) income before extraordinary item per share | ($ | 1.09 | ) | ($ | 0.50 | ) | ($ | 1.11 | ) | ($ | 1.09 | ) | ($ | 0.50 | ) | ($ | 1.11 | ) | ||||||
Extraordinary item per share, net of income taxes | 0.00 | 2.20 | 0.00 | 0.00 | 2.19 | 0.00 | ||||||||||||||||||
Net (loss) income after extraordinary item per share | ($ | 1.09 | ) | ($ | 2.70 | ) | ($ | 1.11 | ) | ($ | 1.09 | ) | ($ | 2.69 | ) | ($ | 1.11 | ) | ||||||
| (a) | When the computed diluted values are anti-dilutive, the basic per share values are presented on the face of the consolidated statements of operations. |