Exhibit 11.1
Pinnacle Entertainment, Inc.
Computation of Per Share Earnings
For the three months ended December 31, | ||||||||||||||||||||||
Basic | Diluted (a) | |||||||||||||||||||||
2005 | 2004 | 2003 | 2005 | 2004 | 2003 | |||||||||||||||||
(in thousands, except per share data-unaudited) | ||||||||||||||||||||||
Average number of common shares outstanding | 40,957 | 36,308 | 25,643 | 40,957 | 36,308 | 25,643 | ||||||||||||||||
Average common shares due to assumed conversion of stock options | 0 | 0 | 0 | 2,529 | 1,871 | 360 | ||||||||||||||||
Total shares | 40,957 | 36,308 | 25,643 | 43,486 | 38,179 | 26,003 | ||||||||||||||||
Income (loss) from continuing operations | $ | 6,826 | $ | (5,323 | ) | $ | (9,304 | ) | $ | 6,826 | $ | (5,323 | ) | $ | (9,304 | ) | ||||||
Income from discontinued operations, net | 666 | 549 | 690 | 666 | 549 | 690 | ||||||||||||||||
Net income (loss) | $ | 7,492 | $ | (4,774 | ) | (8,614 | ) | $ | 7,492 | $ | (4,774 | ) | (8,614 | ) | ||||||||
Per share data: | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.17 | $ | (0.15 | ) | $ | (0.36 | ) | $ | 0.16 | $ | (0.15 | ) | $ | (0.36 | ) | ||||||
Income from discontinued operations, net | 0.01 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | ||||||||||||||||
Net income (loss) per share | $ | 0.18 | $ | (0.13 | ) | $ | (0.34 | ) | $ | 0.17 | $ | (0.13 | ) | $ | (0.33 | ) | ||||||
For the years ended December 31, | ||||||||||||||||||||||
Basic | Diluted (a) | |||||||||||||||||||||
2005 | 2004 | 2003 | 2005 | 2004 | 2003 | |||||||||||||||||
(in thousands, except per share data-unaudited) | ||||||||||||||||||||||
Average number of common shares outstanding | 40,703 | 34,730 | 25,861 | 40,703 | 34,730 | 25,861 | ||||||||||||||||
Average common shares due to assumed conversion of stock options | 0 | 0 | 0 | 2,248 | 1,440 | 77 | ||||||||||||||||
Total shares | 40,703 | 34,730 | 25,861 | 42,951 | 36,170 | 25,938 | ||||||||||||||||
Income (loss) from continuing operations | $ | 3,589 | $ | 7,180 | $ | (29,871 | ) | $ | 3,589 | $ | 7,180 | $ | (29,871 | ) | ||||||||
Income from discontinued operations, net | 2,536 | 1,981 | 1,629 | 2,536 | 1,981 | 1,629 | ||||||||||||||||
Net income (loss) | $ | 6,125 | $ | 9,161 | $ | (28,242 | ) | $ | 6,125 | $ | 9,161 | $ | (28,242 | ) | ||||||||
Per share data: | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.09 | $ | 0.20 | $ | (1.15 | ) | $ | 0.08 | $ | 0.20 | $ | (1.15 | ) | ||||||||
Income from discontinued operations, net | 0.06 | 0.06 | 0.06 | 0.06 | 0.05 | 0.06 | ||||||||||||||||
Net income (loss) per share | $ | 0.15 | $ | 0.26 | $ | (1.09 | ) | $ | 0.14 | $ | 0.25 | $ | (1.09 | ) | ||||||||
(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. |