Exhibit 11.1
Pinnacle Entertainment, Inc.
Computation of Per Share Earnings
For the three months ended December 31, | ||||||||||||||||||||||||
Basic | Diluted (a) | |||||||||||||||||||||||
2006 | 2005 | 2004 | 2006 | 2005 | 2004 | |||||||||||||||||||
(in thousands, except per share data-unaudited) | ||||||||||||||||||||||||
Average number of common shares outstanding | 48,120 | 40,957 | 36,308 | 48,120 | 40,957 | 36,308 | ||||||||||||||||||
Average common shares due to assumed conversion of stock options | 0 | 0 | 0 | 1,799 | 2,529 | 1,871 | ||||||||||||||||||
Total shares | 48,120 | 40,957 | 36,308 | 49,919 | 43,486 | 38,179 | ||||||||||||||||||
Income (loss) from continuing operations | $ | (4,821 | ) | $ | 6,739 | $ | (6,184 | ) | $ | (4,821 | ) | $ | 6,739 | $ | (6,184 | ) | ||||||||
Income (loss) from discontinued operations, net | (166 | ) | 753 | 1,410 | (166 | ) | 753 | 1,410 | ||||||||||||||||
Net income (loss) | $ | (4,987 | ) | $ | 7,492 | (4,774 | ) | $ | (4,987 | ) | $ | 7,492 | (4,774 | ) | ||||||||||
Per share data: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (0.10 | ) | $ | 0.16 | $ | (0.17 | ) | $ | (0.10 | ) | $ | 0.15 | $ | (0.16 | ) | ||||||||
Income (loss) from discontinued operations, net | 0.00 | 0.02 | 0.04 | 0.00 | 0.02 | 0.03 | ||||||||||||||||||
Net income (loss) per share | $ | (0.10 | ) | $ | 0.18 | $ | (0.13 | ) | $ | (0.10 | ) | $ | 0.17 | $ | (0.13 | ) | ||||||||
For the years ended December 31, | ||||||||||||||||||||||||
Basic | Diluted (a) | |||||||||||||||||||||||
2006 | 2005 | 2004 | 2006 | 2005 | 2004 | |||||||||||||||||||
(in thousands, except per share data-unaudited) | ||||||||||||||||||||||||
Average number of common shares outstanding | 47,629 | 40,703 | 34,730 | 47,629 | 40,703 | 34,730 | ||||||||||||||||||
Average common shares due to assumed conversion of stock options | 0 | 0 | 0 | 1,643 | 2,248 | 1,440 | ||||||||||||||||||
Total shares | 47,629 | 40,703 | 34,730 | 49,272 | 42,951 | 36,170 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 61,887 | $ | (60 | ) | $ | 2,232 | $ | 61,887 | $ | (60 | ) | $ | 2,232 | ||||||||||
Income from discontinued operations, net | 14,999 | 6,185 | 6,929 | 14,999 | 6,185 | 6,929 | ||||||||||||||||||
Net income | $ | 76,886 | $ | 6,125 | $ | 9,161 | $ | 76,886 | $ | 6,125 | $ | 9,161 | ||||||||||||
Per share data: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.30 | $ | 0.00 | $ | 0.06 | $ | 1.26 | $ | 0.00 | $ | (0.06 | ) | |||||||||||
Income from discontinued operations, net | 0.31 | 0.15 | 0.20 | 0.30 | 0.14 | 0.19 | ||||||||||||||||||
Net income per share | $ | 1.61 | $ | 0.15 | $ | 0.26 | $ | 1.56 | $ | 0.14 | $ | 0.25 | ||||||||||||
(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. |