EXHIBIT 11
Pinnacle Entertainment, Inc.
Computation of Earnings Per Share
| For the three months ended June 30, | ||||||||||||
| Basic | Diluted (a) | |||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||
| (in thousands, except per share data) | ||||||||||||
Average number of common shares outstanding | 59,712 | 47,968 | 59,712 | 47,968 | ||||||||
Average common shares due to assumed conversion of stock options | — | — | 1,384 | 1,639 | ||||||||
Total shares | 59,712 | 47,968 | 61,096 | 49,607 | ||||||||
Income from continuing operations | $ | 8,182 | $ | 38,696 | $ | 8,182 | $ | 38,696 | ||||
Income from discontinued operations, net | 1,720 | 7,311 | 1,720 | 7,311 | ||||||||
Net income | $ | 9,902 | $ | 46,007 | $ | 9,902 | $ | 46,007 | ||||
Per share data: | ||||||||||||
Income from continuing operations | $ | 0.14 | $ | 0.81 | $ | 0.13 | $ | 0.78 | ||||
Income from discontinued operations, net | 0.03 | 0.15 | 0.03 | 0.15 | ||||||||
Net income per share | $ | 0.17 | $ | 0.96 | $ | 0.16 | $ | 0.93 | ||||
| For the six months ended June 30, | ||||||||||||
| Basic | Diluted (a) | |||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||
| (in thousands, except per share data) | ||||||||||||
Average number of common shares outstanding | 58,616 | 47,181 | 58,616 | 47,181 | ||||||||
Average common shares due to assumed conversion of stock options | — | — | 1,531 | 1,617 | ||||||||
Total shares | 58,616 | 47,181 | 60,147 | 48,798 | ||||||||
Income from continuing operations | $ | 11,468 | $ | 54,121 | 11,468 | $ | 54,121 | |||||
Income from discontinued operations, net | 1,343 | 5,360 | 1,343 | 5,360 | ||||||||
Net income | $ | 12,811 | $ | 59,481 | $ | 12,811 | $ | 59,481 | ||||
Per share data: | ||||||||||||
Income from continuing operations | $ | 0.20 | $ | 1.15 | $ | 0.19 | $ | 1.11 | ||||
Income from discontinued operations, net | 0.02 | 0.11 | 0.02 | 0.11 | ||||||||
Net income per share | $ | 0.22 | $ | 1.26 | $ | 0.21 | $ | 1.22 | ||||
| (a) | When the computed diluted values are antidilutive, the basic per share values are presented on the face of the Condensed Consolidated Statements of Operations (Unaudited). |