EXHIBIT 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
YEAR ENDED DECEMBER 31,
------------------------------------------
1999 1998 1997
------------ ------------ ------------
Income before extraordinary losses................. $219,503,000 $121,717,000 $107,522,000
Extraordinary losses, net.......................... (11,033,000) (19,693,000) (8,134,000)
------------ ------------ ------------
Net income................................. $208,470,000 $102,024,000 $ 99,388,000
============ ============ ============
BASIC EARNINGS PER SHARE
Weighted average number of common shares
outstanding...................................... 126,071,980 100,231,327 100,618,139
============ ============ ============
BASIC EARNINGS PER COMMON SHARE
Income before extraordinary losses................. $ 1.74 $ 1.21 $ 1.07
Extraordinary losses, net.......................... (0.09) (0.19) (0.08)
------------ ------------ ------------
Net income................................. $ 1.65 $ 1.02 $ 0.99
============ ============ ============
DILUTED EARNINGS PER SHARE
Weighted average number of common shares
outstanding...................................... 126,071,980 100,231,327 100,618,139
Additional shares based on average market price
for period applicable to:
Restricted stock............................. 789,690 215,513 86,827
Stock options................................ 1,886,469 1,072,833 549,101
------------ ------------ ------------
Average number of common and common equivalent
shares outstanding............................... 128,748,139 101,519,673 101,254,067
============ ============ ============
DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT
SHARE
Income before extraordinary losses................. $ 1.71 $ 1.19 $ 1.06
Extraordinary losses, net.......................... (.09) (0.19) (0.08)
------------ ------------ ------------
Net income................................. $ 1.62 $ 1.00 $ 0.98
============ ============ ============