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EXHIBIT 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
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YEAR ENDED DECEMBER 31,
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2001 2000 1999
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Income (loss) before extraordinary losses.......... $208,990,000 $(11,344,000) $219,503,000
Extraordinary losses, net.......................... (23,000) (716,000) (11,033,000)
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Net income (loss)................................ $208,967,000 $(12,060,000) $208,470,000
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BASIC EARNINGS (LOSS) PER SHARE
Weighted average number of common shares
outstanding...................................... 113,539,872 117,189,838 126,071,980
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BASIC EARNINGS (LOSS) PER COMMON SHARE
Income (loss) before extraordinary losses.......... $ 1.84 $ (0.09) $ 1.74
Extraordinary losses, net.......................... -- (0.01) (0.09)
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Net income (loss)................................ $ 1.84 $ (0.10) $ 1.65
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DILUTED EARNINGS (LOSS) PER SHARE
Weighted average number of common shares
outstanding...................................... 113,539,872 117,189,838 126,071,980
Additional shares based on average market price
for period applicable to:
Restricted stock............................. 697,130 -- 789,690
Stock options................................ 1,471,400 -- 1,886,469
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Average number of common and common equivalent
shares outstanding (a)........................... 115,708,402 117,189,838 128,748,139
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DILUTED EARNINGS (LOSS) PER COMMON AND COMMON
EQUIVALENT SHARE
Income (loss) before extraordinary losses.......... $ 1.81 $ (0.09) $ 1.71
Extraordinary losses, net.......................... -- (0.01) (0.09)
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Net income (loss)................................ $ 1.81 $ (0.10) $ 1.62
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(a) The diluted share base for 2000 excludes common stock equivalents of 481,338
and 1,407,362 related to restricted stock and stock options, respectively.
These shares are excluded due to their antidilutive effect as a result of
the Company's net loss in 2000.