EXHIBIT 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
YEAR ENDED DECEMBER 31,
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1995 1994 1993
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Income from continuing operations............... $ 78,810,000 $ 49,984,000 $ 74,867,000
Discontinued operations
Earnings from hotel operations, net........... 21,230,000 36,319,000 16,926,000
Spin-off transaction expenses, net............ (21,194,000)
Extraordinary loss, net......................... - - (5,447,000)
Cumulative effect of change in accounting
policy, net................................... - (7,932,000) -
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Net income...................................... $ 78,846,000 $ 78,371,000 $ 86,346,000
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PRIMARY EARNINGS PER SHARE
Weighted average number of common shares
outstanding................................... 102,340,763 101,604,698 100,678,398
Common stock equivalents
Additional shares based on average market
price for period applicable to:
Restricted stock...................... 90,996 461,408 1,045,704
Stock options......................... 756,364 744,205 838,272
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Average number of primary common and common
equivalent shares outstanding................. 103,188,123 102,810,311 102,562,374
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PRIMARY EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE
Income from continuing operations........... $ 0.76 $ 0.49 $ 0.73
Discontinued operations
Earnings from hotel operations, net....... 0.21 0.35 0.16
Spin-off transaction expenses, net........ (0.21) - -
Extraordinary loss, net..................... - - (0.05)
Change in accounting policy, net............ - (0.08) -
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Net income.................................. $ 0.76 $ 0.76 $ 0.84
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FULLY DILUTED EARNINGS PER SHARE
Average number of primary common and common
equivalent shares outstanding................. 103,188,123 102,810,311 102,562,374
Additional shares based on period-end price
applicable to:
Restricted stock........................ - 89,655 11,497
Stock options........................... - - 107,454
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Average number of fully diluted common and
common equivalent shares outstanding.......... 103,188,123 102,899,966 102,681,325
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FULLY DILUTED EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE
Income from continuing operations........... $ 0.76 $ 0.49 $ 0.73
Discontinued operations
Earnings from hotel operations, net....... 0.21 0.35 0.16
Spin-off transaction expenses, net........ (0.21) - -
Extraordinary loss, net..................... - - (0.05)
Change in accounting policy, net............ - (0.08) -
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Net income.................................. $ 0.76 $ 0.76 $ 0.84
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