EXHIBIT 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
YEAR ENDED DECEMBER 31,
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1997 1996 1995
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Income from continuing operations............................... $ 107,522,000 $ 98,897,000 $ 78,810,000
Discontinued operations
Earnings from hotel operations, net........................... - - 21,230,000
Spin-off transaction expenses, net............................ - - (21,194,000)
Extraordinary loss, net......................................... (8,134,000) - -
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Net income...................................................... $ 99,388,000 $ 98,897,000 $ 78,846,000
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BASIC EARNINGS PER SHARE
Weighted average number of common shares outstanding............ 100,618,139 102,598,281 102,340,763
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BASIC EARNINGS PER COMMON SHARE
Income from continuing operations............................... $ 1.07 $ 0.96 $ 0.77
Discontinued operations
Earnings from hotel operations, net........................... - - 0.21
Spin-off transaction expenses, net............................ - - (0.21)
Extraordinary loss, net......................................... (0.08) - -
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Net income................................................ $ 0.99 $ 0.96 $ 0.77
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DILUTED EARNINGS PER SHARE
Weighted average number of common shares outstanding............ 100,618,139 102,598,281 102,340,763
Additional shares based on average market price for period
applicable to:
Restricted stock.......................................... 86,827 88 90,996
Stock options............................................. 549,101 1,137,792 756,364
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Average number of common and common equivalent shares
outstanding................................................... 101,254,067 103,736,161 103,188,123
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DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
Income from continuing operations............................... $ 1.06 $ 0.95 $ 0.76
Discontinued operations
Earnings from hotel operations, net........................... - - 0.21
Spin-off transaction expenses, net............................ - - (0.21)
Extraordinary loss, net......................................... (0.08) - -
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Net income................................................ $ 0.98 $ 0.95 $ 0.76
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