Exhibit 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
Third Quarter Ended Nine Months Ended
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Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
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Income before extraordinary losses $ 44,202,000 $ 52,889,000 $106,124,000 $ 95,373,000
Extraordinary losses, net -- -- (18,280,000) (8,134,000)
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Net income $ 44,202,000 $ 52,889,000 $ 87,844,00 $ 87,239,000
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BASIC EARNINGS PER SHARE
Weighted average number of common
shares outstanding 100,271,071 100,038,685 100,203,599 100,793,711
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BASIC EARNINGS PER COMMON SHARE
Income before extraordinary losses $ 0.44 $ 0.53 $ 1.06 $ 0.95
Extraordinary losses, net -- -- (0.18) (0.08)
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Net Income $ 0.44 $ 0.53 $ 0.88 $ 0.87
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DILUTED EARNINGS PER SHARE
Weighted average number of common
shares outstanding 100,271,071 100,038,685 100,203,599 100,793,711
Additional shares based on
average market price for
period applicable to:
Restricted stock 206,668 152,580 259,674 55,551
Stock options 433,187 643,454 815,086 517,570
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Average number of common and
common equivalent shares
outstanding 100,910,926 100,834,719 101,278,359 101,366,832
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DILUTED EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARES
Income before extraordinary
losses $ 0.44 $ 0.52 $ 1.05 $ 0.94
Extraordinary losses, net -- -- (0.18) (0.08)
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Net income $ 0.44 $ 0.52 $ 0.87 $ 0.86
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