Exhibit 11
HARRAH'S ENTERTAINMENT, INC.
COMPUTATIONS OF PER SHARE EARNINGS
Second Quarter Ended Six Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
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Income before extraordinary
losses $ 47,923,000 $ 37,019,000 $ 85,268,000 $ 61,922,000
Extraordinary losses, net (7,375,000) (16,613,000) (10,623,000) (18,280,000)
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Net income $ 40,548,000 $ 20,406,000 $ 74,645,000 $ 43,642,000
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BASIC EARNINGS PER SHARE
Weighted average number of common
shares outstanding 126,202,689 100,206,703 125,864,055 100,167,488
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BASIC EARNINGS PER COMMON SHARE
Income before extraordinary
losses $ 0.38 $ 0.37 $ 0.67 $ 0.62
Extraordinary losses, net (0.06) (0.17) (0.08) (0.18)
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Net income $ 0.32 $ 0.20 $ 0.59 $ 0.44
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DILUTED EARNINGS PER SHARE
Weighted average number of common
shares outstanding 126,202,689 100,206,703 125,864,055 100,167,488
Additional shares based on
average market price for
period applicable to:
Restricted stock 684,726 280,648 580,310 256,294
Stock options 2,096,989 1,248,649 1,422,001 1,056,030
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Average number of common and
common equivalent shares
outstanding 128,984,404 101,736,000 127,866,366 101,479,812
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DILUTED EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARES
Income before extraordinary
losses $ 0.37 $ 0.36 $ 0.66 $ 0.61
Extraordinary losses, net (0.06) (0.16) (0.08) (0.18)
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Net income $ 0.31 $ 0.20 $ 0.58 $ 0.43
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