Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share, Basic and Diluted [Abstract]

Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period. Diluted EPS is computed similarly to basic EPS except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

For a period in which the Company generated a net loss, the weighted average shares outstanding - basic was used in calculating diluted loss per share because using diluted shares would have been anti-dilutive to loss per share.

The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the years ended December 31, 2021, 2020 and 2019:


	Years Ended December 31,
(In millions, except per share amounts)	2021		2020		2019
Net income (loss) from continuing operations attributable to Caesars, net of income taxes	$	(989)	$	(1,737)	$	81
Discontinued operations, net of income taxes	(30)		(20)		—
Net income (loss) attributable to Caesars	$	(1,019)	$	(1,757)	$	81
Shares outstanding:
Weighted average shares outstanding – basic	211		130		78
Effect of dilutive securities:
Stock-based compensation awards	—		—		1
Weighted average shares outstanding – diluted	211		130		79

Basic income (loss) per share from continuing operations	$	(4.69)	$	(13.35)	$	1.04
Basic loss per share from discontinued operations	(0.14)		(0.15)		—
Net income (loss) per common share attributable to common stockholders – basic:	$	(4.83)	$	(13.50)	$	1.04

Diluted income (loss) per share from continuing operations	$	(4.69)	$	(13.35)	$	1.03
Diluted loss per share from discontinued operations	(0.14)		(0.15)		—
Net income (loss) per common share attributable to common stockholders – diluted:	$	(4.83)	$	(13.50)	$	1.03


Weighted-Average Number of Anti-Dilutive Shares Excluded from Calculation of EPS
	Years Ended December 31,
(In millions)	2021	2020	2019

Stock-based compensation awards	3	9	—

5% Convertible notes	—	4	—
Total anti-dilutive common stock	3	13	—