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Earnings (Loss) per Share (Tables) | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share | Stock options, RSAs, convertible preferred shares and convertible debt that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2020 |  | 2020
Assumed conversion of dilutive stock options | 1.5 |  |  | 1.8 |
Assumed conversion of dilutive RSAs | 0.2 |  |  | 0.3 |
Assumed conversion of convertible preferred shares | 0.8 |  |  | 0.6 |
Assumed conversion of convertible debt | 7.9 |  |  | 4.0 |
Schedule of Calculation of Basic and Diluted EPS | The following table sets forth the allocation of net income for the three and six months ended June 30, 2021 under the two-class method. For the three and six months ended June 30, 2020 we did not utilize the two-class method due to incurring a net loss for the period.
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) attributable to Penn National | $ | 198.7 |  |  | $ | (213.9) |  |  | $ | 289.7 |  |  | $ | (822.5) |
Net income applicable to preferred stock | 1.0 |  |  | — |  |  | 1.5 |  |  | — |
Net income (loss) applicable to common stock | $ | 197.7 |  |  | $ | (213.9) |  |  | $ | 288.2 |  |  | $ | (822.5) |
The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three and six months ended June 30, 2021 and 2020:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions, except per share data) | 2021 |  | 2020 |  | 2021 |  | 2020
Calculation of basic earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) applicable to common stock | $ | 197.7 |  |  | $ | (213.9) |  |  | $ | 288.2 |  |  | $ | (822.5) |
Weighted-average common shares outstanding - basic | 156.0 |  |  | 126.8 |  |  | 155.8 |  |  | 121.3 |
Basic earnings (loss) per share | $ | 1.27 |  |  | $ | (1.69) |  |  | $ | 1.85 |  |  | $ | (6.78) |
Calculation of diluted earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) applicable to common stock | $ | 197.7 |  |  | $ | (213.9) |  |  | $ | 288.2 |  |  | $ | (822.5) |
Interest expense, net of tax (1): |  |  |  |  |  |  |
Convertible Notes | 4.3 |  |  | — |  |  | 8.6 |  |  | — |
Diluted income (loss) applicable to common stock | $ | 202.0 |  |  | $ | (213.9) |  |  | $ | 296.8 |  |  | $ | (822.5) |
Weighted-average common shares outstanding - diluted | 172.7 |  |  | 126.8 |  |  | 172.8 |  |  | 121.3 |
Diluted earnings (loss) per share | $ | 1.17 |  |  | $ | (1.69) |  |  | $ | 1.72 |  |  | $ | (6.78) |
(1)The three and six months ended June 30, 2021 were tax-affected at a rate of 20%.
Schedule of Reconciliation of the Weighted-average Common Shares Outstanding | The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2021 and 2020:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Weighted-average common shares outstanding | 156.0 |  |  | 126.8 |  |  | 155.8 |  |  | 121.3 |
Assumed conversion of: |  |  |  |  |  |  |
Dilutive stock options | 2.2 |  |  | — |  |  | 2.4 |  |  | — |
Dilutive RSAs | 0.4 |  |  | — |  |  | 0.5 |  |  | — |
Convertible debt | 14.1 |  |  | — |  |  | 14.1 |  |  | — |
Weighted-average common shares outstanding - Diluted | 172.7 |  |  | 126.8 |  |  | 172.8 |  |  | 121.3 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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