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Earnings (Loss) per Share (Tables) | 12 Months Ended
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Dec. 31, 2021
Earnings Per Share [Abstract] |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | For the year ended December 31, 2020, we recorded a net loss attributable to Penn National. As such, because the dilution from potential common shares was antidilutive, we used basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding when calculating diluted loss 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:
(in millions) | For the year ended December 31, 2020
Assumed conversion of dilutive stock options | 3.0 |
Assumed conversion of dilutive RSAs | 0.5 |
Assumed conversion of convertible preferred shares | 0.7 |
Assumed conversion of convertible debt | 9.1 |
Schedule of calculation of basic and diluted EPS | The following table sets forth the allocation of net income for the year ended December 31, 2021, under the two-class method. For the year ended December 31, 2020 we did not utilize the two-class method due to incurring a net loss for the period, nor did we utilize the two-class method for the year ended December 31, 2019, as we issued Series D Preferred stock on February 20, 2020, as discussed in Note 15, “Stockholders’ Equity.”
| For the year ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Net income (loss) attributable to Penn National | $ | 420.8 |  |  | $ | (669.5) |  |  | $ | 43.9 |
Net income applicable to preferred stock | 2.1 |  |  | — |  |  | — |
Net income (loss) applicable to common stock | $ | 418.7 |  |  | $ | (669.5) |  |  | $ | 43.9 |
The following table presents the calculation of basic and diluted earnings (loss) for the Company’s common stock for the years ended December 31, 2021, 2020 and 2019:
(in millions, except per share data) | 2021 |  | 2020 |  | 2019
Calculation of basic earnings (loss) per share: |  |  |  |  |
Net income (loss) applicable to common stock | $ | 418.7 |  |  | $ | (669.5) |  |  | $ | 43.9 |
Weighted-average shares outstanding - Penn National | 158.6 |  |  | 134.0 |  |  | 115.7 |
Weighted-average shares outstanding - Exchangeable Shares | 0.1 |  |  | — |  |  | — |
Weighted-average common shares outstanding - basic | 158.7 |  |  | 134.0 |  |  | 115.7 |
Basic earnings (loss) per share | $ | 2.64 |  |  | $ | (5.00) |  |  | $ | 0.38 |
Calculation of diluted earnings (loss) per share: |  |  |  |  |
Net income (loss) applicable to common stock | $ | 418.7 |  |  | $ | (669.5) |  |  | $ | 43.9 |
Interest expense, net of tax (1): |  |  |  |  |
Convertible Notes | 17.0 |  |  | — |  |  | — |
Diluted income applicable to common stock | $ | 435.7 |  |  | $ | (669.5) |  |  | $ | 43.9 |
Weighted-average common shares outstanding - diluted | 175.5 |  |  | 134.0 |  |  | 117.8 |
Diluted earnings (loss) per share | $ | 2.48 |  |  | $ | (5.00) |  |  | $ | 0.37 |
(1)The year ended December 31, 2021 was tax-affected at a rate of 22%.
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 years ended December 31, 2021, 2020 and 2019:
| For the year ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Weighted-average common shares outstanding—Basic | 158.7 |  | 134.0 |  |  | 115.7 |
Assumed conversion of: |  |  |  |  |
Dilutive stock options | 2.3 |  | — |  |  | 1.8 |
Dilutive RSAs and RSUs | 0.4 |  | — |  |  | 0.3 |
Convertible debt | 14.1 |  | — |  |  | — |
Weighted-average common shares outstanding—Diluted | 175.5 |  |  | 134.0 |  |  | 117.8 |

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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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