XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.22.2

Earnings per Share (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Earnings Per Share [Abstract] |
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, 2022 and 2021 under the two-class method.
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Net income attributable to PENN Entertainment | $ | 26.1 |  |  | $ | 198.7 |  |  | $ | 77.8 |  |  | $ | 289.7 |
Net income applicable to preferred stock | 0.1 |  |  | 1.0 |  |  | 0.3 |  |  | 1.5 |
Net income applicable to common stock | $ | 26.0 |  |  | $ | 197.7 |  |  | $ | 77.5 |  |  | $ | 288.2 |
The following table presents the calculation of basic and diluted earnings per share for the Company’s common stock for the three and six months ended June 30, 2022 and 2021:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Calculation of basic earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock | $ | 26.0 |  |  | $ | 197.7 |  |  | $ | 77.5 |  |  | $ | 288.2 |
Weighted-average shares outstanding - PENN Entertainment | 164.2 |  |  | 156.0 |  |  | 165.9 |  |  | 155.8 |
Weighted-average shares outstanding - Exchangeable Shares | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Weighted-average common shares outstanding - basic | 164.8 |  |  | 156.0 |  |  | 166.5 |  |  | 155.8 |
Basic earnings per share | $ | 0.16 |  |  | $ | 1.27 |  |  | $ | 0.47 |  |  | $ | 1.85 |
Calculation of diluted earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock | $ | 26.0 |  |  | $ | 197.7 |  |  | $ | 77.5 |  |  | $ | 288.2 |
Interest expense, net of tax (1): |  |  |  |  |  |  |
Convertible Notes | 1.8 |  |  | 4.3 |  |  | 3.7 |  |  | 8.6 |
Diluted income applicable to common stock | $ | 27.8 |  |  | $ | 202.0 |  |  | $ | 81.2 |  |  | $ | 296.8 |
Weighted-average common shares outstanding - diluted | 180.2 |  |  | 172.7 |  |  | 182.3 |  |  | 172.8 |
Diluted earnings per share | $ | 0.15 |  |  | $ | 1.17 |  |  | $ | 0.45 |  |  | $ | 1.72 |
(1)The three and six months ended June 30, 2022 were tax-affected at a rate of 21% . 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, 2022 and 2021:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Weighted-average common shares outstanding | 164.8 |  |  | 156.0 |  |  | 166.5 |  |  | 155.8 |
Assumed conversion of: |  |  |  |  |  |  |
Dilutive stock options | 1.1 |  |  | 2.2 |  |  | 1.4 |  |  | 2.4 |
Dilutive restricted stock | 0.2 |  |  | 0.4 |  |  | 0.3 |  |  | 0.5 |
Convertible debt | 14.1 |  |  | 14.1 |  |  | 14.1 |  |  | 14.1 |
Weighted-average common shares outstanding - Diluted | 180.2 |  |  | 172.7 |  |  | 182.3 |  |  | 172.8 |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration