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Earnings per Share (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2022 and 2021 under the two-class method.
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Net income attributable to PENN Entertainment | $ | 123.5 |  |  | $ | 86.1 |  |  | $ | 201.3 |  |  | $ | 375.8 |
Net income applicable to preferred stock | 0.5 |  |  | 0.4 |  |  | 0.8 |  |  | 1.9 |
Net income applicable to common stock | $ | 123.0 |  |  | $ | 85.7 |  |  | $ | 200.5 |  |  | $ | 373.9 |
The following table presents the calculation of basic and diluted earnings per share for the Company’s common stock for the three and nine months ended September 30, 2022 and 2021:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Calculation of basic earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock | $ | 123.0 |  |  | $ | 85.7 |  |  | $ | 200.5 |  |  | $ | 373.9 |
Weighted-average shares outstanding - PENN Entertainment | 157.0 |  |  | 156.1 |  |  | 162.9 |  |  | 155.9 |
Weighted-average shares outstanding - Exchangeable Shares | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Weighted-average common shares outstanding - basic | 157.6 |  |  | 156.1 |  |  | 163.5 |  |  | 155.9 |
Basic earnings per share | $ | 0.78 |  |  | $ | 0.55 |  |  | $ | 1.23 |  |  | $ | 2.40 |
Calculation of diluted earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock | $ | 123.0 |  |  | $ | 85.7 |  |  | $ | 200.5 |  |  | $ | 373.9 |
Interest expense, net of tax (1): |  |  |  |  |  |  |
Convertible Notes | 1.8 |  |  | 4.4 |  |  | 5.4 |  |  | 13.0 |
Diluted income applicable to common stock | $ | 124.8 |  |  | $ | 90.1 |  |  | $ | 205.9 |  |  | $ | 386.9 |
Weighted-average common shares outstanding - diluted | 173.0 |  |  | 172.7 |  |  | 179.0 |  |  | 172.7 |
Diluted earnings per share | $ | 0.72 |  |  | $ | 0.52 |  |  | $ | 1.15 |  |  | $ | 2.24 |
(1)The three and nine months ended September 30, 2022 were tax-affected at a rate of 21%. The three and nine months ended September 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 nine months ended September 30, 2022 and 2021:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Weighted-average common shares outstanding | 157.6 |  |  | 156.1 |  |  | 163.5 |  |  | 155.9 |
Assumed conversion of: |  |  |  |  |  |  |
Dilutive stock options | 1.0 |  |  | 2.1 |  |  | 1.2 |  |  | 2.3 |
Dilutive restricted stock | 0.3 |  |  | 0.4 |  |  | 0.2 |  |  | 0.4 |
Convertible debt | 14.1 |  |  | 14.1 |  |  | 14.1 |  |  | 14.1 |
Weighted-average common shares outstanding - Diluted | 173.0 |  |  | 172.7 |  |  | 179.0 |  |  | 172.7 |

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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 https://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 https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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