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Earnings per Share (Tables) | 3 Months Ended
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Mar. 31, 2023
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 months ended March 31, 2023 and 2022 under the two-class method.
|  |  | For the three months ended March 31,
(in millions) |  |  |  |  | 2023 |  | 2022
Net income attributable to PENN Entertainment |  |  |  |  | $ | 514.5 |  |  | $ | 51.7 |
Net income applicable to preferred stock |  |  |  |  | 1.7 |  |  | 0.2 |
Net income applicable to common stock |  |  |  |  | $ | 512.8 |  |  | $ | 51.5 |
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2023 and 2022:
|  |  | For the three months ended March 31,
(in millions, except per share data) |  |  |  |  | 2023 |  | 2022
Calculation of basic earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock |  |  |  |  | $ | 512.8 |  |  | $ | 51.5 |
Weighted-average shares outstanding - PENN Entertainment |  |  |  |  | 152.7 |  |  | 167.5 |
Weighted-average shares outstanding - Exchangeable Shares |  |  |  |  | 0.6 |  |  | 0.7 |
Weighted-average common shares outstanding - basic |  |  |  |  | 153.3 |  |  | 168.2 |
Basic earnings per share |  |  |  |  | $ | 3.35 |  |  | $ | 0.31 |
Calculation of diluted earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock |  |  |  |  | $ | 512.8 |  |  | $ | 51.5 |
Interest expense, net of tax (1): |  |  |  |  |  |  |
Convertible Notes |  |  |  |  | 1.8 |  |  | 1.8 |
Diluted income applicable to common stock |  |  |  |  | $ | 514.6 |  |  | $ | 53.3 |
Weighted-average common shares outstanding - diluted |  |  |  |  | 168.6 |  |  | 184.2 |
Diluted earnings per share |  |  |  |  | $ | 3.05 |  |  | $ | 0.29 |
(1)The three months ended March 31, 2023 were tax-affected at a rate of 21%. The three months ended March 31, 2022, 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 months ended March 31, 2023 and 2022:
|  |  | For the three months ended March 31,
(in millions) |  |  |  |  | 2023 |  | 2022
Weighted-average common shares outstanding |  |  |  |  | 153.3 |  |  | 168.2 |
Assumed conversion of: |  |  |  |  |  |  |
Dilutive stock options |  |  |  |  | 0.9 |  |  | 1.5 |
Dilutive restricted stock |  |  |  |  | 0.3 |  |  | 0.4 |
Convertible debt |  |  |  |  | 14.1 |  |  | 14.1 |
Weighted-average common shares outstanding - Diluted |  |  |  |  | 168.6 |  |  | 184.2 |

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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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