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Earnings per Share (Tables)

3 Months Ended

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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- References

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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

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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

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