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Earnings per Share (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022 under the two-class method.
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net income attributable to PENN Entertainment | $ | 78.4 |  |  | $ | 26.1 |  |  | $ | 592.9 |  |  | $ | 77.8 |
Net income applicable to preferred stock | 0.2 |  |  | 0.1 |  |  | 1.7 |  |  | 0.3 |
Net income applicable to common stock | $ | 78.2 |  |  | $ | 26.0 |  |  | $ | 591.2 |  |  | $ | 77.5 |
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2023 and 2022:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions, except per share data) | 2023 |  | 2022 |  | 2023 |  | 2022
Calculation of basic earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock | $ | 78.2 |  |  | $ | 26.0 |  |  | $ | 591.2 |  |  | $ | 77.5 |
Weighted-average shares outstanding - PENN Entertainment | 152.2 |  |  | 164.2 |  |  | 152.4 |  |  | 165.9 |
Weighted-average shares outstanding - Exchangeable Shares | 0.6 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |
Weighted-average common shares outstanding - basic | 152.8 |  |  | 164.8 |  |  | 153.0 |  |  | 166.5 |
Basic earnings per share | $ | 0.51 |  |  | $ | 0.16 |  |  | $ | 3.86 |  |  | $ | 0.47 |
Calculation of diluted earnings per share: |  |  |  |  |  |  |
Net income applicable to common stock | $ | 78.2 |  |  | $ | 26.0 |  |  | $ | 591.2 |  |  | $ | 77.5 |
Interest expense, net of tax (1): |  |  |  |  |  |  |
Convertible Notes | 1.8 |  |  | 1.8 |  |  | 3.6 |  |  | 3.7 |
Diluted income applicable to common stock | $ | 80.0 |  |  | $ | 27.8 |  |  | $ | 594.8 |  |  | $ | 81.2 |
Weighted-average common shares outstanding - diluted | 167.9 |  |  | 180.2 |  |  | 168.2 |  |  | 182.3 |
Diluted earnings per share | $ | 0.48 |  |  | $ | 0.15 |  |  | $ | 3.54 |  |  | $ | 0.45 |
(1)The three and six months ended June 30, 2023 and 2022 were tax-affected at a rate of 21%.
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, 2023 and 2022:
| For the three months ended June 30, |  | For the six months ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Weighted-average common shares outstanding | 152.8 |  |  | 164.8 |  |  | 153.0 |  |  | 166.5 |
Assumed conversion of: |  |  |  |  |  |  |
Dilutive stock options | 0.7 |  |  | 1.1 |  |  | 0.8 |  |  | 1.4 |
Dilutive restricted stock | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  | 0.3 |
Convertible debt | 14.1 |  |  | 14.1 |  |  | 14.1 |  |  | 14.1 |
Weighted-average common shares outstanding - Diluted | 167.9 |  |  | 180.2 |  |  | 168.2 |  |  | 182.3 |

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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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + 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 -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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