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Earnings (Loss) per Share (Tables) | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | For the years ended December 31, 2024 and 2023, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was antidilutive, we used basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock, convertible preferred shares, and convertible debt that could potentially dilute basic EPS in the future that are not included in the computation of diluted loss per share are as follows:
| For the year ended December 31,
(in millions) | 2024 |  | 2023
Assumed conversion of dilutive stock options | 0.1 |  |  | 0.6 |
Assumed conversion of dilutive restricted stock | 0.4 |  |  | 0.3 |
Assumed conversion of convertible preferred shares | — |  |  | 0.3 |
Assumed conversion of convertible debt | 14.1 |  |  | 14.1 |
Schedule of Calculation of Basic and Diluted EPS | The following table sets forth the allocation of net income for the year ended December 31, 2022 under the two-class method. For both years ended December 31, 2024 and 2023, we did not utilize the two-class method due to incurring a net loss.
|  | For the year ended December 31,
(in millions) |  | 2022
Net income attributable to PENN Entertainment, Inc. |  | $ | 222.1 |
Net income applicable to preferred stock |  | 0.9 |
Net income applicable to common stock |  | $ | 221.2 |
The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the years ended December 31, 2024, 2023, and 2022:
| For the year ended December 31,
(in millions, except per share data) | 2024 |  | 2023 |  | 2022
Calculation of basic earnings (loss) per share: |  |  |  |  |
Net income (loss) applicable to common stock | $ | (311.5) |  |  | $ | (490.0) |  |  | $ | 221.2 |
Weighted-average shares outstanding - PENN Entertainment, Inc. | 151.6 |  |  | 151.5 |  |  | 160.6 |
Weighted-average shares outstanding - Exchangeable Shares | 0.5 |  |  | 0.6 |  |  | 0.6 |
Weighted-average common shares outstanding - basic | 152.1 |  |  | 152.1 |  |  | 161.2 |
Basic earnings (loss) per share | $ | (2.05) |  |  | $ | (3.22) |  |  | $ | 1.37 |
Calculation of diluted earnings (loss) per share: |  |  |  |  |
Net income (loss) applicable to common stock | $ | (311.5) |  |  | $ | (490.0) |  |  | $ | 221.2 |
Interest expense, net of tax (1): |  |  |  |  |
Convertible Notes | — |  |  | — |  |  | 7.2 |
Diluted income applicable to common stock | $ | (311.5) |  |  | $ | (490.0) |  |  | $ | 228.4 |
Weighted-average common shares outstanding - diluted | 152.1 |  |  | 152.1 |  |  | 176.6 |
Diluted earnings (loss) per share | $ | (2.05) |  |  | $ | (3.22) |  |  | $ | 1.29 |
(1)The tax-affected rate was 21% for the year ended December 31, 2022.
Schedule of Reconciliation of the Weighted-Average Common Shares Outstanding | The table below reconciles the weighted-average common shares outstanding used to calculate basic EPS with those used to calculate diluted EPS for the year ended December 31, 2022. As we recorded a net loss for both years ended December 31, 2024 and 2023, there are no reconciling items between the weighted-average common shares outstanding for basic and diluted EPS calculations.
|  | For the year ended December 31,
(in millions) |  | 2022
Weighted-average common shares outstanding—basic |  | 161.2 |
Assumed conversion of: |  |
Dilutive stock options |  | 1.2 |
Dilutive restricted stock |  | 0.1 |
Convertible debt |  | 14.1 |
Weighted-average common shares outstanding—diluted |  | 176.6 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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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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