Exhibit 11.1

Pinnacle Entertainment, Inc.

Computation of Per Share Earnings

	For the three months ended March 31,
	Basic					Diluted (a)
	2004		2003			2004		2003
	(in thousands, except per share data)
Average number of common shares outstanding		31,417		25,934			31,417		25,934
Average common shares due to assumed conversion of stock options		0		0			1,345		0
Total shares		31,417		25,934			32,762		25,934
Net income (loss)	$	1,433	$	(847	)	$	1,433	$	(847	)
Net income (loss) per share	$	0.05	$	(0.03	)	$	0.04	$	(0.03	)

(a) When the computed diluted values are anti-dilutive, the basic per share values are presented on the face of the consolidated statements of operations.