Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2020

For the three and six months ended June 30, 2020, we recorded a net loss attributable to Penn National. 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. The stock options, RSAs, convertible preferred shares and convertible debt that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:


(in millions)	For the three months ended June 30, 2020	For the six months ended June 30, 2020
Assumed conversion of dilutive stock options	1.5	1.8
Assumed conversion of dilutive RSAs	0.2	0.3
Assumed conversion of convertible preferred shares	0.8	0.6
Assumed conversion of convertible debt	7.9	4.0

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, 2019:


(in millions)	For the three months ended June 30, 2019	For the six months ended June 30, 2019
Weighted-average common shares outstanding - Basic	116.0	116.1
Assumed conversion of dilutive stock options	1.6	1.9
Assumed conversion of dilutive RSAs	0.1	0.2
Weighted-average common shares outstanding - Diluted	117.7	118.2

Options to purchase 3.0 million and 1.9 million shares were outstanding during the three and six months ended June 30, 2020, respectively, as compared to 2.0 million and 1.9 million shares during the three and six months ended June 30, 2019, respectively, but were not included in the computation of diluted earnings (loss) per share because they were antidilutive.

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three and six months ended June 30, 2020 and 2019:


	For the three months ended June 30,						For the six months ended June 30,
(in millions, except per share data)	2020		2019		2020		2019
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	(213.9)	$	51.6	$	(822.5)	$	92.5
Weighted-average common shares outstanding - basic	126.8		116.0		121.3		116.1
Basic earnings (loss) per share	$	(1.69)	$	0.44	$	(6.78)	$	0.80
Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$	(213.9)	$	51.6	$	(822.5)	$	92.5
Weighted-average common shares outstanding - diluted	126.8		117.7		121.3		118.2
Diluted earnings (loss) per share	$	(1.69)	$	0.44	$	(6.78)	$	0.78