<PAGE>
EXHIBIT 11
PINNACLE ENTERTAINMENT, INC.
COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
For the three months ended
June 30,
-----------------------------
Basic Diluted(a)
-------------- --------------
2000 1999 2000 1999
------- ------ ------- ------
(in thousands, except per
share data)
<S> <C> <C> <C> <C>
Average number of common shares outstanding..... 26,303 25,871 26,303 25,871
Average common shares due to assumed conversion
of stock options............................... 0 0 1,042 258
------- ------ ------- ------
Total shares.................................. 26,303 25,871 27,345 26,129
======= ====== ======= ======
Net income allocated to shareholders............ $26,232 $9,711 $26,232 $9,711
======= ====== ======= ======
Net income per share............................ $ 1.00 $ 0.38 $ 0.96 $ 0.37
======= ====== ======= ======
</TABLE>
<TABLE>
<CAPTION>
For the six months ended June
30,
-------------------------------
Basic Diluted(a)
--------------- ---------------
2000 1999 2000 1999
------- ------- ------- -------
(in thousands, except per share
data)
<S> <C> <C> <C> <C>
Average number of common shares outstanding.. 26,281 25,836 26,281 25,836
Average common shares due to assumed
conversion of stock options................. 0 0 1,045 (277)
------- ------- ------- -------
Total shares............................... 26,281 25,836 27,326 25,559
======= ======= ======= =======
Net income allocated to shareholders......... $48,144 $13,844 $48,144 $13,844
======= ======= ======= =======
Net income per share......................... $ 1.83 $ 0.54 $ 1.76 $ 0.54
======= ======= ======= =======
</TABLE>
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(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.
