It's called a "Cleft Earlobe". It sounds serious, but it can be taken care of quickly and nearly painlessly in the office.
A cleft earlobe simply means that the earlobe is split, typically from a earring that has torn through. Elongated piercings are similar and are repaired in the same way.
The procedure is done under local in the office. It involves freshening the edges of the divided skin and closing the wound with absorbable sutures. If desired, the ears can be re-pierced in the office in six weeks for no additional charge.
A more recent trend in earlobe fashion is "gauging" which produces significant stretching and distortion of the earlobe skin. Although the procedure is more complicated, the procedure can be done in the office as well.
One earlobe: $300
Two earlobes: $500
"gauged" earlobes: cost varies by case