Net Income Per Common Share

3 Months Ended

Oct. 31, 2013

Earnings Per Share Reconciliation [Abstract]

Net Income Per Common Share

Net Loss Per Common Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended October 31, 2013 and 2012 (in thousands, except per share amounts):

	Three Months Ended October 31,
	2013						2012
	Basic			Diluted			Basic			Diluted
Net loss per share:
Net loss attributable to Vail Resorts	$	(73,376	)	$	(73,376	)	$	(60,580	)	$	(60,580	)
Weighted-average shares outstanding	36,026			36,026			35,700			35,700
Effect of dilutive securities	—			—			—			—
Total shares	36,026			36,026			35,700			35,700
Net loss per share attributable to Vail Resorts	$	(2.04	)	$	(2.04	)	$	(1.70	)	$	(1.70	)

The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive totaled 1.5 million and 1.4 million for the three months ended October 31, 2013 and 2012, respectively.

The Company paid cash dividends of $0.2075 per share and $0.1875 per share ($7.5 million and $6.7 million in the aggregate) during the three months ended October 31, 2013 and 2012, respectively. On December 6, 2013 the Company’s Board of Directors declared a quarterly cash dividend of $0.2075 per share payable on January 10, 2014 to stockholders of record as of December 26, 2013.