Net Income Per Common Share

3 Months Ended

Oct. 31, 2015

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 participate in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended October 31, 2015 and 2014 (in thousands, except per share amounts):

	Three Months Ended October 31,
	2015						2014
	Basic			Diluted			Basic			Diluted
Net loss per share:
Net loss attributable to Vail Resorts	$	(59,587	)	$	(59,587	)	$	(64,276	)	$	(64,276	)
Weighted-average shares outstanding	36,471			36,471			36,249			36,249
Effect of dilutive securities	—			—			—			—
Total shares	36,471			36,471			36,249			36,249
Net loss per share attributable to Vail Resorts	$	(1.63	)	$	(1.63	)	$	(1.77	)	$	(1.77	)

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 excluded from the calculation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive totaled 1.6 million and 1.7 million for the three months ended October 31, 2015 and 2014, respectively.

The Company paid dividends of $0.6225 per share and $0.4150 per share ($22.7 million and $15.1 million in the aggregate) during the three months ended October 31, 2015 and 2014, respectively. On December 4, 2015 the Company’s Board of Directors declared a quarterly cash dividend of $0.6225 per share payable on January 12, 2016 to stockholders of record as of December 28, 2015.