Presented below is basic and diluted EPS for the three months ended April 30, 2017 and 2016 (in thousands, except per share amounts):



	Three Months Ended April 30,
	2017				2016
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	181,107	$	181,107	$	157,632	$	157,632
Weighted-average Vail Resorts shares outstanding	39,996		39,996		36,217		36,217
Weighted-average Exchangeco shares outstanding	72		72		—		—
Total Weighted-average shares outstanding	40,068		40,068		36,217		36,217
Effect of dilutive securities	—		1,113		—		1,051
Total shares	40,068		41,181		36,217		37,268
Net income per share attributable to Vail Resorts	$	4.52	$	4.40	$	4.35	$	4.23

The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 12,000 and 24,000 for the three months ended April 30, 2017 and 2016, respectively.

Presented below is basic and diluted EPS for the nine months ended April 30, 2017 and 2016 (in thousands, except per share amounts):



	Nine Months Ended April 30,
	2017				2016
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	267,699	$	267,699	$	215,027	$	215,027
Weighted-average Vail Resorts shares outstanding	38,871		38,871		36,312		36,312
Weighted-average Exchangeco shares outstanding	101		101		—		—
Total Weighted-average shares outstanding	38,972		38,972		36,312		36,312
Effect of dilutive securities	—		1,097		—		1,016
Total shares	38,972		40,069		36,312		37,328
Net income per share attributable to Vail Resorts	$	6.87	$	6.68	$	5.92	$	5.76

The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 4,000 and 13,000 for the nine months ended April 30, 2017 and 2016, respectively.