

	Three Months Ended January 31,
	2019				2018
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	206,349	$	206,349	$	235,691	$	235,691
Weighted-average Vail Shares outstanding	40,271		40,271		40,414		40,414
Weighted-average Exchangeco Shares outstanding	57		57		61		61
Total Weighted-average shares outstanding	40,328		40,328		40,475		40,475
Effect of dilutive securities	—		798		—		1,119
Total shares	40,328		41,126		40,475		41,594
Net income per share attributable to Vail Resorts	$	5.12	$	5.02	$	5.82	$	5.67

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 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 approximately 56,000 and 5,000 for the three months ended January 31, 2019 and 2018, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2019 and 2018 (in thousands, except per share amounts):



	Six Months Ended January 31,
	2019				2018
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	98,554	$	98,554	$	207,306	$	207,306
Weighted-average Vail Shares outstanding	40,359		40,359		40,281		40,281
Weighted-average Exchangeco Shares outstanding	57		57		62		62
Total Weighted-average shares outstanding	40,416		40,416		40,343		40,343
Effect of dilutive securities	—		870		—		1,346
Total shares	40,416		41,286		40,343		41,689
Net income per share attributable to Vail Resorts	$	2.44	$	2.39	$	5.14	$	4.97

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 approximately 40,000 and 5,000 for the six months ended January 31, 2019 and 2018, respectively.