Net Income Per Common Share (Tables)

6 Months Ended

Jan. 31, 2020

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended January 31, 2020 and 2019 (in thousands, except per share amounts):

	Three Months Ended January 31,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	206,370	$	206,370	$	206,349	$	206,349
Weighted-average Vail Shares outstanding	40,261		40,261		40,271		40,271
Weighted-average Exchangeco Shares outstanding	55		55		57		57
Total Weighted-average shares outstanding	40,316		40,316		40,328		40,328
Effect of dilutive securities	—		625		—		798
Total shares	40,316		40,941		40,328		41,126
Net income per share attributable to Vail Resorts	$	5.12	$	5.04	$	5.12	$	5.02

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 28,000 and 56,000 for the three months ended January 31, 2020 and 2019, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2020 and 2019 (in thousands, except per share amounts):

	Six Months Ended January 31,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	99,895	$	99,895	$	98,554	$	98,554
Weighted-average Vail Shares outstanding	40,274		40,274		40,359		40,359
Weighted-average Exchangeco Shares outstanding	55		55		57		57
Total Weighted-average shares outstanding	40,329		40,329		40,416		40,416
Effect of dilutive securities	—		644		—		870
Total shares	40,329		40,973		40,416		41,286
Net income per share attributable to Vail Resorts	$	2.48	$	2.44	$	2.44	$	2.39

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 23,000 and 40,000 for the six months ended January 31, 2020 and 2019, respectively.