Net Income Per Common Share (Tables)

9 Months Ended

Apr. 30, 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 April 30, 2020 and 2019 (in thousands, except per share amounts):

	Three Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	152,546	$	152,546	$	292,134	$	292,134
Weighted-average Vail Shares outstanding	40,183		40,183		40,198		40,198
Weighted-average Exchangeco Shares outstanding	54		54		57		57
Total Weighted-average shares outstanding	40,237		40,237		40,255		40,255
Effect of dilutive securities	—		507		—		765
Total shares	40,237		40,744		40,255		41,020
Net income per share attributable to Vail Resorts	$	3.79	$	3.74	$	7.26	$	7.12

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 4,000 and 54,000 for the three months ended April 30, 2020 and 2019, respectively.

Presented below is basic and diluted EPS for the nine months ended April 30, 2020 and 2019 (in thousands, except per share amounts):

	Nine Months Ended April 30,
	2020				2019
	Basic		Diluted		Basic		Diluted
Net income per share:
Net income attributable to Vail Resorts	$	252,441	$	252,441	$	390,688	$	390,688
Weighted-average Vail Shares outstanding	40,244		40,244		40,307		40,307
Weighted-average Exchangeco Shares outstanding	55		55		57		57
Total Weighted-average shares outstanding	40,299		40,299		40,364		40,364
Effect of dilutive securities	—		601		—		837
Total shares	40,299		40,900		40,364		41,201
Net income per share attributable to Vail Resorts	$	6.26	$	6.17	$	9.68	$	9.48

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 1,000 and 48,000 for the nine months ended April 30, 2020 and 2019, respectively.