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Net Income Per Common Share | 12 Months Ended
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Jul. 31, 2011
Net Income Per Common Share |
Net Income Per Common Share |
3. | Net Income Per Common Share
Basic earnings per share ("EPS") excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding. 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 share in the earnings of the Company. Presented below is basic and diluted EPS for the years ended July 31, 2011, 2010 and 2009 (in thousands, except per share amounts):
|  | Year Ended July 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Vail Resorts, Inc. |  | $ | 34,489 |  |  | $ | 34,489 |  |  | $ | 30,385 |  |  | $ | 30,385 |  |  | $ | 48,950 |  |  | $ | 48,950 |
Weighted-average shares outstanding |  |  | 36,009 |  |  |  | 36,009 |  |  |  | 36,212 |  |  |  | 36,212 |  |  |  | 36,546 |  |  |  | 36,546 |
Effect of dilutive securities |  |  | -- |  |  |  | 745 |  |  |  | -- |  |  |  | 519 |  |  |  | -- |  |  |  | 127 |
Total shares |  |  | 36,009 |  |  |  | 36,754 |  |  |  | 36,212 |  |  |  | 36,731 |  |  |  | 36,546 |  |  |  | 36,673 |
Net income per share attributable to Vail Resorts, Inc. |  | $ | 0.96 |  |  | $ | 0.94 |  |  | $ | 0.84 |  |  | $ | 0.83 |  |  | $ | 1.34 |  |  | $ | 1.33 |
The number of shares issuable on the exercise of share based awards that were excluded from the calculation of diluted net income per share because the effect of their inclusion would have been anti-dilutive totaled 57,000, 22,000 and 795,000 for the years ended July 31, 2011, 2010 and 2009, respectively. On June 7, 2011 the Company's Board of Directors approved the commencement of a regular quarterly cash dividend on our common stock at an annual rate estimated to be $0.60 per share, subject to quarterly declaration. During the three months ended July 31, 2011, the Company paid cash dividends of $0.15 per share ($5.4 million in the aggregate). On September 20, 2011 the Company's Board of Directors approved a quarterly cash dividend of $0.15 per share payable on October 27, 2011 to stockholders of record as of October 12, 2011.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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