Summary of Significant Accounting Policies (Tables)

3 Months Ended

Oct. 31, 2012

Schedule of Changes in Total Stockholders Equity

The following table summarizes the changes in total stockholders’ equity (in thousands):



	For the Three Months Ended October 31,
	2012									2011
	Vail Resorts Stockholders’ Equity			Noncontrolling Interests			Total Stockholders' Equity			Vail Resorts Stockholders’ Equity			Noncontrolling Interests			Total Stockholders' Equity
Balance, beginning of period	$	802,311		$	14,017		$	816,328		$	829,723		$	13,996		$	843,719
Net loss	(60,580		)	(23		)	(60,603		)	(55,709		)	(25		)	(55,734		)
Stock-based compensation expense	3,472			—			3,472			4,032			—			4,032
Issuance of shares under share award plans, net of shares withheld for taxes	(3,989		)	—			(3,989		)	(2,245		)	—			(2,245		)
Tax benefit from share award plans	3,592			—			3,592			927			—			927
Cash dividends paid on common stock	(6,729		)	—			(6,729		)	(5,429		)	—			(5,429		)
Repurchases of common stock	—			—			—			(7,869		)	—			(7,869		)
Contributions (distributions) from/to noncontrolling interests, net	—			64			64			—			(46		)	(46		)
Foreign currency translation adjustments	294			—			294			—			—			—
Balance, end of period	$	738,371		$	14,058		$	752,429		$	763,430		$	13,925		$	777,355

Summary Of Estimated Fair Value Of Financial Instruments

The estimated fair values of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of October 31, 2012 are presented below (in thousands):



	October 31, 2012
	Carrying Value		Fair Value
6.50% Notes	$	390,000	$	424,125
Industrial Development Bonds	$	41,200	$	47,434
Other long-term debt	$	6,598	$	7,324