Summary of Significant Accounting Policies (Tables)

9 Months Ended

Apr. 30, 2013

Schedule of Changes in Total Stockholders Equity

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



	For the Nine Months Ended April 30,
	2013									2012
	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 income (loss)	97,611			(97		)	97,514			70,250			(34		)	70,216
Stock-based compensation expense	9,544			—			9,544			9,349			—			9,349
Issuance of shares under share award plans, net of shares withheld for taxes	(3,832		)	—			(3,832		)	(2,661		)	—			(2,661		)
Tax benefit from share award plans	3,768			—			3,768			1,442			—			1,442
Cash dividends paid on common stock	(20,905		)	—			(20,905		)	(17,559		)	—			(17,559		)
Repurchases of common stock	—			—			—			(7,869		)	—			(7,869		)
Contributions from noncontrolling interests, net	—			62			62			—			30			30
Foreign currency translation adjustments, net of tax	251			—			251			61			—			61
Balance, end of period	$	888,748		$	13,982		$	902,730		$	882,736		$	13,992		$	896,728

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 April 30, 2013 are presented below (in thousands):



	April 30, 2013
	Carrying Value		Fair Value
6.50% Notes	$	390,000	$	420,713
Industrial Development Bonds	$	41,200	$	48,644
Other long-term debt	$	5,983	$	6,696