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Net Income Per Common Share
 6 Months Ended
Jan. 31, 2014
Earnings Per Share Reconciliation [Abstract]  
Net Income Per Common Share
Net Income (Loss) Per Common Share
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income (loss) attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. 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 Vail Resorts. Presented below is basic and diluted EPS for the three months ended January 31, 2014 and 2013 (in thousands, except per share amounts):
 
 
 
Three Months Ended January 31,
 
 
2014
 
2013
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
59,263

 
$
59,263

 
$
60,551

 
$
60,551

Weighted-average shares outstanding
 
36,130

 
36,130

 
35,895

 
35,895

Effect of dilutive securities
 
—

 
990

 
—

 
768

Total shares
 
36,130

 
37,120

 
35,895

 
36,663

Net income per share attributable to Vail Resorts
 
$
1.64

 
$
1.60

 
$
1.69

 
$
1.65



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 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 14,800 and 1,000 for the three months ended January 31, 2014 and 2013, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2014 and 2013 (in thousands, except per share amounts):
 
 
 
Six Months Ended January 31,
 
 
2014
 
2013
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net loss per share:
 
 
 
 
 
 
 
 
Net loss attributable to Vail Resorts
 
$
(14,113
)
 
$
(14,113
)
 
$
(29
)
 
$
(29
)
Weighted-average shares outstanding
 
36,078

 
36,078

 
35,798

 
35,798

Effect of dilutive securities
 
—

 
—

 
—

 
—

Total shares
 
36,078

 
36,078

 
35,798

 
35,798

Net loss per share attributable to Vail Resorts
 
$
(0.39
)
 
$
(0.39
)
 
$
—

 
$
—



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 on the exercise of share based awards that were excluded from the calculation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive totaled 1,017,000 and 842,000 for the six months ended January 31, 2014 and 2013, respectively.

During the three and six months ended January 31, 2014, the Company paid cash dividends of $0.2075 and $0.4150 per share, respectively ($7.5 million and $15.0 million, respectively, in the aggregate). During the three and six months ended January 31, 2013, the Company paid cash dividends of $0.1875 and $0.3750 per share, respectively ($6.7 million and $13.5 million, respectively, in the aggregate). On March 10, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.4150 per share payable on April 16, 2014 to stockholders of record as of April 1, 2014.