XML 25 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income Per Common Share
 3 Months Ended
Oct. 31, 2014
Earnings Per Share Reconciliation [Abstract]  
Net Income Per Common Share
Net Loss Per Common Share
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net 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 October 31, 2014 and 2013 (in thousands, except per share amounts):
 
 
 
Three Months Ended October 31,
 
 
2014
 
2013
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net loss per share:
 
 
 
 
 
 
 
 
Net loss attributable to Vail Resorts
 
$
(64,276
)
 
$
(64,276
)
 
$
(73,376
)
 
$
(73,376
)
Weighted-average shares outstanding
 
36,249

 
36,249

 
36,026

 
36,026

Effect of dilutive securities
 
—

 
—

 
—

 
—

Total shares
 
36,249

 
36,249

 
36,026

 
36,026

Net loss per share attributable to Vail Resorts
 
$
(1.77
)
 
$
(1.77
)
 
$
(2.04
)
 
$
(2.04
)


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 excluded from the calculation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive totaled 1.7 million and 1.5 million for the three months ended October 31, 2014 and 2013, respectively.

The Company paid dividends of $0.4150 per share and $0.2075 per share ($15.1 million and $7.5 million in the aggregate) during the three months ended October 31, 2014 and 2013, respectively. On December 5, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.4150 per share payable on January 12, 2015 to stockholders of record as of December 29, 2014.