XML 24 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
Net Income Per Common Share
 6 Months Ended
Jan. 31, 2015
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 participate in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended January 31, 2015 and 2014 (in thousands, except per share amounts):

 
 
Three Months Ended January 31,
 
 
2015
 
2014
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
115,762

 
$
115,762

 
$
59,263

 
$
59,263

Weighted-average shares outstanding
 
36,329

 
36,329

 
36,130

 
36,130

Effect of dilutive securities
 
—

 
1,038

 
—

 
990

Total shares
 
36,329

 
37,367

 
36,130

 
37,120

Net income per share attributable to Vail Resorts
 
$
3.19

 
$
3.10

 
$
1.64

 
$
1.60



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 income per share because the effect of their inclusion would have been anti-dilutive totaled 8,000 and 14,800 for the three months ended January 31, 2015 and 2014, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2015 and 2014 (in thousands, except per share amounts):

 
 
Six Months Ended January 31,
 
 
2015
 
2014
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss) attributable to Vail Resorts
 
$
51,486

 
$
51,486

 
$
(14,113
)
 
$
(14,113
)
Weighted-average shares outstanding
 
36,289

 
36,289

 
36,078

 
36,078

Effect of dilutive securities
 
—

 
1,024

 
—

—

—

Total shares
 
36,289

 
37,313

 
36,078

 
36,078

Net income (loss) per share attributable to Vail Resorts
 
$
1.42

 
$
1.38

 
$
(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 excluded from the calculation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive totaled 4,000 and 1,017,000 for the six months ended January 31, 2015 and 2014, respectively.

During the three and six months ended January 31, 2015, the Company paid dividends of $0.4150 and $0.8300 per share ($15.1 million and $30.1 million, respectively, in the aggregate). During the three and six months ended January 31, 2014, the Company paid dividends of $0.2075 and $0.4150 per share ($7.5 million and $15.0 million, respectively, in the aggregate). On March 11, 2015 the Company’s Board of Directors declared a quarterly cash dividend of $0.6225 per share payable on April 15, 2015 to stockholders of record as of March 31, 2015.