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Net Income Per Common Share

6 Months Ended

Jan. 31, 2018

Earnings Per Share Reconciliation [Abstract]

Summary of Calculation of Basic And Diluted EPS

Presented below is basic and diluted EPS for the three months ended January 31, 2018 and 2017 (in thousands, except per share amounts):

		Three Months Ended January 31,
		2018								2017
		Basic				Diluted				Basic				Diluted
Net income per share:
Net income attributable to Vail Resorts		$	235,691			$	235,691			$	149,179			$	149,179
Weighted-average Vail Shares outstanding		40,414				40,414				39,888				39,888
Weighted-average Exchangeco Shares outstanding		61				61				162				162
Total Weighted-average shares outstanding		40,475				40,475				40,050				40,050
Effect of dilutive securities		—				1,119				—				1,057
Total shares		40,475				41,594				40,050				41,107
Net income per share attributable to Vail Resorts		$	5.82			$	5.67			$	3.72			$	3.63

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 upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 2,000 for the three months ended January 31, 2018 and 2017, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2018 and 2017 (in thousands, except per share amounts):

		Six Months Ended January 31,
		2018								2017
		Basic				Diluted				Basic				Diluted
Net income per share:
Net income attributable to Vail Resorts		$	207,306			$	207,306			$	86,592			$	86,592
Weighted-average Vail Shares outstanding		40,281				40,281				38,327				38,327
Weighted-average Exchangeco Shares outstanding		62				62				115				115
Total Weighted-average shares outstanding		40,343				40,343				38,442				38,442
Effect of dilutive securities		—				1,346				—				1,087
Total shares		40,343				41,689				38,442				39,529
Net income per share attributable to Vail Resorts		$	5.14			$	4.97			$	2.25			$	2.19

The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 1,000 for the six months ended January 31, 2018 and 2017, respectively.

Net Income Per Common Share

Net Income per Share

Earnings per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income 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.

In connection with the Company’s acquisition of Whistler Blackcomb in October 2016 (see Note 5, Acquisitions), the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”) and shares of the Company’s wholly-owned Canadian subsidiary (“Exchangeco”). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while outstanding, are substantially the economic equivalent of Vail Shares and are exchangeable, at any time prior to the seventh anniversary of the closing of the acquisition, into Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares.

Presented below is basic and diluted EPS for the three months ended January 31, 2018 and 2017 (in thousands, except per share amounts):

		Three Months Ended January 31,
		2018								2017
		Basic				Diluted				Basic				Diluted
Net income per share:
Net income attributable to Vail Resorts		$	235,691			$	235,691			$	149,179			$	149,179
Weighted-average Vail Shares outstanding		40,414				40,414				39,888				39,888
Weighted-average Exchangeco Shares outstanding		61				61				162				162
Total Weighted-average shares outstanding		40,475				40,475				40,050				40,050
Effect of dilutive securities		—				1,119				—				1,057
Total shares		40,475				41,594				40,050				41,107
Net income per share attributable to Vail Resorts		$	5.82			$	5.67			$	3.72			$	3.63

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 upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 2,000 for the three months ended January 31, 2018 and 2017, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2018 and 2017 (in thousands, except per share amounts):

		Six Months Ended January 31,
		2018								2017
		Basic				Diluted				Basic				Diluted
Net income per share:
Net income attributable to Vail Resorts		$	207,306			$	207,306			$	86,592			$	86,592
Weighted-average Vail Shares outstanding		40,281				40,281				38,327				38,327
Weighted-average Exchangeco Shares outstanding		62				62				115				115
Total Weighted-average shares outstanding		40,343				40,343				38,442				38,442
Effect of dilutive securities		—				1,346				—				1,087
Total shares		40,343				41,689				38,442				39,529
Net income per share attributable to Vail Resorts		$	5.14			$	4.97			$	2.25			$	2.19

The number of shares issuable upon the exercise of share based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 5,000 and 1,000 for the six months ended January 31, 2018 and 2017, respectively.

Dividends

During the three and six months ended January 31, 2018, the Company paid cash dividends of $1.053 and $2.106 per share ($42.6 million and $85.2 million, respectively, in the aggregate). During the three and six months ended January 31, 2017, the Company paid cash dividends of $0.81 and $1.62 per share ($32.4 million and $61.8 million, respectively, in the aggregate). On March 7, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $1.47 per share, for Vail Shares, payable on April 11, 2018 to stockholders of record as of March 27, 2018. Additionally, a Canadian dollar equivalent dividend on the Exchangeco Shares will be payable on April 11, 2018 to the shareholders of record on March 27, 2018.

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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