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Net Income Per Common Share | 12 Months Ended
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Jul. 31, 2022
Earnings Per Share Reconciliation [Abstract] |
Net Income Per Common Share | Net Income Per Common 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, the Company issued consideration in the form of shares of Vail Resorts common stock (the “Vail Shares”), redeemable preferred shares of the Company’s wholly-owned Canadian subsidiary Whistler Blackcomb Holdings Inc. (“Exchangeco”) or cash (or a combination thereof). Whistler Blackcomb shareholders elected to receive 3,327,719 Vail Shares and 418,095 shares of Exchangeco (the “Exchangeco Shares”). The Exchangeco Shares could be redeemed for Vail Shares at any time until October 2023 or until the Company elects to convert any remaining Exchangeco Shares to Vail Shares, which the Company has the ability to do once total Exchangeco Shares outstanding fall below 20,904 shares (or 5% of the total Exchangeco Shares originally issued). In July 2022, the number of outstanding Exchangeco Shares fell below such threshold and on August 25, 2022, the Company elected to redeem all outstanding Exchangeco Shares, effective September 26, 2022. As of September 28, 2022, all Exchangeco Shares have been exchanged for Vail Shares. Both Vail Shares and Exchangeco Shares have a par value of $0.01 per share, and Exchangeco Shares, while they were outstanding, were substantially the economic equivalent of the Vail Shares. The Company’s calculation of weighted-average shares outstanding includes the Exchangeco Shares. Presented below is basic and diluted EPS for the years ended July 31, 2022, 2021 and 2020 (in thousands, except per share amounts):
| Year Ended July 31,
| 2022 | 2021 | 2020
| Basic | Diluted | Basic | Diluted | Basic | Diluted
Net income per share: |  |  |  |  |  |
Net income attributable to Vail Resorts | $ | 347,923 |  | $ | 347,923 |  | $ | 127,850 |  | $ | 127,850 |  | $ | 98,833 |  | $ | 98,833 |
Weighted-average shares outstanding | 40,433 |  | 40,433 |  | 40,266 |  | 40,266 |  | 40,227 |  | 40,227 |
Weighted-average Exchangeco shares outstanding | 32 |  | 32 |  | 35 |  | 35 |  | 46 |  | 46 |
Total Weighted-average shares outstanding | 40,465 |  | 40,465 |  | 40,301 |  | 40,301 |  | 40,273 |  | 40,273 |
Effect of dilutive securities | — |  | 222 |  | — |  | 527 |  | — |  | 565 |
Total shares | 40,465 |  | 40,687 |  | 40,301 |  | 40,828 |  | 40,273 |  | 40,838 |
Net income per share attributable to Vail Resorts, Inc. | $ | 8.60 |  | $ | 8.55 |  | $ | 3.17 |  | $ | 3.13 |  | $ | 2.45 |  | $ | 2.42 |
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 approximately 6,000, 2,000 and 2,000 for the years ended July 31, 2022, 2021 and 2020, respectively. On December 18, 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 6, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the treasury method to calculate diluted EPS, and if the conversion value of the 0.0% Convertible Notes exceeds their conversion price, then the Company will calculate its diluted EPS as if all the notes were converted and the Company issued shares of its common stock to settle the excess value over the conversion price. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their initial conversion amount for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the years ended July 31, 2022 and 2021, the average price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods. Dividends During the years ended July 31, 2022 and 2020, the Company paid cash dividends of $5.58 per share and $5.28 per share, respectively ($225.8 million and $212.7 million in the aggregate, respectively, including cash dividends paid to Exchangeco shareholders). The Company did not pay cash dividends during the year ended July 31, 2021. On September 22, 2022, the Company’s Board of Directors approved a cash dividend of $1.91 per share payable on October 24, 2022 to stockholders of record as of October 5, 2022.

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