Net Income Per Common Share
 6 Months Ended
Jan. 31, 2016
Earnings Per Share Reconciliation [Abstract]  
Net Income Per Common Share
Net Income Per Common 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 participate in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended January 31, 2016 and 2015 (in thousands, except per share amounts):

 
 
Three Months Ended January 31,
 
 
2016
 
2015
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
116,982

 
$
116,982

 
$
115,762

 
$
115,762

Weighted-average shares outstanding
 
36,246

 
36,246

 
36,329

 
36,329

Effect of dilutive securities
 
—

 
1,010

 
—

 
1,038

Total shares
 
36,246

 
37,256

 
36,329

 
37,367

Net income per share attributable to Vail Resorts
 
$
3.23

 
$
3.14

 
$
3.19

 
$
3.10


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 19,000 and 8,000 for the three months ended January 31, 2016 and 2015, respectively.
Presented below is basic and diluted EPS for the six months ended January 31, 2016 and 2015 (in thousands, except per share amounts):

 
 
Six Months Ended January 31,
 
 
2016
 
2015
 
 
Basic
 
Diluted
 
Basic
 
Diluted
Net income per share:
 
 
 
 
 
 
 
 
Net income attributable to Vail Resorts
 
$
57,395

 
$
57,395

 
$
51,486

 
$
51,486

Weighted-average shares outstanding
 
36,359

 
36,359

 
36,289

 
36,289

Effect of dilutive securities
 
—

 
999

 
—

 
1,024

Total shares
 
36,359

 
37,358

 
36,289

 
37,313

Net income per share attributable to Vail Resorts
 
$
1.58

 
$
1.54

 
$
1.42

 
$
1.38



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 10,000 and 4,000 for the six months ended January 31, 2016 and 2015, respectively.

During the three and six months ended January 31, 2016, the Company paid cash dividends of $0.6225 and $1.2450 per share ($22.6 million and $45.2 million, respectively, in the aggregate). During the three and six months ended January 31, 2015, the Company paid cash dividends of $0.4150 and $0.8300 per share ($15.1 million and $30.1 million, respectively, in the aggregate). On March 9, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.81 per share payable on April 13, 2016 to stockholders of record as of March 29, 2016.