VAIL RESORTS INC — Director's Dealing 2011

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2011-04-01

Reporting Person: Toner Paul (SVP & COO RockResorts & VRHosp)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-01	Common Stock	M	126	—	Acquired	2361	Direct
2011-04-01	Common Stock	F	45	$48.54	Disposed	2316	Direct
2011-04-04	Common Stock	M	400	—	Acquired	2716	Direct
2011-04-04	Common Stock	F	140	$48.19	Disposed	2576	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-01	Restricted Share Unit	$0	M	126	Disposed	2011-04-01	Common Stock (126)	Direct
2011-04-04	Restricted Share Unit	$0	M	400	Disposed	2011-04-04	Common Stock (400)	Direct

Footnotes

F1: Each Restricted Share Unit represents a contingent right to receive one share of common stock.

F2: On April 1, 2008, Reporting Person was granted 377 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date.

F3: 45 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.

F4: On April 4, 2008, Reporting Person was granted 1,201 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date.

F5: 140 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.