VAIL RESORTS INC — Director's Dealing 2011

Mar 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2011-03-21

Reporting Person: HERNANDEZ ROLAND A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-21	Common Stock	M	5000	$16.745	Acquired	19775	Direct
2011-03-21	Common Stock	M	5000	$14.73	Acquired	24775	Direct
2011-03-21	Common Stock	M	15000	$18.73	Acquired	39775	Direct
2011-03-21	Common Stock	S	25000	$50.0467	Disposed	14775	Direct
2011-03-21	Common Stock	M	296	$16.51	Acquired	15071	Direct
2011-03-21	Common Stock	D	98	$50.12	Disposed	14973	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-21	Option to Purchase	$16.7450	M	5000	Disposed	2012-12-10	Common Stock (5000)	Direct
2011-03-21	Option to Purchase	$14.73	M	5000	Disposed	2013-11-20	Common Stock (5000)	Direct
2011-03-21	Option to Purchase	$18.73	M	15000	Disposed	2014-09-28	Common Stock (15000)	Direct
2011-03-21	Share Appreciation Right	$16.51	M	296	Disposed	2019-03-10	Common Stock (296)	Direct

Footnotes

F1: On December 10, 2002, Reporting Person was granted 5,000 Stock Options which vest on the first anniversary of the grant date and expire 10 years from the grant date.

F2: On November 20, 2003, Reporting Person was granted 5,000 Employee Stock Options which vest on the first anniversary of the grant date and expire 10 years from the grant date.

F3: On September 28, 2004, Reporting Person was granted 15,000 Employee Stock Options which vest on the first anniversary of the grant date and expire 10 years from the grant date.

F4: On March 10, 2009, Reporting Person was granted 296 SARs which vest on the first anniversary of the grant date and expire 10 years from the grant date

F5: The price shown is the weighted average price at which shares were sold in multiple transactions. The range of prices for the transactions made was $49.9854 to $50.20. Upon request by SEC staff, the issuer or a security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.