Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jul. 31, 2012

Accounting Policies [Abstract]

Summary On Estimated Useful Life Of Property, Plant And Equipment

Depreciation is calculated on the straight-line method generally based on the following useful lives:

	Estimated Life in Years
Land improvements	10-35
Buildings and building improvements	7-30
Machinery and equipment	2-30
Furniture and fixtures	3-10
Software	3
Vehicles	3-4

Summary Of Estimated Fair Value Of Financial Instruments

The estimated fair value of the 6.50% Notes, Industrial Development Bonds and other long-term debt as of July 31, 2012 and 2011 is presented below (in thousands):

	July 31, 2012				July 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
6.50% Notes	$	390,000	$	417,300	$	390,000	$	397,800
Industrial Development Bonds	$	41,200	$	49,267	$	41,200	$	47,581
Other long-term debt	$	6,990	$	7,821	$	7,968	$	8,320

Allocation Of Stock-Based Compensation Expense

The following table shows total stock-based compensation expense for the years ended July 31, 2012, 2011 and 2010 included in the Consolidated Statements of Operations (in thousands):

	Year Ended July 31,
	2012		2011		2010
Mountain operating expense	$	7,614	$	7,140	$	5,332
Lodging operating expense	1,744		2,088		2,010
Real estate operating expense	2,641		3,265		4,501
Pre-tax stock-based compensation expense	11,999		12,493		11,843
Less: benefit for income taxes	4,567		4,738		4,481
Net stock-based compensation expense	$	7,432	$	7,755	$	7,362