Aharonov-Bohm oscillations in a ring with a quantum well are investigated in the ballistic regime. It is shown that when trajectories with multiple circuits around the ring are taken into account, the maxima in the conductivity correspond to resonance levels of an isolated ring. The results obtained are in qualitative agreement with the experiment performed by Yakoby, Heiblum, Mahalu, and Shtrikman [Phys. Rev. Lett. 74, 4047 (1995)]: Although the scattering phase of an electron scattered by a quantum well changes by π on passage through each resonance, the Aharonov-Bohm curves for the centers of neighboring resonances are identical. In the simplified interpretation employed by Yakoby et al. the latter result looks like an identical scattering phase in neighboring resonances.