Polaris 2015 Annual Report Download - page 72

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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
For the Years Ended December 31,
2015 2014 2013
Sales ................................................. $4,719,290 $4,479,648 $3,777,068
Cost of sales ........................................... 3,380,248 3,160,470 2,656,189
Gross profit ............................................ 1,339,042 1,319,178 1,120,879
Operating expenses:
Selling and marketing ................................. 316,669 314,449 270,266
Research and development ............................. 166,460 148,458 139,193
General and administrative ............................. 209,077 203,248 179,407
Total operating expenses .................................. 692,206 666,155 588,866
Income from financial services .............................. 69,303 61,667 45,901
Operating income ....................................... 716,139 714,690 577,914
Non-operating expense (income):
Interest expense ..................................... 11,456 11,239 6,210
Equity in loss of other affiliates .......................... 6,802 4,124 2,414
Other expense (income), net ............................ 12,144 10 (5,139)
Income before income taxes ................................ 685,737 699,317 574,429
Provision for income taxes ................................. 230,376 245,288 193,360
Net income from continuing operations ........................ 455,361 454,029 381,069
Loss from discontinued operations, net of tax ................... — — (3,777)
Net income ............................................ $ 455,361 $ 454,029 $ 377,292
Basic net income per share:
Continuing operations ................................. $ 6.90 $ 6.86 $ 5.56
Loss from discontinued operations ........................ — — (0.05)
Basic net income per share ............................. $ 6.90 $ 6.86 $ 5.51
Diluted net income per share:
Continuing operations ................................. $ 6.75 $ 6.65 $ 5.40
Loss from discontinued operations ........................ — — (0.05)
Diluted net income per share ........................... $ 6.75 $ 6.65 $ 5.35
Weighted average shares outstanding:
Basic ............................................. 66,020 66,175 68,535
Diluted ............................................ 67,484 68,229 70,546
The accompanying footnotes are an integral part of these consolidated statements.
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