Polaris 2011 Annual Report Download - page 65

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POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
For the Years Ended December 31,
2011 2010 2009
Sales ..................................................... $2,656,949 $1,991,139 $1,565,887
Cost of sales ............................................... 1,916,366 1,460,926 1,172,668
Gross profit ............................................ 740,583 530,213 393,219
Operating expenses:
Selling and marketing .................................... 178,725 142,353 111,137
Research and development ................................ 105,631 84,940 62,999
General and administrative ................................ 130,395 99,055 71,184
Total operating expenses .............................. 414,751 326,348 245,320
Income from financial services ................................. 24,092 16,856 17,071
Operating income ................................... 349,924 220,721 164,970
Non-operating expense (income):
Interest expense ......................................... 3,987 2,680 4,111
(Gain) loss on securities available for sale .................... — (825) 8,952
Other expense (income), net ............................... (689) 325 733
Income before income taxes ........................... 346,626 218,541 151,174
Provision for income taxes .................................... 119,051 71,403 50,157
Net income ........................................ $ 227,575 $ 147,138 $ 101,017
Basic net income per share ............................ $ 3.31 $ 2.20 $ 1.56
Diluted net income per share ........................... $ 3.20 $ 2.14 $ 1.53
Weighted average shares outstanding:
Basic ............................................. 68,792 66,900 64,798
Diluted ............................................ 71,057 68,765 66,148
The accompanying footnotes are an integral part of these consolidated statements.
Shares outstanding and per share data have been adjusted to give effect to the two-for-one stock split declared on
July 20, 2011, paid on September 12, 2011 to shareholders of record on September 2, 2011.
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