Shareholders' Equity
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Mar. 31, 2014
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Shareholders' Equity | Note 5. Shareholders’ Equity During the three months ended March 31, 2014, Polaris paid $244,000 to repurchase and retire approximately 2,000 shares of its common stock. As of March 31, 2014, the Board of Directors has authorized the Company to repurchase up to an additional 1,602,000 shares of Polaris stock. The repurchase of any or all such shares authorized for repurchase will be governed by applicable SEC rules and dependent on management’s assessment of market conditions. Polaris paid a regular cash dividend of $0.48 per share on March 17, 2014 to holders of record at the close of business on March 3, 2014. On April 24, 2014, the Polaris Board of Directors declared a regular cash dividend of $0.48 per share payable on June 16, 2014 to holders of record of such shares at the close of business on June 2, 2014. Cash dividends declared per common share for the three months ended March 31, 2014 and 2013, were as follows:
Net income per share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under The Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted earnings per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options issued under the 1995 Stock Option Plan and the 2003 Non-Employee Director Stock Option Plan (collectively, the “Option Plans”) and certain shares issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in thousands):
During the three months ended March 31, 2014, the number of options that could potentially dilute earnings per share on a fully diluted basis that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive were 379,000 compared to 566,000 for the same period in 2013. Accumulated other comprehensive income Changes in the accumulated other comprehensive income balance is as follows (in thousands):
The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging instruments for the three months ended March 31, 2014 and 2013 (in thousands):
The net amount of the existing gains or losses at March 31, 2014 that is expected to be reclassified into the income statement within the next 12 months is expected to not be material. See Note 9 for further information regarding Polaris' derivative activities. |