<SUBMISSION>
<ACCESSION-NUMBER>0000950137-02-001353
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>4
<FILING-DATE>20020318
<EFFECTIVENESS-DATE>20020318
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>POLARIS INDUSTRIES INC/MN
<CIK>0000931015
<ASSIGNED-SIC>3790
<IRS-NUMBER>411790959
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8
<ACT>33
<FILE-NUMBER>333-84478
<FILM-NUMBER>02578064
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2100 HIGHWAY 55
<CITY>MEDINA
<STATE>MN
<ZIP>55340
<PHONE>6125420500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1225 HIGHWAY 169 N
<STREET2>425 LEXINGTON AVE
<CITY>MINNESOTA
<STATE>MN
<ZIP>55441
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>c68135s-8.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Registration Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on March&nbsp;18, 2002</FONT>




<P align="right"><FONT size="2">Registration No.&nbsp;333-______
</FONT>

<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B><BR>




_______________</FONT>




<P align="center"><FONT size="2"><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B><BR>




_______________</FONT>




<P align="center"><FONT size="2"><B>POLARIS INDUSTRIES INC.</B><BR>
(Exact name of registrant as specified in its charter)</FONT>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2"><B>Minnesota</B><BR>
(state or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>41-1790959</B><BR>
(I.R.S. Employer Identification<BR>
Number)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">_______________</FONT>




<P align="center"><FONT size="2">2100 Highway 55<BR>
Medina, Minnesota 55340<BR>
(Address, including zip code, of registrant&#146;s principal executive offices)</FONT>




<P align="center"><FONT size="2">_______________</FONT>




<P align="center"><FONT size="2"><B>POLARIS INDUSTRIES INC. 1995 STOCK OPTION PLAN<BR>
POLARIS INDUSTRIES INC. 1996 RESTRICTED STOCK PLAN</B><BR>
(Full title of the plan)<BR>




_______________</FONT>




<P align="center"><FONT size="2">Michael W. Malone, Vice President-Finance,<BR>
Chief Financial Officer, and Secretary<BR>
Polaris Industries Inc.<BR>
2100 Highway 55<BR>
Medina, Minnesota 55340<BR>
(753)&nbsp;542-0500<BR>
(Name, address, including zip code and telephone number, including area code, of agent for service)<BR>




_______________</FONT>




<P align="center"><FONT size="2"><B>Copy to:</B><BR>
James C. Melville<BR>
Kaplan, Strangis and Kaplan, P.A.<BR>
5500 Wells Fargo Center, 90 South Seventh Street<BR>
Minneapolis, Minnesota 55402<BR>
(612)&nbsp;375-1138</FONT>




<P align="center"><FONT size="2"></FONT>

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<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
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	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">CALCULATION OF REGISTRATION FEE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">EXPLANATORY NOTE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="c68135ex5.txt">Opinion of Kaplan, Strangis and Kaplan, P.A.</A></TD></TR>
<TR><TD colspan="9"><A HREF="c68135ex23-1.txt">Consent of Arthur Andersen LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c68135ex24.txt">Power of Attorney</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "CALCULATION OF REGISTRATION FEE" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
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        <TD width="9%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
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        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
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        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Title of Securities to</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center" ><FONT size="1"><B>Amount to be</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Amount of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>be Registered</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered(1)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Offering Price per</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Registration Fee</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center" ><FONT size="1"><B>Share (2)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Price</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995 Stock Option Plan:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center" nowrap><FONT size="2">1,750,000 shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2"></FONT></TD>
        <TD align="center"><FONT size="2">$</FONT></TD>
        <TD align="center"><FONT size="2">63.90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2"></FONT></TD>
        <TD align="center"><FONT size="2">$</FONT></TD>
        <TD align="center"><FONT size="2">111,825,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2"></FONT></TD>
        <TD align="center"><FONT size="2">$</FONT></TD>
        <TD align="center"><FONT size="2">10,287.90</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Par Value $.01</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996 Restricted Stock Plan:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">550,000 shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"></FONT></TD>
        <TD align="center"><FONT size="2">$</FONT></TD>
        <TD align="center"><FONT size="2">63.90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2"></FONT></TD>
        <TD align="center"><FONT size="2">$</FONT></TD>
        <TD align="center"><FONT size="2">35,145,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"></FONT></TD>
        <TD align="center"><FONT size="2">$</FONT></TD>
        <TD align="center"><FONT size="2">3,233.34</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Par Value $.01</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<HR size="1" width="18%" align="left" noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; This Registration Statement covers, in addition to the number of
shares stated above, an indeterminate number of additional shares of Common
Stock, $.01 par value (the &#147;Common Stock&#148;) of Polaris Industries Inc. (the
&#147;Registrant&#148;) that may be necessary to adjust the number of shares of the
Registrant&#146;s Common Stock reserved for issuance under the Polaris Industries
Inc. 1995 Stock Option Plan and the Polaris Industries Inc. 1996 Restricted
Stock Plan as the result of any future stock split, stock dividend, or similar
adjustment of the outstanding Common Stock of the Registrant in accordance with
Rule&nbsp;416 under the Securities Act of 1933, as amended.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; Estimated
by the Registrant solely for the purpose of calculating the
registration fee pursuant to Rule&nbsp;457(h) and is based upon the average of the
high and low prices of the Registrant&#146;s Common Stock as reported on the New York
Stock Exchange on March&nbsp;14, 2002.

</FONT>

<P align="center"><FONT size="2">2</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "EXPLANATORY NOTE" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>EXPLANATORY NOTE</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to General Instruction E of Form&nbsp;S-8 under the Securities Act of
1933, as amended (the &#147;Act&#148;), this Registration Statement is filed to register
additional shares of the common stock, par value $.01 per share (&#147;Common
Stock&#148;) of Polaris Industries Inc., a Minnesota corporation (the &#147;Registrant&#148;),
as follows:

</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">1,750,000 additional shares of Common Stock reserved for
issuance upon the exercise of stock options granted under the
Polaris Industries Inc. 1995 Stock Option Plan, as amended and
restated (the &#147;1995 Plan&#148;); and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">550,000 shares of Common Stock of the Registrant reserved for
the issuance of restricted stock awards granted under the Polaris
Industries Inc. 1996 Restricted Stock Plan, as amended and restated
(the &#147;1996 Plan&#148;).</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;12, 1995, the Registrant filed a Registration Statement on Form
S-8 (Registration No.&nbsp;033-60157) to register 900,000 shares of its Common Stock
reserved for issuance under the 1995 Plan; pursuant to Rule&nbsp;416 of the Act, as
the result of a 50% share dividend declared subsequent to the original filing,
450,000 additional shares, or an aggregate of 1,350,000 shares, of Common Stock
are covered by the Registration Statement filed on June&nbsp;12, 1995. On June&nbsp;7,
1996, the Registrant filed a Registration Statement on Form&nbsp;S-8 (Registration
No.&nbsp;333-05463) to register 500,000 shares of the Registrant&#146;s Common Stock
reserved for issuance under the 1996 Plan (collectively, the &#147;Prior
Registration Statements&#148;). The Registrant&#146;s Prior Registration Statements are
currently effective and the content thereof is incorporated herein by
reference.

</FONT>


<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Exhibits are filed as part of this Registration Statement:

</FONT>


<CENTER>
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<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Polaris Industries Inc. 1995 Stock Option Plan,
as amended and restated, incorporated by reference to Annex B
to Registrant&#146;s Definitive Proxy Statement on Schedule&nbsp;14A
filed on March&nbsp;23, 2001.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Polaris Industries Inc. 1996 Restricted Stock
Plan, as amended and restated, incorporated by reference to
Annex C to Registrant&#146;s Definitive Proxy Statement on Schedule
14A filed on March&nbsp;23, 2001.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Kaplan, Strangis and Kaplan, P.A.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Arthur Andersen LLP</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Kaplan, Strangis and Kaplan, P.A.
(included in Exhibit&nbsp;5)</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Power of Attorney</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">3</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Minneapolis, State of Minnesota, on March&nbsp;18,
2002.

</FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="35%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">POLARIS INDUSTRIES INC</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:    /s/ Thomas C. Tiller<BR><HR size="1" noshade>
             Thomas C. Tiller,<BR>
             Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the date indicated.

</FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="32%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="43%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">&nbsp;<BR>
</FONT><HR size="1" noshade><FONT size="2">
W. Hall Wendel, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chairman of the Board and<BR>
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">/s/ Thomas C. Tiller<BR>
</FONT><HR size="1" noshade><FONT size="2">
Thomas C. Tiller</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chief Executive Officer and<BR>
Director (Principal Executive<BR>
Officer)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">/s/ Michael W.Malone<BR>
</FONT><HR size="1" noshade><FONT size="2">
Michael W. Malone</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Vice President - Finance,<BR>
Chief Financial Officer and<BR>
Secretary (Principal Financial<BR>
and Accounting Officer)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Andris A. Baltins</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
William E. Fruhan, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
John R. Menard, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">4</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="32%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="43%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Robert S. Moe</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Gregory R. Palen</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
R.M. (Mark) Schreck</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">&nbsp;<BR>
</FONT><HR size="1" noshade><FONT size="2">
J. Richard Stonesifer</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><P align="center">*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Richard A. Zona</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">*By:  /s/Thomas C. Tiller<BR>
</FONT><HR size="1" noshade><FONT size="2">
Thomas C. Tiller<BR>
Attorney-in-Fact</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">March 18, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">Thomas C. Tiller, pursuant to a Power of Attorney executed by each of the
directors listed above whose named is marked by an &#147;*&#148; and filed as an exhibit
hereto, by signing his name hereto does hereby sign and execute this
Registration Statement of Polaris Industries Inc., or any amendment thereto, on
behalf of each of the directors named above.

</FONT>


<P align="center"><FONT size="2">5</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="18%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="77%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD ALIGN="CENTER" valign="top"><FONT size="2"><B>Exhibit&nbsp;Number</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="CENTER" valign="top"><FONT size="2">
<B>Description</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><HR size="1" noshade></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Polaris Industries Inc. 1995 Stock Option Plan, as amended
and restated, incorporated by reference to Annex B to Registrant&#146;s
Definitive Proxy Statement on Schedule&nbsp;14A filed on March&nbsp;23, 2001.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Polaris Industries Inc. 1996 Restricted Stock Plan, as
amended and restated, incorporated by reference to Annex C to
Registrant&#146;s Definitive Proxy Statement on Schedule&nbsp;14A filed on
March&nbsp;23, 2001.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Kaplan, Strangis and Kaplan, P.A.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Arthur Andersen LLP</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Kaplan, Strangis and Kaplan, P.A.
(included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Power of Attorney</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">6</FONT>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>c68135ex5.txt
<DESCRIPTION>OPINION OF KAPLAN, STRANGIS AND KAPLAN, P.A.
<TEXT>
<PAGE>
                                                                       EXHIBIT 5






                                 March 18, 2002



Polaris Industries Inc.
2100 Highway 55
Medina, Minnesota 55340

         RE:      POLARIS INDUSTRIES INC.
                  REGISTRATION STATEMENT ON FORM S-8

Ladies and Gentlemen:

         This opinion is furnished in connection with the Registration Statement
on Form S-8 (the "Registration Statement") filed with the Securities and
Exchange Commission by Polaris Industries Inc. (the "Company") to register an
additional 2,300,000 shares of common stock, par value $.01 of the Company (the
"Common Stock"), of which 1,750,000 shares are reserved for issuance upon the
exercise of stock options granted under the Polaris Industries Inc. 1995 Stock
Option Plan, as amended and restated (the "1995 Plan"), and 550,000 shares are
reserved for issuance of restricted stock awards granted under the Polaris
Industries Inc. 1996 Restricted Stock Plan, as amended and restated (the "1996
Plan," together with the 1995 Plan collectively referred to herein as the
"Plans"). These shares are in addition to the 900,000 shares of Common Stock
offered pursuant to the 1995 Plan and registered on a currently effective
Registration Statement on Form S-8 (File No. 033-60157), which Registration
Statement, pursuant to Rule 416, includes an additional 450,000 shares resulting
from a 50% share dividend declared subsequent to the original filing, and the
500,000 shares of Common Stock offered pursuant to the 1996 Plan and registered
on a currently effective Registration Statement on Form S-8 (File No.
333-05463).

         We have acted as counsel to the Company and, as such, have examined the
Company's Articles of Incorporation, Bylaws and such other corporate records and
documents as we have considered relevant and necessary for the purpose of this
opinion. We have participated in the preparation and filing of the Registration
Statement. We are familiar with the proceedings taken by the Company with
respect to the authorization and proposed issuance of shares of Common Stock
pursuant to the Plans as contemplated by the Registration Statement.

         Based on the foregoing, we are of the opinion that the 2,300,000 shares
of Common Stock that may be issued under the Plans as described in the
Registration Statement have been duly authorized and, when issued pursuant to
the terms of the Plans, will be validly issued, fully paid and non-assessable.

         We hereby consent to the filing of this opinion as an Exhibit to the
Registration Statement.

                                   Sincerely,

                                   /s/ KAPLAN, STRANGIS AND KAPLAN, P.A.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>c68135ex23-1.txt
<DESCRIPTION>CONSENT OF ARTHUR ANDERSEN LLP
<TEXT>
<PAGE>
                                                                    EXHIBIT 23.1


                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our report dated January 26, 2001,
incorporated by reference in Polaris Industries Inc.'s Form 10-K for the year
ended December 31, 2000 and to all references to our firm included in this
Registration Statement.

                                                        Arthur Andersen LLP

                                                        /s/ ARTHUR ANDERSEN LLP


Minneapolis, Minnesota,
     March 18, 2002




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>5
<FILENAME>c68135ex24.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<PAGE>
                                                                      EXHIBIT 24



                                POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that POLARIS INDUSTRIES INC. a
Minnesota corporation (the "Company"), and each of the undersigned directors of
the Company, hereby constitutes and appoints Thomas C. Tiller and Michael W.
Malone and each of them (with full power to each of them to act alone)
its/his/her true and lawful attorney-in-fact and agent, for it/him/her and on
it/his/her behalf and in its/his/her name, place and stead, in any and all
capacities to sign, execute, affix its/his/her seal thereto and file a
Registration Statement on Form S-8 or any other applicable form under the
Securities Act of 1933 and amendments thereto, including pre-effective and
post-effective amendments, with all exhibits and any and all documents required
to be filed with respect thereto with any regulatory authority, relating to the
proposed registration of up to 3,100,000 shares of the Company's Common Stock,
par value $.01 ("Common Stock"), issuable under the Polaris Industries Inc. 1995
Stock Option Plan, as amended and restated, and up to 1,050,000 shares of the
Company's Common Stock issuable under the Polaris Industries Inc. 1996
Restricted Stock Plan, as amended and restated.

         There is hereby granted to said attorneys, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in respect of the foregoing as fully as it/he/she or
itself/himself/herself might or could do if personally present, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them, may
lawfully do or cause to be done by virtue hereof.

         This Power of Attorney may be executed in any number of counterparts,
each of which shall be an original, but all of which taken together shall
constitute one and the same instrument and any of the undersigned directors may
execute this Power of Attorney by signing any such counterpart.

         POLARIS INDUSTRIES INC. has caused this Power of Attorney to be
executed in its name by its Chief Executive Officer on the 18th day of March,
2002.

                                              POLARIS INDUSTRIES INC.



                                              By:      /s/Thomas C. Tiller
                                                   -----------------------------
                                                         Thomas C. Tiller
                                                         Chief Executive Officer


<PAGE>

         The undersigned, directors of POLARIS INDUSTRIES INC., have hereunto
set their hands as of the 18th day of March, 2002.



                                                      /s/ Thomas C. Tiller
-------------------------------------------    ---------------------------------
W. Hall Wendel, Jr.                            Thomas C. Tiller



        /s/ Andris A. Baltins                          /s/ William E. Fruhan, Jr
-------------------------------------------    ---------------------------------
Andris A. Baltins                              William E. Fruhan, Jr.



        /s/ John R. Menard, Jr.                        /s/ Robert S. Moe
-------------------------------------------    ---------------------------------
John R. Menard, Jr.                            Robert S. Moe



        /s/ Gregory R. Palen                           /s/ R.M. (Mark) Schreck
-------------------------------------------    ---------------------------------
Gregory R. Palen                               R.M. (Mark) Schreck



                                                       /s/ Richard A. Zona
-------------------------------------------    ---------------------------------
J. Richard Stonesifer                          Richard A. Zona



                                D I R E C T O R S




</TEXT>
</DOCUMENT>
</SUBMISSION>
