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Shareholders' Equity
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
During the three months ended March 31, 2015, Polaris paid $86,267,000 to repurchase and retire approximately 571,000 shares of its common stock. As of March 31, 2015, the Board of Directors has authorized the Company to repurchase up to an additional 4,479,000 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 $0.53 per share on March 16, 2015 to holders of record at the close of business on March 2, 2015. On April 30, 2015, the Polaris Board of Directors declared a regular cash dividend of $0.53 per share payable on June 15, 2015 to holders of record of such shares at the close of business on June 1, 2015. Cash dividends declared per common share for the three months ended March 31, 2015 and 2014, were as follows: 
 
 
Three months ended March 31,
 
 
2015
 
2014
Cash dividends declared and paid per common share
 
$
0.53

 
$
0.48


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):
 
Three months ended March 31,
 
2015
 
2014
Weighted average number of common shares outstanding
66,137
 
65,557

Director Plan and deferred stock units
205
 
201

ESOP
87
 
75

Common shares outstanding—basic
66,429
 
65,833

Dilutive effect of Option Plans and Omnibus Plan
1,717
 
2,125

Common and potential common shares outstanding—diluted
68,146
 
67,958


During the three months ended March 31, 2015, 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 742,000 compared to 379,000 for the same period in 2014.
Accumulated other comprehensive loss
Changes in the accumulated other comprehensive loss balance is as follows (in thousands):
 
Foreign
Currency
Items
 
Cash Flow
Hedging Derivatives
 
Accumulated Other
Comprehensive Loss
Balance as of December 31, 2014
$
(25,789
)
 
$
(1,452
)
 
$
(27,241
)
Reclassification to the income statement
—

 
392

 
392

Change in fair value
(30,156
)
 
1,180

 
(28,976
)
Balance as of March 31, 2015
$
(55,945
)
 
$
120

 
$
(55,825
)

The table below provides data about the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the income statement for cash flow derivatives designated as hedging instruments for the three months ended March 31, 2015 and 2014 (in thousands): 
Derivatives in Cash
Flow Hedging Relationships
Location of (Gain) Loss
Reclassified from
Accumulated OCI
into Income
 
Three months ended March 31,
 
2015
 
2014
Foreign currency contracts
Other expense (income), net
 
$
504

 
$
(410
)
Foreign currency contracts
Cost of sales
 
(896
)
 
102

Total
 
 
$
(392
)
 
$
(308
)

The net amount of the existing gains or losses at March 31, 2015 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.