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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2020
Disclosure Shareholders Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Stock repurchase program. The Polaris Board of Directors has authorized the cumulative repurchase of up to 90.5 million shares of the Company’s common stock. As of December 31, 2020, 2.6 million shares remain available for repurchases under the Board’s authorization. The Company has made the following share repurchases (in millions):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Total number of shares repurchased and retired | 0.6 |  |  | 0.1 |  |  | 3.2 |
Total investment | $ | 50.3 |  |  | $ | 8.4 |  |  | $ | 348.7 |
Stock purchase plan. Polaris maintains an employee stock purchase plan (“Purchase Plan”). A total of 3.0 million shares of common stock are reserved for this plan. The Purchase Plan permits eligible employees to purchase common stock monthly at 95 percent of the average of the beginning and end of month stock prices. As of December 31, 2020, approximately 1.5 million shares had been purchased under the Purchase Plan. Dividends. Quarterly and total year cash dividends declared per common share for the year ended December 31, 2020, 2019, and 2018 were as follows:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Quarterly dividend declared and paid per common share | $ | 0.62 |  |  | $ | 0.61 |  |  | $ | 0.60 |
Total dividends declared and paid per common share | $ | 2.48 |  |  | $ | 2.44 |  |  | $ | 2.40 |
On January 28, 2021, the Polaris Board of Directors declared a regular cash dividend of $0.63 per share payable on March 15, 2021 to holders of record of such shares at the close of business on March 1, 2021. Net income per share. Basic net income 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”) and the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted net income per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in millions):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Weighted average number of common shares outstanding | 61.5 |  |  | 61.1 |  |  | 62.2
Director Plan and deferred stock units | 0.2 |  |  | 0.2 |  |  | 0.2
ESOP | 0.2 |  |  | 0.1 |  |  | 0.1
Common shares outstanding—basic | 61.9 |  |  | 61.4 |  |  | 62.5
Dilutive effect of restricted stock awards | 0.5 |  |  | 0.6 |  |  | 0.7
Dilutive effect of stock option awards | 0.2 |  |  | 0.3 |  |  | 0.7
Common and potential common shares outstanding—diluted | 62.6 |  |  | 62.3 |  |  | 63.9
During 2020, 2019 and 2018, the number of options that were not included in the computation of diluted net income per share because the option exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive, was 4.4 million, 3.8 million and 1.7 million, respectively. Accumulated other comprehensive loss. Changes in the accumulated other comprehensive loss balance are as follows (in millions):
| Foreign Currency Translation |  | Cash Flow Hedging Derivatives |  | Retirement Plan and Other Activity |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2019 | $ | (63.3) |  |  | $ | (6.1) |  |  | (3.3) |  |  | $ | (72.7) |
Reclassification to the income statement | — |  | 4.2 |  |  | (0.5) |  |  | 3.7 |
Change in fair value | 24.2 |  |  | (13.6) |  |  | — |  |  | 10.6 |
Balance as of December 31, 2020 | $ | (39.1) |  |  | $ | (15.5) |  |  | $ | (3.8) |  |  | $ | (58.4) |
The table below provides 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 and retirement plan activity for the years ended December 31, 2020 and 2019 (in millions):
Derivatives in Cash Flow Hedging Relationships and Other Activity | Location of Gain (Loss) Reclassified from Accumulated OCI into Income |  | For the Years Ended December 31,
| 2020 |  | 2019
Foreign currency contracts | Other (income) expense, net |  | $ | 4.3 |  |  | $ | 3.2 |
Foreign currency contracts | Cost of sales |  | (2.4) |  |  | 0.9 |
Interest rate contracts | Interest expense |  | (6.1) |  |  | (0.9) |
Retirement plan activity | Operating expenses |  | 0.5 |  |  | (0.2) |
Total |  | $ | (3.7) |  |  | $ | 3.0 |
The net amount of the existing gains or losses at December 31, 2020 that is expected to be reclassified into the income statement within the next 12 months is expected to not be material. See Note 14 for further information regarding the Company’s derivative activities.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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