Polaris Industries, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported sales of $781,969,000, operating income of $93,130,000, income before income taxes of $96,519,000 and net income of $63,899,000, or $0.90 diluted earnings per share as compared to sales of $618,442,000, operating income of $78,146,000, income before income taxes of $78,306,000 and net income of $54,522,000, or $0.78 diluted earnings per share for the same period of previous year. For the full year 2011, the company reported sales of $2,656,949,000, operating income of $349,924,000, income before income taxes of $346,626,000, net income of $227,575,000, or $3.20 diluted earnings per share, net cash provided by operating activities of $302,530,000 and purchase of property of $84,484,000 as compared to sales of $1,991,139,000, operating income of $220,721,000, income before income taxes of $218,541,000, net income of $147,138,000, or $2.14 diluted earnings per share, net cash provided by operating activities of $297,619,000 and purchase of property of $55,718,000 for the same period of previous year. Full year 2012 earnings are expected to be in the range of $3.65 to $3.80 per diluted share, which represents an increase of 14 to 19% when compared to full year 2011 earnings. Net income for full year 2012 is also expected to increase in the range of 14 to 19% over full year 2011. Sales for full year 2012 are expected to increase 5% to 8% over full year 2011 sales, with sales increases projected in each product line and geographic region with the exception of snowmobiles. Gross margins are expected to expand up to 100 basis points from 2011, and I'll provide a bit more detail shortly on that one. The income tax provision rate for the full year 2012 is expected to be in the range of 34% to 34.5% of pretax income, similar to the 34.3% reported in 2011. For the full year 2012, the company expects capital expenditures to be similar to 2011 with increased investments in product development tooling for new products, including the Indian Motorcycle relaunch. The company expects depreciation for 2012 to be similar to the 2011 levels. The company expects cash flow provided by operating activities for the full year 2012 to increase over 2011 as factory inventory is expected to decrease and the short-term tax receivable is applied to the estimated 2012 tax payments, offset somewhat by higher incentive compensation payments expected in 2012.