Polaris Inc. - Director's Dealing 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-01-31

Reporting Person: Dougherty Michael D. (V.P. Global New Market Devel)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-02	Common Stock	M	7500	$19.80	Acquired	19226	Direct
2011-02-02	Common Stock	S	7500	$77.00	Disposed	11726	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-31	Employee Stock Options (Right to Buy)	$76.92	A	10000	Acquired	2021-01-31	Common Stock (10000)	Direct
2011-02-02	Employee Stock Options (Right to Buy)	$19.80	M	7500	Disposed	2019-02-02	Common Stock (7500)	Direct

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on October 21, 2010.

F2: The option vests in two equal installments on January 31, 2013 and January 31, 2015.