FORM 10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-11-211632.txt : 20110805 0001193125-11-211632.hdr.sgml : 20110805 20110805105146 ACCESSION NUMBER: 0001193125-11-211632 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110805 DATE AS OF CHANGE: 20110805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYNTEL INC CENTRAL INDEX KEY: 0001040426 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 382312018 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22903 FILM NUMBER: 111012743 BUSINESS ADDRESS: STREET 1: 525 EAST BIG BEAVER ROAD STREET 2: SUITE 300 CITY: TROY STATE: MI ZIP: 48083 BUSINESS PHONE: 2486193524 MAIL ADDRESS: STREET 1: 525 EAST BIG BEAVER ROAD STREET 2: SUITE 300 CITY: TROY STATE: MI ZIP: 48083 10-Q 1 d10q.htm FORM 10-Q FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2011

¨	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 000-22903

Syntel, Inc.

(Exact name of registrant as specified in its charter)


Michigan		38-2312018
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

525 E. Big Beaver Road, Suite 300, Troy, Michigan		48083
(Address of principal executive offices)		(Zip Code)

248-619-2800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value: 41,750,143 shares issued and outstanding as of July 31, 2011.

SYNTEL, INC.

INDEX


		Page

Part I Financial Information

Item 1	Financial Statements

	Condensed Consolidated Statements of Income (unaudited)		3

	Condensed Consolidated Balance Sheets (unaudited)		4

	Condensed Consolidated Statement of Shareholders’ Equity (unaudited)		5

	Condensed Consolidated Statements of Cash Flows (unaudited)		6

	Notes to the Unaudited Condensed Consolidated Financial Statements		7

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		24

Item 3	Quantitative and Qualitative Disclosures about Market Risk		31

Item 4	Controls and Procedures		32

Part II Other Information			33

Item 1	Legal Proceedings		33

Item 1A	Risk Factors		33

Item 6	Exhibits		33

Signatures			34

Exhibit 31.1 – Certification of Principal Executive Officer			36

Exhibit 31.2 – Certification of Principal Executive Officer			38

Exhibit 31.3 – Certification of Principal Financial Officer			40

Exhibit 32 – Certification of Principal Executive Officers and Principal Financial Officer			42

SYNTEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(IN THOUSANDS,EXCEPT SHARE DATA)


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2011		2010		2011		2010
Net revenues	$	156,985	$	130,649	$	302,357	$	246,688
Cost of revenues		100,200		79,083		194,760		145,883


Gross profit		56,785		51,566		107,597		100,805

Selling, general and administrative expenses		27,781		19,114		52,404		41,362


Income from operations		29,004		32,452		55,193		59,443

Other income, principally interest		5,923		1,959		12,042		4,242


Income before income taxes		34,927		34,411		67,235		63,685

Income tax expense		7,287		6,151		14,546		10,294


Net income	$	27,640	$	28,260	$	52,689	$	53,391


Dividend per share	$	0.06	$	0.06	$	0.12	$	0.12

EARNINGS PER SHARE:
Basic	$	0.66	$	0.68	$	1.27	$	1.29
Diluted	$	0.66	$	0.68	$	1.26	$	1.28

Weighted average common shares outstanding:
Basic		41,605		41,508		41,592		41,495
Diluted		41,696		41,580		41,704		41,573

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

SYNTEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(IN THOUSANDS)


	June 30,		December 31,
	2011		2010
ASSETS
Current assets:
Cash and cash equivalents	$	87,656	$	78,505
Short term investments		206,941		208,695
Accounts receivable, net of allowances for doubtful accounts of $2,687 and $3,090 at June 30, 2011 and December 31, 2010 respectively		76,859		75,873
Revenue earned in excess of billings		20,391		5,329
Deferred income taxes and other current assets		52,985		43,705

Total current assets		444,832		412,107

Property and equipment		204,991		171,445
Less accumulated depreciation and amortization		77,712		69,338

Property and equipment, net		127,279		102,107

Goodwill		906		906
Non current Term Deposits with Banks		30		66
Deferred income taxes and other non current assets		31,609		30,931

TOTAL ASSETS	$	604,656	$	546,117


LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable	$	15,677	$	10,071
Accrued payroll and related costs		35,656		40,736
Income taxes payable		5,667		2,291
Accrued liabilities		18,887		16,561
Deferred revenue		8,996		9,783
Dividends payable		2,758		2,752

Total current liabilities		87,641		82,194

Other non current liabilities		14,460		12,453

TOTAL LIABILITIES		102,101		94,647

SHAREHOLDERS’ EQUITY
Total shareholders’ equity		502,555		451,470

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	604,656	$	546,117

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

SYNTEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(IN THOUSANDS)


															Accumulated Other Comprehensive Income
	Common Stock				Restricted Stock					Additional Paid-In Capital		Retained Earnings			Unrealized Investment Gain			Unamortised Acturial Gain			Foreign Currency Translation Adjustment		Total Shareholdrs’ Equity
	Shares		Amount		Shares			Amount		Additional Paid-In Capital		Retained Earnings			Unrealized Investment Gain			Unamortised Acturial Gain			Foreign Currency Translation Adjustment		Total Shareholdrs’ Equity

Balance, December 31, 2010		41,498	$	1		244		$	11,008	$	67,420	$	371,626		$	419		$	(402	)	$	1,398	$	451,470

Net income													52,689											52,689

Other comprehensive income, net of tax																(308	)		7			2,468		2,167


Total Comprehensive Income																								506,326

Stock options activity											2													2

Restricted stock activity		52				(45	)		1,222															1,222

Dividends													(4,995	)										(4,995	)


Balance, June 30, 2011		41,550	$	1		199		$	12,230	$	67,422	$	419,320		$	111		$	(395	)	$	3,866	$	502,555

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements

SYNTEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(IN THOUSANDS)


	SIX MONTHS ENDED June 30,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	52,689		$	53,391
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		8,087			6,870
Bad debt provisions		3			9
Realized gains on sales of short term investments		(1,521	)		(539	)
Deferred income taxes		(1,974	)		(3,464	)
Compensation expense related to restricted stock		1,224			496
Changes in assets and liabilities:
Accounts receivable and revenue earned in excess of billings		(13,803	)		(28,880	)
Other assets		(5,819	)		(3,127	)
Accrued payroll and other liabilities		2,985			9,173
Deferred revenue		(1,006	)		(233	)

Net cash provided by operating activities		40,865			33,696


CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures		(31,243	)		(8,893	)
Purchase of mutual funds		(101,338	)		(179,347	)
Purchase of term deposits with banks		(55,802	)		(35,846	)
Proceeds from sales of mutual funds		115,080			172,610
Maturities of term deposits with banks		45,023			27,840

Net cash used in investing activities		(28,280	)		(23,636	)


CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock		—			580
Tax benefit on stock options exercised		(2	)		—
Dividends paid		(4,989	)		(4,969	)

Net cash used in financing activities		(4,991	)		(4,389	)


Effect of foreign currency exchange rate changes on cash		1,557			(1,493	)

Change in cash and cash equivalents		9,151			4,178

Cash and cash equivalents, beginning of period		78,505			87,822


Cash and cash equivalents, end of period	$	87,656		$	92,000


Non cash investing and financing activities:
Cash dividends declared but unpaid	$	2,754		$	2,486

Cash paid for income taxes		6,525			7,760

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

Syntel, Inc. and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements

1.	BASIS OF PRESENTATION:

The accompanying unaudited condensed consolidated financial statements of Syntel, Inc. (the “Company” or “Syntel”) have been prepared by management, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of Syntel and its subsidiaries as of June 30, 2011, the results of their operations for the three and six months ended June 30, 2011 and 2010, and cash flows for the six months ended June 30, 2011 and 2010. The year-end condensed consolidated balance sheet as of December 31, 2010 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2010.

Operating results for the six months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

2.	PRINCIPLES OF CONSOLIDATION AND ORGANIZATION

The condensed consolidated financial statements include the accounts of Syntel, Inc., a Michigan corporation (“Syntel”), its wholly owned subsidiaries, and a joint venture and its subsidiary. All significant inter-company balances and transactions have been eliminated.

The wholly owned subsidiaries of Syntel, Inc. are:

•

Syntel Limited, an Indian limited liability company (“Syntel India”);

•

Syntel (Singapore) PTE Limited, a Singapore limited liability company;

•

Syntel Europe Limited, an United Kingdom limited liability company (“Syntel Europe”);

•

Syntel Canada Inc., an Ontario limited liability company;

•

Syntel Deutschland GmbH, a German limited liability company;

•

Syntel (Hong Kong) Limited, a Hong Kong limited liability company;

•

Syntel Delaware, LLC, a Delaware limited liability company (“Syntel Delaware”);

•

SkillBay LLC, a Michigan limited liability company (“SkillBay”);

•

Syntel (Mauritius) Limited, a Mauritius limited liability company (“Syntel Mauritius”);

•

Syntel Consulting Inc., a Michigan corporation (“Syntel Consulting”);

•

Syntel Holding (Mauritius) Limited, a Mauritius limited liability company (“SHML”);

•

Syntel Worldwide (Mauritius) Limited, a Mauritius limited liability company; and

•

Syntel (Australia) Pty. Ltd., an Australian limited liability company.

The partially owned joint venture of Syntel Delaware is:

•

State Street Syntel Services (Mauritius) Limited, a Mauritius limited liability company (“SSSSML”).

The wholly owned subsidiary of SSSSML is:

•

State Street Syntel Services Private Limited, an Indian limited liability company.

The wholly owned subsidiaries of Syntel Mauritius are:

•

Syntel International Private Limited, an Indian limited liability company; and

•

Syntel Global Private Limited, an Indian limited liability company.

The wholly owned subsidiaries of SHML are:

•

Syntel Services Private Limited, an Indian limited liability company; and

•

TriZetto Syntel Services (Mauritius) Limited, a Mauritius limited liability company (“TSSML”).

The wholly owned subsidiary of TSSML is:

•

TriZetto Syntel Services (India) Private Limited, an Indian limited liability company.

The wholly owned subsidiary of Syntel Europe is:

•

Intellisourcing, sarl, a French limited liability company.

3.	USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, the allowance for doubtful accounts, impairment of long-lived assets and goodwill, contingencies and litigation, the recognition of revenues and profits based on the proportional performance method and potential tax liabilities. Actual results could differ from those estimates and assumptions used in the preparation of the accompanying financial statements.

4.	REVENUE RECOGNITION

The Company recognizes revenues from time and material contracts as the services are performed.

Revenue from fixed-price applications management, maintenance and support engagements is recognized as earned which generally results in straight-line revenue recognition as services are performed continuously over the term of the engagement.

Revenue from fixed-priced, applications development and integration projects in the Company’s application outsourcing and e-Business segments are measured using the proportional performance method of accounting. Performance is generally measured based upon the efforts incurred to date in relation to the total estimated efforts to the completion of the contract. The Company monitors estimates of total contract revenues and costs on a routine basis throughout the delivery period. The cumulative impact of any change in estimates of the contract revenues or costs is reflected in the period in which the changes become known. In the event that a loss is anticipated on a particular contract, provision is made for the estimated loss. The Company issues invoices related to fixed price contracts based on either the achievement of milestones during a project or other contractual terms. Differences between the timing of billings and the recognition of revenue based upon the proportional performance method of accounting are recorded as revenue earned in excess of billings or deferred revenue in the accompanying consolidated balance sheets.

Revenues are reported net of sales incentives.

Reimbursements of out-of-pocket expenses are included in revenue in accordance with revenue guidance in the FASB codification.

5.	STOCK-BASED EMPLOYEE COMPENSATION PLANS

The Company recognizes stock-based compensation expense in the consolidated financial statements for awards of equity instruments to employees and non-employee directors based on the grant-date fair value of those awards on a straight-line basis over the requisite service period of the award, which is generally the vesting term. The benefits of tax deductions in excess of recognized compensation expense is reported as a financing cash flow.

6.	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company enters into foreign exchange forward contracts & currency option contracts where the counter party is a bank. The Company purchases foreign exchange forward contracts & currency option contracts to mitigate the risk of changes in foreign exchange rates on cash flows denominated in certain foreign currencies. These contracts are carried at fair value with resulting gains or losses included in the consolidated statements of income in other income.

During the quarter ended June 30, 2011, the Company did not enter into new foreign exchange forward contracts. During the quarter ended June 30, 2011, contracts amounting to $40.0 million expired resulting in a gain of $0.66 million. At June 30, 2011, foreign exchange forward contracts amounting to $30.0 million were outstanding. The fair value of the foreign exchange forward contracts of $0.63 million is reflected in other current assets in the balance sheet of the Company as at June 30, 2011. During the quarter ended June 30, 2011 forward contract gain of $0.39 million, pertaining to direct client related contracts is recorded as other income and forward contract gain of $0.27 million, pertaining to intercompany related contracts is recorded as other comprehensive gain.

7.	CASH AND CASH EQUIVALENTS

For the purpose of reporting Cash and Cash Equivalents, the Company considers all liquid investments purchased with an original maturity of three months or less to be cash equivalents.

At June 30, 2011 and December 31, 2010, approximately $18.5 million and $23.3 million, respectively, are in a money market fund maintained by JP Morgan Chase Bank NA that invests in corporate bonds and treasury notes. Term deposits with original maturity of three months or less held with Bank of India, Punjab National Bank and ICICI Bank were $32.3 million and $20.0 million as at June 30, 2011 and December 31, 2010, respectively. The remaining amounts of cash and cash equivalents were held in bank and fixed deposits with various banking and financial institutions.

8.	COMPREHENSIVE INCOME

Total Comprehensive Income for the three and six months ended June 30, 2011 and 2010 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(In thousands)						(In thousands)
Net income	$	27,640		$	28,260		$	52,689		$	53,391
Other comprehensive income:
- Unrealized investment gain/(loss)		(348	)		97			(308	)		130
- Unamortised acturial gain/(loss), net of tax		2			(341	)		7			(348	)
- Foreign currency translation adjustments		(567	)		(10,149	)		2,468			(1,512	)


Total comprehensive income	$	26,727		$	17,867		$	54,856		$	51,661

9.	EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding during the applicable period.

The Company has issued stock options and restricted stocks, which are considered to be potentially dilutive to the basic earnings per share. Diluted earnings per share is calculated using the treasury stock method for the dilutive effect of options and restricted stocks granted pursuant to the stock option and incentive plan, by dividing the net income by the weighted average number of shares outstanding during the period adjusted for these potentially dilutive options, except when the results would be anti-dilutive. The potential tax benefit on exercise of stock options is considered as additional proceeds while computing dilutive earnings per share using the treasury stock method.

The following tables set forth the computation of earnings per share:


	Three Months Ended June 30,
	2011					2010
	Weighted Average Shares		Earnings per Share			Weighted Average Shares		Earnings per Share
	(in thousands, except per share earnings)
Basic earnings per share		41,605	$	0.66			41,508	$	0.68
Potential dilutive effect of stock options and restricted stocks outstanding		91		(0.00	)		72		(0.00	)

Diluted earnings per share		41,696	$	0.66			41,580	$	0.68


	Six Months Ended June 30,
	2011					2010
	Weighted Average Shares		Earnings per Shares			Weighted Average Shares		Earnings per Share
	(in thousands, except per share earnings)
Basic earnings per share		41,592	$	1.27			41,495	$	1.29
Potential dilutive effect of stock options and restricted stocks outstanding		112		(0.01	)		78		(0.01	)

Diluted earnings per share		41,704	$	1.26			41,573	$	1.28

10.

SEGMENT REPORTING

The Company is organized geographically and by business segment. For management purposes, the Company is primarily organized on a worldwide basis into four business segments:

•

Applications Outsourcing

•

Knowledge Process Outsourcing (“KPO”)

•

e-Business and

•

TeamSourcing

These segments are the basis on which the Company reports its primary segment information to management. Management allocates all corporate expenses among the segments. No balance sheet/identifiable assets data is presented since the Company does not segregate its assets by segment. Financial data for each segment for the three and six months ended June 30, 2011 and 2010 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	*(in thousands)*				*(in thousands)*
Revenues:
Applications Outsourcing	$	116,934	$	99,263	$	223,669	$	186,033
KPO		24,490		18,919		48,033		37,840
e-Business		12,485		8,968		25,179		16,428
TeamSourcing		3,076		3,499		5,476		6,387

		156,985		130,649		302,357		246,688


Gross Profit:
Applications Outsourcing		37,428		33,834		69,810		64,853
KPO		13,832		11,761		26,772		25,017
e-Business		4,304		3,884		8,898		7,248
TeamSourcing		1,221		2,087		2,117		3,687

		56,785		51,566		107,597		100,805

Selling, general and administrative expenses		27,781		19,114		52,404		41,362

Income from operations	$	29,004	$	32,452	$	55,193	$	59,443

During the three and six months ended June 30, 2011, American Express Corp. and State Street Bank each contributed revenues in excess of 10% of total consolidated revenues. Revenue from American Express Corp. and State Street Bank was $42.1 million and $26.9 million, respectively, during the three months ended June 30, 2011, contributing approximately 26.8% and 17.1%, respectively of total consolidated revenues. Approximately 99% revenue from American Express Corp. was generated in the Application Outsourcing segment & one percent in KPO segment. Approximately 76% of the revenue from State Street Bank was generated in the KPO segment and 24% in the Application Outsourcing segment. The corresponding revenues for the three months ended June 30, 2010 from American Express Corp and State Street Bank was $30.3 million and $21.0 million, respectively, contributing approximately 23.2% and 16.1%, respectively, of total consolidated revenues. During the six months ended June 30, 2011, revenue from American Express Corp. and State Street Bank was $78.9 million and $52.8 million, respectively, contributing approximately 26.1% and 17.5%, respectively, of total consolidated revenues. Approximately 99% revenue from American Express Corp. was generated in the Application Outsourcing segment and one percent in KPO segment. Approximately 76% of the revenue from State Street Bank was generated in the KPO segment and 24% in the Application Outsourcing segment. The corresponding revenues for the six months ended June 30, 2010 from American Express Corp. and State Street Bank was $55.9 million and $42.1 million respectively, contributing approximately 22.6% and 17.1%, respectively, of total consolidated revenues. At June 30, 2011 and December 31, 2010, accounts receivable from American Express Corp. were $18.4 million and $15.6 million, respectively. Accounts receivable from State Street Bank were $13.0 million and $11.7 million, respectively, as at June 30, 2011 and December 31, 2010.

11.

GEOGRAPHIC INFORMATION

The Company’s net revenues and long-lived assets, by geographic area, are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	*(in thousands)*				*(in thousands)*
Net Revenues (1)
North America (2)		144,016		120,880		278,392		229,170
India		798		364		1,341		814
Europe (3)		11,589		8,856		21,594		15,779
Rest of the World		582		549		1,030		925

Total revenue		156,985		130,649		302,357		246,688


	As on June, 30 2011		As on Dec, 31 2010
	As on June, 30 2011		As on Dec, 31 2010
	*(in thousands)*
Long-Lived Assets (4)
North America (2)		1,633		1,818
India		126,451		101,145
Europe (3)		101		50

Total		128,185		103,013

Notes for the Geographic Information Disclosure:

1.	Net revenues are attributed to regions based upon customer location

2.	Primarily relates to operations in the United States

3.	Primarily relates to operations in the United Kingdom

4.	Long-lived assets include property and equipment, net of accumulated depreciation and amortization and goodwill.

12.

INCOME TAXES

The following table accounts for the differences between the federal statutory tax rate of 35% and the Company’s overall effective tax rate:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		0.3	%		0.5	%		0.1	%		0.3	%
Foreign effective tax rates different from US statutory rate		(14.4	%)		(17.7	%)		(13.5	%)		(19.2	%)
Tax reserve		—			—			—			—
Others, net		0.0	%		0.1	%		0.0	%		0.1	%

Effective Income Tax Rate		20.9	%		17.9	%		21.6	%		16.2	%

During the three months ended June 30, 2011 and 2010, the effective income tax rates were 20.9% and 17.9%, respectively. During the six months ended June 30, 2011 and 2010, the effective income tax rates were 21.6% and 16.2%, respectively. The tax rate for the six months ended June 30, 2011 was impacted due to the effective tax rate impact for certain offshore facilities going out of tax holiday effective April 1, 2011.

The Company records provisions for income taxes based on enacted tax laws and rates in the various taxing jurisdictions in which it operates. In determining the tax provisions, the Company provides for tax uncertainties in income taxes, when it is more likely than not, based on the technical merits, that a tax position would not be sustained upon examination. Such uncertainties, which are recorded in income taxes payable, are based on management’s estimates and accordingly, are subject to revision based on additional information. The provision no longer required for any particular tax year is credited to the current period’s income tax expenses. Conversely, in the event of a future tax examination, any additional tax expense not previously provided for will be recognized in the period in which the actual liability is concluded or management determines that the Company will not prevail on certain tax positions taken in filed returns, based on the “more likely than not” concept.

The United States Internal Revenue Service (IRS) commenced an examination of the Company’s U.S. income tax returns for years 2004 and 2005 in the first quarter of 2006. During July 2008, the IRS issued a notice of proposed adjustments towards the Company’s transfer pricing tax positions for the year 2004 and the Company had appealed against the IRS position. During the first quarter 2009, the Company completed the appeal process with the IRS under a Fast Track Settlement process and agreed to settle all disagreements with the IRS towards the transfer pricing for years 2004, 2005 and 2006 for a certain amount which did not have any negative change to the Company’s financial position. The IRS has completed their audits through tax year 2005 and transfer pricing issues through tax year 2006. The Company does not expect any material issues for the remaining open years.

Syntel Inc. and its subsidiaries file income tax returns in various tax jurisdictions. The Company is no longer subject to U.S. Federal tax examinations by tax authorities for years before 2007 and for State tax examinations for years before 2006. During 2010, the IRS had commenced an examination of Syntel Limited’s U.S. income tax return (form 1120F) for the tax year 2007. The IRS has closed the audit for Syntel India’s U.S. income tax returns for the years 2007, 2008 and 2009, after reaching a settlement, for a certain amount, paid during the quarter ended March 31, 2011 which had no material impact on Syntel’s financial position.

Syntel Limited, the Company’s India subsidiary, has disputed tax matters for the financial years 1996-97 to 2006-07 pending at various levels of tax authorities. Financial year 2007-08 and onwards are open for regular tax scrutiny by the Indian tax authorities. However, the tax authorities in India are authorized to reopen the already concluded tax assessments and may re-open the case of Syntel Limited for financial years 2004-05 and onwards.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. During the quarter ended June 30, 2011, the Company recognized interest of approximately $0.07 million. The Company had accrued approximately $0.51 million and $0.39 million for interest and penalties as of June 30, 2011 and December 31, 2010, respectively.

For the financial years 1995-96, 1998-99 1999-2000 and 2001-02 , the Income Tax Appellate Tribunal (”ITAT”) has held the matter in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. Syntel Limited has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, Syntel Limited has reversed the provision of uncertain tax liability of $0.87M.

The liability for unrecognized tax benefits was $22.67 million and $19.71 million, as of June 30, 2011 and December 31, 2010, respectively.

The Company has paid income taxes of $19.46 million and $16.64 million against the liabilities for unrecognized tax benefits of $22.67 million and $19.71 million, as of June 30, 2011 and December 31, 2010, respectively. The Company has paid the taxes in order to reduce the possible interest and penalties related to these unrecognized tax benefits.

The Company’s amount of unrecognized tax benefits for the tax disputes of $1.46 million and potential tax disputes of $8.35 million could change in the next twelve months as litigations and global tax audits progress. The examination of a particular potential tax dispute of $3.39 million is due by December 31, 2011. At this time, due to the uncertain nature of this process, it is not reasonably possible to estimate an overall range of possible change.

Syntel’s software development centers/units are located in Mumbai, Chennai Pune and Gurgaon, India. Software development centers/units enjoy favorable tax provisions due to their registration in SEZ, as Export Oriented Unit (EOU) and as units located in Software Technologies Parks of India (STPI).

Units registered with STPI, EOU’s and certain units located in SEZ are exempt from payment of corporate income taxes for ten years of operations on the profits generated by these units or March 31, 2011 (substituted for “2010” by Finance (No. 2) Act, 2009), whichever is earlier. Certain units located in SEZ are eligible for 100% exemption from payment of corporate income taxes for the first five years of operation and 50% exemption for the next two years and a further 50% exemption for another three years, subject to fulfillment of criteria laid down. New units in SEZ that are operational after April 1, 2005 are eligible for 100% exemption from payment of corporate income taxes for the first five years of operation, 50% exemption for the next five years and a further 50% exemption for another five years, subject to fulfillment of criteria laid down.

Six SEZ units located at Mumbai have already ceased to enjoy the above-mentioned tax exemption. One SEZ unit located at Mumbai has completed its first five years of 100% exemption from payment of corporate income tax and effective April 1, 2007, 50% of the profits of the said unit would only be eligible for tax exemption. Further, three more SEZ units located at Mumbai have completed their first five years of 100% exemption from payment of corporate income taxes effective April 1, 2008, 50% of the profits of the said units would only be eligible for tax exemption. Also, the EOU located at Chennai has ceased to enjoy the above-mentioned tax exemption effective April 1, 2007. During the year ended December 31, 2008, Syntel started a Software Development unit in the Pune SEZ and during the year 2009, the Company started one more Software Development unit in the Pune SEZ. During the year ended December 31, 2010, the Company started a Software Development unit in the Syntel-Chennai SEZ. Further, the Company’s four STPI units cease to enjoy tax exemption effective April 1, 2011 due to expiration of the statutory period for tax exemption.

Syntel KPO units located in Mumbai and Pune were exempt from payment of corporate income taxes on the profits generated by the unit up to March 31, 2011 (substituted for “2010” by Finance (No. 2) Act, 2009). During the year ended December 31, 2008, Syntel started a KPO unit in the Pune SEZ. During the quarter ended June 30, 2011, Syntel started a KPO SEZ unit in Mumbai.

Syntel’s SEZ in Pune, set up under the SEZ Act 2005, commenced operations in 2008. The SEZ for Chennai commenced operations in 2010. Income from operation of the SEZ, as a developer, is exempt from payment of corporate income taxes for ten out of 15 years from the date of SEZ notification.

Provision for Indian income tax is made only in respect of business profits generated from these software development units, to the extent they are not covered by the above exemptions and on income from treasury operations and other income.

June 30, 2011, Company has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, disputed Indian income tax liabilities reduced to $1.52M and reversed provision of uncertain tax liability of $0.04M. Syntel Limited has obtained an opinion from one independent legal counsel (a former Chief Justice of the Supreme Court of India) for the financial year 1998-99 and opinions from another independent legal counsel (also a former Chief Justice of the Supreme Court of India) for the financial years 1995-96, 1996-97, 1997-98, 1999-2000 and 2000-01 and for subsequent periods, which support Syntel Limited’s position in this matter.

For the financial year 1998-99, the appeal filed by the Income Tax Department has been dismissed by the ITAT and the matter stands in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court. The Bombay High Court has dismissed the Income Tax Department Appeal on account of a delay in filing tax appeal on July 23, 2009. The Income Tax Department has not filed further appeal before the Supreme Court of India. A similar appeal filed by Syntel Limited with the Commissioner of Income Tax (Appeals) (”CIT(A)”) for the financial year 1999-2000 was, however, dismissed in March 2004. Syntel Limited has appealed this decision with the ITAT. During the year 2007, Syntel Limited received a favorable order from the ITAT on this appeal. The Income Tax Department filed a further appeal before the Bombay High Court. The Bombay High Court dismissed the Income Tax Department Appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India.

Syntel Limited had also received orders for appeals filed with the CIT(A) against the demands raised by the Income Tax Officer for similar matters relating to the financial years 1995-96, 1996-97, 1997-98, 2000-01 and 2001-02 and received a favorable decision for 1995-96 and the contention of Syntel Limited was partially upheld for the other years. Syntel Limited has gone into further appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has appealed the favorable decisions for 1995-96 and the partially favorable decisions for the other years with the ITAT. Syntel Limited has received a favorable order from ITAT. The Income Tax Department has filed further appeals before the Bombay High Court for the financial years 1996-97, 1997-98 and 2000-01. The Bombay High Court has dismissed the Income Tax Department appeal and upheld the ITAT orders on December 15, 2009. The Income Tax Department has filed a review petition before the Bombay High Court. The Income Tax Department review petition was rejected due to filing defects. The Income Tax Department may rectify the defects and re-submit the review petition.

Syntel Limited has also not provided for other disputed Indian income tax liabilities aggregating to $5.63 million for the financial years 2001-02 to 2004-05, which is after recognizing tax on certain tax liabilities aggregating $0.03 million provided for uncertain income tax positions during the year 2007, against which Syntel Limited has filed the appeals with the CIT(A). Syntel Limited has obtained opinions from independent legal counsels, which support Syntel Limited’s stand in this matter. Syntel Limited has received an order from the CIT(A) for the financial year 2001-02 and the contention of Syntel Limited was partially upheld. Syntel Limited has gone into further appeal with the ITAT in relation to the amounts not allowed by the CIT(A). The Income Tax Department has also filed a further appeal against the relief granted to Syntel Limited by CIT(A). Syntel Limited has received a favorable order from the ITAT on January 24, 2009, wherein the contention of the Company was fully upheld for financial year 2001-02. The Income Tax Department has filed a further appeal before the Bombay High Court against the order of ITAT in respect to tax on one item only. Accordingly, Company tax disputes are reduced for the financial year by $2.4 million. The Bombay High Court has dismissed the Income Tax Department Appeal on account of a delay in filing the tax appeal on July 22, 2009. The Income Tax Department has not filed a further appeal before Supreme Court of India.

Syntel Limited has received the order for appeal filed with CIT(A) relating to financial year 2002-03 and financial year 2003-04, wherein the contention of Syntel Limited is partially upheld. Syntel Limited has gone into further appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has also filed a further appeal against the relief granted to Syntel Limited by CIT(A). The Syntel Limited and Income Tax Department appeals are scheduled for hearing before ITAT on October 18, 2011.

For the financial year 2004-05, the appeal of the Company was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A) except one item. The Income Tax Department’s appeal was rejected by ITAT. The Income Tax Department has filed a further appeal before the Bombay High Court for the amounts allowed by the ITAT, except an item on which CIT(A) had granted relief to the Company and the Income Tax Department had not filed an appeal before ITAT. Accordingly, the Company has reversed a tax provision of $0.33 million during the year ended December 31, 2010. The Income Tax Department Appeal for the financial year 2004-05 is scheduled for a hearing before the Bombay High Court on August 10, 2011. For the financial year 2005-06, the Indian Income Tax Department has decided against the Company in respect to a particular tax position, and the Company has filed an appeal with the CIT(A). During the year ended December 31, 2010, the Company’s appeal for the financial year was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). For the financial year 2006-07, the Indian Income Tax Department has decided against the Company in respect to particular tax position and the Company has filed an appeal with the CIT(A).

Syntel Limited has provided for a tax liability amounting to $3.11 million in the books for the financial years 1996-97 to 2006-07, (except for financial year 1998-99, financial year 1999-2000, financial year 2001-02 and financial year 2004-05) on a particular tax matter. Syntel Limited has been contending the taxability of the same with the Indian Income Tax Department. For the financial years 1998-99 and 1999-2000, the ITAT has held the matter in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. Syntel Limited has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, Syntel Limited has reversed the provision of uncertain tax liability of $0.83M.

For the financial years 1996-97 to 1997-98 and 2000-01, the Company has received a favorable order from the ITAT, wherein the contention of the Company was upheld for these years. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the appeals filed by the Income Tax Department for the financial years 1996-97, 1997-98 and 2000-01 at the admission stage, on the grounds that no substantial question of law arose from the appeals filed by the Income Tax Department, as the ITAT had given a specific finding which was based on facts. The Income Tax Department has filed a review petition before the Bombay High Court on June 2, 2010. The Income Tax Department review petition was rejected due to filing defects. The Income Tax Department may rectify the defects and re-submit the review petition.

financial year 2005-06, the Indian Income Tax Department has decided against the Company in respect to a particular tax position and the Company has filed an appeal with the CIT(A). During the year ended December 31, 2010, the Company’s appeal for the financial year 2005-06 was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). For the financial year 2006-07, the Indian Income Tax Department has decided against the Company in respect to a particular tax position and the Company has filed an appeal with the CIT(A). Based on the tax assessment of financial year 2006-07 and on earlier financial years, a tax provision on a potential tax dispute is no longer required. Accordingly, the Company has reversed a tax provision of $0.40 million during the year ended December 31, 2010.

Fringe Benefit Tax (“FBT”) was introduced on April 1, 2005 as a tax on certain expenses calculated at predetermined rates on the expenses incurred and is payable at the enacted rates for a corporate (taxed @ 33.99% including surcharge, education cess and secondary & higher education cess). FBT is a separate section in the Indian income tax and is payable even by a corporate which is otherwise not liable to pay income taxes as per the Computation of Income. Accordingly, Indian entities had provided towards FBT in year April 1, 2005 to March 31, 2009. Since FBT is a tax on expenditure the amounts are grouped along with the respective expense heads and not as tax expense. This is in line with the industry practice.

Syntel Limited has provided and paid FBT on expenses incurred outside India. However, Syntel Limited contested with the Income Tax Department that no FBT shall be paid on expenses incurred outside India. The Income Tax Department has not issued notice for a FBT assessment of financial year 2007-08 and financial year 2008-09, and the time of issuing notice expired on September 30, 2010. However, the period for issuing notice expired on March 31, 2011. The Company has received a FBT refund along with interest for financial year 2008-09 and expects to receive a FBT refund for financial year 2007-08. The issuing intimation and assessment expired by limitation on March 31, 2011. Accordingly, Syntel has reversed the provision for FBT of $1.06 million including FBT of $0.86 million on expenses incurred outside India.

All the above tax exposures involve complex issues and may need an extended period to resolve the issues with the Indian income tax authorities. Management, after consultation with legal counsel, believes that the resolution of the above matters will not have a material adverse effect on the Company’s consolidated financial position.

Syntel Europe Limited has incurred losses of $0.67 million and $0.83 million for the year ended December 31, 2010 and for the six months ended June 30, 2011, respectively. As per UK tax laws, carrying back of tax losses against profits of the previous 12 months are allowed. Accordingly, Syntel Europe Limited has carried back the tax losses which are expected to result in a refund claim of $ 0.19 million and $0.23 million for year ended December 31, 2010 and for six months ended June 30, 2011, respectively.

Syntel Indian entities have received several orders for assessments of the withholding tax compliances in India. These assessments were completed without giving an opportunity of being heard by the Income Tax Department to the Indian entities and orders are not supported by reason. The aggregate liability of non payment of taxes withheld including the interest demanded aggregates to about $1.59 million. Management is confident of the compliances made and do not have any reason to believe that the demand of the Department will sustain. Accordingly no provision has been made in the books for the quarter ended June 30, 2011.

Undistributed earnings of foreign subsidiaries

The Company intends to use remaining accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly, undistributed earnings of foreign subsidiaries are considered to be indefinitely reinvested outside the United States and no provision for U.S. federal and state income tax or applicable dividend distribution tax has been provided thereon. If the Company determines to repatriate all eligible undistributed earnings of foreign subsidiaries as of June 30, 2011, the Company would have accrued taxes of approximately $189.6 million.

SERVICE TAX AUDIT

During the three months ended September 30, 2010, a service tax audit was conducted for the Adyar facility in Chennai; the scope of the audit was to review transactions covered under Central Excise and Customs Act, by the office of Accountant General (Commercial Receipt Audit). The Development Commissioner (DC) has issued a letter stating the audit objections raised by officer of the audit team. Most of the observations are pertaining to Service tax and are for an amount of $3.85 million. Syntel India has filed a reply to said notice and further information.

Syntel India has obtained the views of a tax consultant in this matter and has filed an appropriate reply to the audit observations. The letter does not constitute any demand against the Company. Based on the consultant’s advice, the Company will be in a position to defend the objections raised, and therefore no provision has been made in the books.

Further to our reply and information filed earlier, Syntel India has recevied a letter dated July 13, 2011 from the DC, indicating that the audit objections amounting to $3.0 million, out of the total amount of $3.85 million, have been closed. Syntel is persuing for the closure of the balance audit objections of approximately $0.85 million.

13.

STOCK BASED COMPENSATION

Share Based Compensation:

The Company originally established a Stock Option and Incentive Plan in 1997 (the “1997 Plan”). On June 1, 2006 the Company adopted the Amended and Restated Stock Option and Incentive Plan (the “Stock Option Plan”), which amended and extended the 1997 Plan. Under the plan, a total of 8 million shares of Common Stock were reserved for issuance. The dates on which options granted under the Stock Option Plan become first exercisable are determined by the Compensation Committee of the Board of Directors, but generally vest over a four-year period from the date of grant. The term of any option may not exceed ten years from the date of grant.

For certain options granted during 1997, the exercise price was less than the fair value of the Company's stock on the date of grant and accordingly, compensation expense is being recognized over the vesting period for such difference. For the options granted thereafter, the Company grants the options at the fair market value on the date of grant of the options.

The Company accounts for share-based compensation based on the estimated fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Statement of Income. Share-based compensation expense recognized as above for the three months ended June 30, 2011 and 2010 was $0.60 million and $0.43 million including a charge for restricted stock. For the six months ended June 30, 2011 and 2010, the share-based compensation expense recognized was $1.25 million and $0.50 million, respectively, including a charge for restricted stock.

The shares issued upon the exercise of the options are generally new share issues.

Restricted Stock:

On different dates during the quarter ended June 30, 2004, the Company issued 319,300 shares of incentive restricted stock to its non-employee directors and some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 10%, 20%, 30% and 40% of the shares issued on or after the first, second, third and fourth anniversary of the grant dates, respectively. The restriction on all stocks described in this paragraph lapsed during the year ended December 31, 2008.

On different dates during the quarters ended June 30, 2005 and September 30, 2005, the Company issued 54,806 shares of incentive restricted stock to its non-employee directors and some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 25% of the shares issued on or after the first, second, third and fourth anniversary of the grant dates. The restriction on all stocks described in this paragraph lapsed during the year ended December 31, 2009. Generally, the shares to non-employee directors are granted for their future services starting from the date of the annual meeting to the date of the following annual meeting.

On different dates during the year ended December 31, 2006, the Company issued 16,536 shares of incentive restricted stock to its non-employee directors. Generally, the shares to non-employee directors are granted for their future services starting from the date of the annual meeting to the date of the following annual meeting.

On different dates during the years ended December 31, 2009, 2008, and 2007, the Company issued 12,224, 80,676 and 14,464 shares, respectively, of incentive restricted stock to its non-employee directors and some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 25% of the shares issued on or after the first, second, third and fourth anniversary of the grant dates. Generally, the shares to non-employee directors are granted for their future services starting from the date of the annual meeting to the date of the following annual meeting.

In addition to the shares of restricted stock described above, on different dates during the years ended December 31, 2008, 2007 and 2006 the Company issued 33,000, 66,000 and 57,500 shares, respectively, of incentive restricted stock to some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 20% of the shares issued on or after the first, second, third, fourth and fifth anniversary of the grant dates.

During the year ended December 31, 2006, the Company issued 153,500 shares of performance restricted stock to some employees as well as to some employees of its subsidiaries. Each such performance restricted stock grant is divided in a pre-defined proportion with the vesting (lifting of restriction) of one portion based on the overall annual performance of the Company and the vesting (lifting of restriction) of the other portion based on the achievement of pre-defined long-term goals of the Company. These stocks will vest (have the restrictions lifted) over a period of five years (at each anniversary) in equal installments, subject to meeting the above pre-defined criteria of overall annual performance and achievement of the long-term goal. The stock linked to overall annual performance would lapse (revert to the Company) on non-achievement of the overall annual performance in the given year. However, the stock linked to achievement of the long-term goal would roll over into a common pool and would lapse only on the non-achievement of the long-term goal on or prior to the end of fiscal year 2012.

On different dates during the year ended December 31, 2010 and during the six months ended June 30, 2011, the Company issued restricted stock awards of 209,358 and 9,614, respectively, to its non-employee directors and some employees as well as to some employee of its subsidiaries. The restricted stock awards were granted to employees for their future services as a retention tool at a zero exercise price, vest in shares with regards to 25% of the awards issued on or after the first, second, third and fourth anniversary of the grant dates.

During the three months ended June 30, 2011 and 2010, the Company expensed $0.60 million and $0.43 million, respectively, as compensation on account of the above stock grants. During the six months ended June 30, 2011 and 2010, the Company expensed $1.25 million and $0.52 million, respectively, as compensation on account of the above stock grants.

For the restricted stock issued during the years ended December 31, 2009, 2008, 2007 and 2006, the dividend is accrued and paid subject to the same restriction as the restriction on transferability. For the restricted stock awards issued during the years ended December 31, 2010 and for the six months ended June 30, 2011 no dividend accrues on the restricted stock awards.

The impact on the Company’s results of operations of recording stock-based compensation (including impact of restricted stock) for the three and six months ended June 30, 2011 and 2010 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	*(in thousands)*				*(in thousands)*
Cost of revenues	$	173	$	107	$	315	$	115
Selling, general and administrative expenses		423		324		931		381

	$	596	$	431	$	1,246	$	496

Cash received from option exercises under all share-based payment arrangements for the three months ended June 30, 2011 and 2010, were none and for the six months ended June 30, 2011 and 2010 was none and $0.58 million, respectively. New shares were issued for all options exercised during the six months ended June 30, 2011.

Valuation Assumptions

The Company calculates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used for each respective period:


	Six Months Ended June 30,
	2011			2010
Assumptions:
Risk free interest rate		1.71	%		1.88	%
Expected life		5.00			5.00
Expected volatility		58.88	%		60.45	%
Expected dividend yield		0.41	%		0.71	%

The Company’s computation of expected volatility for the six months ended June 30, 2011 and 2010 is based on historical volatility from exercised options on the Company’s stock. The Company’s computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is estimated based on the dividend yield at the time of grant, adjusted for expected dividend increases of historical pay out policy.

Share-based Payment Award Activity

The following table summarizes activity under the Company equity incentive plans for the six months ended June 30, 2011:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2010		5,473	$	5.01
Granted		—		—
Exercised		325		5.00
Forfeited		—		—
Expired / Cancelled		5,148		5.01

Outstanding at June 30, 2011		—	$	—		—	$	—


Options Exercisable at June 30, 2011		—	$	—		—	$	—

No options were granted during the three months ended June 30, 2011 and 2010. The aggregate fair value of shares vested during the six months ended June 30, 2011 and 2010 was $0.02 and $0.67 million, respectively.

14.

VACATION PAY

The accrual for unutilized leave balance is based on the available leave balance owed to the employees at period end. The leave balance eligible for carry-forward is valued at gross compensation rates and is eligible for payment at basic compensation rates.

The gross charge for unutilized earned leave was $2.4 million and $2.0 million for the three months ended June 30, 2011 and 2010, respectively, and $4.4 million and $3.0 million for the six months ended June 30, 2011 and 2010, respectively.

The amounts accrued for unutilized earned leave are $17.4 million and $14.5 million as of June 30, 2011 and December 31, 2010, respectively, and are included within ’Accrued payroll and related costs’.

15.

CONSOLIDATION OF A VARIABLE INTEREST ENTITY

Syntel Delaware is a 100% subsidiary of Syntel Inc and 49% shareholder of the joint venture (JV) entity State Street Syntel Sourcing (Mauritius) Ltd.,(SSSSML), the other shareholder being an affiliate of State Street Bank. Syntel Delaware has a variable interest in SSSSML as they are entitled to all the profits and solely responsible for all losses incurred by Syntel Mauritius even though it holds only 49% in the Joint Venture entity. Accordingly, Syntel Delaware consolidates the JV entity SSSSML.

The Company’s KPO services to State Street Bank and two other clients are provided through the above joint venture between the Company and an affiliate of State Street Bank. Sales of KPO services only to these three clients represented approximately 14.7% and 13.9% of the Company’s total revenues for the three months ended June 30, 2011 and 2010, respectively and 15.1% and 14.8% for the six months ended June 30, 2011 and 2010, respectively.

16.

FAIR VALUE MEASUREMENTS

The Company follows the accounting standard for fair value measurements and fair value option for financial assets and liabilities, which primarily relate to investments, forward contracts and nonfinancial assets and liabilities.

This standard includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.

The fair value hierarchy consists of the following three levels:

•

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.

•

Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2011:


	(In Millions)
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents Money Market Funds	$	18.5		—		—	$	18.5
Short Term Investments- Available for Sale Securities		20.3		—		—		20.3
Fair value of foreign exchange forward contracts		—		0.6		—		0.6

Total Assets measured at fair value	$	38.8		0.6		—	$	39.4

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2010:


	(In Millions)
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents Money Market Funds	$	23.3		—		—	$	23.3
Short Term Investments- Available for Sale Securities		33.3		—		—		33.3
Fair value of foreign exchange forward contracts		—		1.0		—		1.0

Total Assets measured at fair value	$	56.6		1.0		—	$	57.6

The value of each foreign exchange forward contract, at the end of each reporting period is calculated by using the forward contract rates published by Foreign Exchange Dealers’ Association of India (F.E.D.A.I). The difference between the current market forward price and the contracted forward price for each foreign exchange contract is calculated which then is applied to each outstanding contract. The market forward rates include a premium or a discount and the credit risk factor. The amounts are aggregated by type of contract and maturity.

Foreign currency option contracts are valued using third party valuation models based on market observable inputs, including general interest rate, market volatilities, credit risk, cash flow projections and size of the transaction.

In addition to the above the following table summarizes the term deposits with various banks outstanding as at June 30, 2011 and December 31, 2010.


	(In Millions)
	As at June 30, 2011		As at December 31, 2010
Balance Sheet Item
Cash & Cash Equivalents	$	32.3	$	20.0
Short Term Investments		186.6		175.4
Non Current Assets		0.03		0.1

Total	$	218.93	$	195.5

17.

Investment in Medivo Inc.

The Company has agreed to invest $125,000 in a Convertible Debt Promissory Note of Medivo, Inc. (“Medivo”), a Delaware corporation. $75,000 of the investment was made in cash on July 6, 2011 and $50,000 will be made in kind through efforts made under Master Services Agreement (“MSA”) executed with Medivo. The in-kind portion will be made over time as per the terms of the MSA. The Letter of Intent (“LOI”) and MSA for the same were signed on July 1, 2011. The note pays 6% interest per annum which is payable quarterly for two years and will be converted to Medivo common stock based on a 30% discount during Medivo’s next round of financing. In case there is no next round, the note will undergo automatic conversion to common stock at a pre-money valuation of $10,000,000 at the two year anniversary. The Convertible Debt Promissory Note is unsecured and will be deployed for sales and marketing activities at Medivo. Such debt offered will not be registered under the Securities Act of 1933. As of July 1, 2011, there were no efforts made under the in-kind portion of the investment.

18.

RECENT ACCOUNTING PRONOUNCEMENTS

In January 2010, the FASB issued ASU 2010-06, which amends ASC 820 to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. The ASU also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. Further, the ASU amends guidance on employers’ disclosures about postretirement benefit plan assets under ASC 715 to require that disclosures be provided by classes of assets instead of by major categories of assets. However, unlike the proposed ASU, the final ASU does not require entities to provide sensitivity disclosures. The FASB will consider whether to require sensitivity disclosures jointly with the IASB as part of a new convergence project on fair value measurement and disclosures. The ASU is effective for the first reporting period (including interim periods) beginning after December 15, 2009, except for the requirement to provide the Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which will be effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard during the first quarter of 2011 and there was no significant impact on the Company’s financial statements.

In December 2010, the FASB issued Accounting Standards Update 2010-28, “Intangibles- Goodwill and other (Topic 350): When to perform step 2 of the Goodwill Impairment Test for Reporting Units with zero or negative carrying amounts” (ASU 2010-28). This Update provides guidance on how an entity with reporting units that have a zero or negative carrying amounts shall consider qualitative factors in addition to the goodwill impairment Step 1 process to determine if Step 2 of the goodwill impairment process shall be completed. If

the qualitative factors indicate that events or circumstances exist that indicate it is more likely than not that goodwill impairment exists, a Step 2 goodwill analysis is required even if Step 1 was passed. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. Early adoption is not permitted. The Company adopted this standard during the first quarter of 2011 and there was no significant impact on the Company’s financial statements.

In December 2010, the FASB issued Accounting Standards Update 2010-29, “Business Combinations Topic (805): Disclosure of supplementary pro forma Information for Business Combinations” (ASU 2010-29). This update provides clarification on the presentation of pro forma information for business combinations and applies to public entities. The Update specifies that the pro forma disclosure should include revenue and earnings of the combined entity as though the business combination(s) during the current year had occurred as of the beginning of the comparable prior annual reporting period only if comparative financial statements are presented. It also expands the supplemental pro forma disclosures to include a description of the nature and amount of the material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments are effective on a prospective basis for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. The Company adopted this standard during the first quarter of 2011 and there was no significant impact on the Company’s financial statements.

In April, 2011, the FASB issued Accounting Standards Update No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, to provide largely identical guidance about fair value measurement and disclosure requirements with the IASB's new IFRS 13, Fair Value Measurement. Issuing this standard completes a major project of the Boards’ joint work to improve and converge IFRS and U.S. GAAP. The new standard does not extend the use of fair value but, rather, provides guidance about how fair value should be applied where it already is required or permitted under U.S. GAAP. Most of the changes are clarifications of existing guidance or wording changes to align with IFRS 13. A public entity is required to apply the ASU prospectively for interim and annual periods beginning after December 15, 2011. Early adoption is not permitted for a public entity. In the period of adoption, a reporting entity will be required to disclose a change, if any, in valuation technique and related inputs that result from applying the ASU and to quantify the total effect, if practicable. The requirements of this ASU and its impact on the Company are being evaluated.

In June, 2011, the FASB issued Accounting Standards Update No. 2011-05- Presentation of Comprehensive Income – increases the prominence of other comprehensive income in financial statements. Under this ASU, an entity will have the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. The ASU eliminates the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. An entity should apply the ASU retrospectively. For a public entity, the ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The requirements of this ASU and its impact on the Company are being evaluated.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

SYNTEL INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

Net Revenues. The Company’s revenues consist of fees derived from its Applications Outsourcing, Knowledge Process Outsourcing (“KPO”), e-Business and TeamSourcing business segments. Net revenues for the three months ended June 30, 2011 increased to $157.0 million from $130.6 million for the three months ended June 30, 2010, representing a 20.2% increase. Net revenues for the six months ended June 30, 2011 increased to $302.4 million from $246.7 million for the six months ended June 30, 2010, representing a 22.6% increase. The increase in

revenue was primarily due to additional business. The Company’s verticalization sales strategy focusing on Banking and Financial Services; Healthcare; Insurance; Telecom; Automotive; Retail and Logistics and Travel has enabled better focus and relationships with key clients. Further, continued focus on execution and investments in new offerings such as our Testing and Center of Excellence have a potential to contribute growth in the business. Syntel’s focus is to continue investments in more new offerings and geographic expansion. Worldwide billable headcount as of June 30, 2011 increased by 19.6% to 12,911 employees as compared to 10,793 employees as of June 30, 2010. The increase in revenues is commensurate with the growth in billable headcount. As of June 30, 2011, the Company had approximately 79.9% of its billable workforce in India as compared to 78.4% as of June 30, 2010. The Company’s top five clients accounted for 63.5% of the total revenues in the three months ended June 30, 2011, up from 58.9% of its total revenues in the three months ended June 30, 2010. The Company’s top five clients accounted for 63.6% of the total revenues in the six months ended June 30, 2011, up from 59.3% of its total revenues in the six months ended June 30, 2010. Moreover, the Company’s top 10 clients accounted for 76.8% of the total revenues in the three months ended June 30, 2011 as compared to 74.2% in the three months ended June 30, 2010. The Company’s top 10 clients accounted for 77.1% of the total revenues in the six months ended June 30, 2011 as compared to 74.8% in the six months ended June 30, 2010.

Cost of Revenues. The Company’s cost of revenues consists of costs directly associated with billable consultants in the US and offshore, including salaries, payroll taxes, benefits, relocation costs, immigration costs, finder’s fees, trainee compensation and travel. The cost of revenues increased to 63.8% of total revenues for the three months ended June 30, 2011, from 60.5% for the three months ended June 30, 2010. The 3.3% increase in cost of revenues, as a percent of revenues for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, was attributable primarily to increases in headcount, salary increments for offshore employees and rupee appreciation. The cost of revenues increased to 64.4% of total revenues for the six months ended June 30, 2011, from 59.1% for the six months ended June 30, 2010. The 5.3% increase in cost of revenues, as a percent of revenues for the six months ended June 30, 2011, as compared to the six months ended June 30, 2010, was attributable primarily to increases in headcount, salary increments for offshore and onsite employees and rupee appreciation.

Applications Outsourcing Revenues. Applications Outsourcing revenues increased to $116.9 million for the three months ended June 30, 2011 or 74.0% of total revenues, from $99.3 million, or 76.0% of total revenues for the three months ended June 30, 2010. The $17.6 million increase was attributable primarily to revenues from new engagements contributing $81.9 million, largely offset by $56.2 million in lost revenues as a result of project completion and $8.1 million net reduction in revenues from existing projects. The revenues for the six months ended June 30, 2011 increased to $223.7 million, or 74.0% of total revenues, from $186.0 million or 75.4% of total revenues for the six months ended June 30, 2010. The $37.7 million increase for the six months ended June 30, 2011 was attributable primarily to revenues from new engagements of $147.5 million, largely offset by $61.3 million in lost revenues as a result of project completion and $48.5 million net decrease in revenues from existing projects.

Applications Outsourcing Cost of Revenues. Applications Outsourcing cost of revenues consists of costs directly associated with billable consultants in the US and offshore, including salaries, payroll taxes, benefits, relocation costs, immigration costs, finder’s fees, trainee compensation and travel. Applications Outsourcing cost of revenues increased to 68.0% of total Applications Outsourcing revenues for the three months ended June 30, 2011, from 65.9% for the three months ended June 30, 2010. The 2.1% increase in cost of revenues, as a percent of revenues for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, was attributable primarily to increases in headcount, salary increments for offshore employees and rupee appreciation. Cost of revenues for the six months ended June 30, 2011 increased to 68.8% of total Applications Outsourcing revenues, from 65.1% for the six months ended June 30, 2010. The 3.7% increase in cost of revenues, as a percent of revenues for the six months ended June 30, 2011, as compared to the six months ended June 30, 2010, was attributable primarily to increases in headcount, salary increments for offshore employees and rupee appreciation.

KPO Revenues. KPO revenues increased to $24.5 million for the three months ended June 30, 2011, or 15.6% of total revenues, from $18.9 million, or 14.5% of total revenues for the three months ended June 30, 2010. The $5.6 million increase was attributable primarily to revenues from new engagements contributing $5.7 million and $0.3 million net increase in revenues from existing projects, largely offset by $0.4 million in lost revenues as a result of project completion. The revenues for the six months ended June 30, 2011 increased to $48.0 million, or 15.9% of the total revenues, from $37.8 million or 15.3% of the total revenues for the six months ended June 30, 2010. The $10.2 million increase was attributable primarily to revenues from new engagements contributing $10.9 million, largely offset by $0.7 million in lost revenues as a result of project completion and net decrease in revenues from existing projects.

KPO Cost of Revenues. KPO cost of revenues consists of costs directly associated with billable consultants, including salaries, payroll taxes, benefits, finder’s fees, trainee compensation, and travel. Cost of revenues for the three months ended June 30, 2011 increased to 43.5% of KPO revenues from 37.8% for the three months ended June 30, 2010. The 5.7% increase in cost of revenues, as a percent of revenues for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, was attributable primarily to increases in headcount, salary increments for offshore employees and rupee appreciation. Cost of revenues for the six months ended June 30, 2011 increased to 44.3% of KPO revenues, from 33.9% for the six months ended June 30, 2010. The 10.4% increase in cost of revenues, as a percent of revenues for the six months ended June 30, 2011, as compared to the six months ended June 30, 2010, was attributable primarily to better utilization of resources and cost rationalization partly offset by rupee appreciation and increase in other expenses.

e-Business Revenues. E-Business revenues increased to $12.5 million for the three months ended June 30, 2011, or 8.0% of total revenues, from $9.0 million, or 6.9% of total revenues for the three months ended June 30, 2010. The $3.5 million increase was attributable primarily to revenues from new engagements contributing $7.8 million, largely offset by $2.5 million in lost revenues as a result of project completion and $1.8 million net decrease in revenues from existing projects. The revenues for the six months ended June 30, 2011 increased to $25.2 million, or 8.3% of total revenues, from $16.4 million or 6.7% of total revenues for the six months ended June 30, 2010. The $8.8 million increase for the six months ended June 30, 2011 was attributable principally to a $10.0 million increases in revenues from new engagements and $3.5 million of net increase in revenues from existing customers, largely offset by $4.7 million in lost revenues as a result of project completion.

e-Business Cost of Revenues. e-Business cost of revenues consists of costs directly associated with billable consultants in the US and offshore, including salaries, payroll taxes, benefits, relocation costs, immigration costs, finder’s fees, trainee compensation, and travel. e-Business cost of revenues increased to 65.5% of total e-Business revenues for the three months ended June 30, 2011, from 56.7% for the three months ended June 30, 2010. The 8.8% increase in cost of revenues as a percent of e-Business revenues for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, is principally attributable to increases in headcount, salary increments for offshore employees and rupee appreciation. Cost of revenues for the six months ended June 30, 2011 increased to 64.7% of total e-business revenues, from 55.9% for the six months ended June 30, 2010. The 8.8% increase in cost of revenues, as a percent of revenues for the six months ended June 30, 2011, as compared to the six months ended June 30, 2010, was attributable primarily to increases in headcount, salary increments for offshore and onsite employees and rupee appreciation.

TeamSourcing Revenues. TeamSourcing revenues decreased to $3.1 million for the three months ended June 30, 2011, or 2.0% of total revenues, from $3.5 million, or 2.7% of total revenues for the three months ended June 30, 2010. The $0.4 million decrease was attributable primarily to lost revenues as a result of project closure contributing $1.7 million and $0.3 million net decrease in

revenues from existing projects, largely offset by increase in revenue from new engagements contributing $1.6 million. The revenues for the six months ended June 30, 2011 decreased to $5.5 million, or 1.8% of total revenues, from $6.4 million or 2.6% of total revenues for the six months ended June 30, 2010. The $0.9 million decrease for the six months ended June 30, 2011 was attributable principally to $2.6 million decrease in revenues from exising projects and $0.9 million decrease in revenue from project completion, largely offset by $2.6 million increase in revenues from new engagements.

TeamSourcing Cost of Revenues. TeamSourcing cost of revenues consists of costs directly associated with billable consultants in the US and offshore, including salaries, payroll taxes, benefits, relocation costs, immigration costs, finder’s fees, trainee compensation, and travel. TeamSourcing cost of revenues increased to 60.3% of TeamSourcing revenues for the three months ended June 30, 2011, from 40.4% for the three months ended June 30, 2010. Cost of revenues for the six months ended June 30, 2011 increased to 61.3% of total TeamSourcing revenues, from 42.3% for the six months ended June 30, 2010. Both the 19.9% and 19.0% increased in TeamSourcing cost of revenues, as a percent of TeamSourcing revenues, is attributable primarily to lower utilization of resources.

Selling, General, and Administrative Expenses. Selling, general, and administrative expenses consist primarily of salaries, payroll taxes and benefits for sales, solutions, finance, administrative, and corporate staff; travel; telecommunications; business promotions; and marketing and various facility costs for the Company’s global development centers and other offices.

Selling, general, and administrative expenses for the three months ended June 30, 2011 were $27.8 million or 17.7% of total revenues, compared to $19.1 million or 14.6% of total revenues for the three months ended June 30, 2010.

Selling, general and administrative costs for the three months ended June 30, 2011 were impacted by an increase in revenue by $26.3 million having resulting in a 3.6 percentage decrease in selling, general and administrative expenses as a percentage of total revenue.

The said decrease was partially offset by an increases in compensation and benefits of $1.9 million, facility costs of $2.7 million, corporate expenses of $1.7 million, foreign exchange loss of $1.9 million and depreciation and amortization of $0.8 million partially offset by decreases in travel & relocation costs of $0.1 million and other expenses of $0.2 million which has resulted in an approximately 6.7 percentage net increase.

Selling, general, and administrative expenses for the six months ended June 30, 2011 were $52.4 million or 17.3% of total revenues, compared to $41.4 million or 16.8% of total revenues for the six months ended June 30, 2010.

Selling, general and administrative costs for the six months ended June 30, 2011 were impacted by an increase in revenue by $55.7 million having resulting in a 3.9 percentage decrease in selling, general and administrative expenses as a percentage of total revenue.

The said decrease was partially offset by an increases in compensation costs of $3.5 million, training & recruitment cost of $0.2 million, corporate expenses of $2.6 million, facility costs of $4.6 million and depreciation and amortization of $1.1 million due to new facility started during the period partially offset by decrease in travel & relocation costs of $0.2 million, foreign exchange loss of $0.1 million and other expenses of $0.7 million which has resulted in an approximately 4.4 percentage net increase.

Other Income. Other income includes interest and dividend income, gains and losses from sale of securities, other investments and treasury operations.

Other income for the three months ended June 30, 2011 was $5.9 million or 3.8% of total revenues, compared to $2.0 million or 1.5% of total revenues for the three months ended June 30, 2010. The increase in other income of $3.9 million was attributable to: increase in interest income of $2.6 million, gains on forward contracts by $0.6 million and gain on sale of mutual funds of $0.7 million.

Other income for the six months ended June 30, 2011 was $12.0 million or 4.0% of total revenues, compared to $4.2 million or 1.7% of total revenues for the six months ended June 30, 2010. The increase in other income of $7.8 million was attributable to: increase in interest income of $4.9 million, gains on forward contracts of $1.7 million, gain on sale of forward contract of $1.0 million and miscellaneous receipt of $0.1 million.

Income Taxes

The Company records provisions for income taxes based on enacted tax laws and rates in the various taxing jurisdictions in which it operates. In determining the tax provisions, the Company provides for tax uncertainties in income taxes, when it is more likely than not, based on the technical merits, that a tax position would not be sustained upon examination. Such uncertainties, which are recorded in income taxes payable, are based on management’s estimates and accordingly are subject to revision based on additional information. The provision no longer required for any particular tax year is credited to the current period’s income tax expenses. Conversely, in the event of a future tax examination, any additional tax expense not previously provided for will be recognized in the period in which the actual liability is concluded or management determines that the Company will not prevail on certain tax positions taken in filed returns, based on the “more likely than not” concept.

FINANCIAL POSITION

Cash and Cash Equivalents: Cash and Cash equivalents decreased to $87.7 million at June 30, 2011 from $92.0 million at June 30, 2010.

LIQUIDITY AND CAPITAL RESOURCES

The Company generally has financed its working capital needs through operations. The Mumbai, Chennai, Pune (India) and other expansion programs are financed from internally generated funds. The Company’s cash and cash equivalents consist primarily of certificates of deposit, corporate bonds and treasury notes. These amounts are held by various banking institutions including US-based and India-based banks.

Net cash generated by operating activities was $40.9 million for the six months ended June 30, 2011. This includes a reduction of $13.8 million related to a increase in net accounts receivable. The net cash generated by operating activities was $33.7 million for the six months ended June 30, 2010. The number of days sales outstanding in net accounts receivable were approximately 56 days as of June 30, 2011 and 2010.

Net cash used in investing activities was $28.3 million for the six months ended June 30, 2011, consisting principally of $31.2 million of capital expenditures primarily for construction/acquisition of Global Development Center at Pune, Leasehold land at Tirunelveli, Knowledge Process Outsourcing facility at Mumbai and an additional facility in Chennai, as well as for acquisition of computers and software and communications equipment and the purchase of short term investments of $157.2 million, largely offset by $160.1 million from the sale of short term investments. Net cash used in investing activities was $23.6 million for the six months ended June 30, 2010, consisting principally of $8.9 million of capital expenditures primarily for construction/acquisition of Global Development Center at Pune, Knowledge Process Outsourcing facility at Mumbai and an additional facility in Chennai, as well as for acquisition of computers and software and communications equipment and the purchase of short term investments of $215.2 million, largely offset by $200.5 million from the sale of short term investments.

Net cash used in financing activities was $5.0 million for the six months ended June 30, 2011, consisting principally of $5.0 million in dividends paid out during the six months. Net cash used in financing activities was $4.4 million for the six months ended June 30, 2010, consisting principally of $5.0 million in dividends paid out, partially offset by proceeds of $0.6 million from the issuance of shares under the Company’s employee stock option plan exercised during the six months.

The Company has a line of credit with JP Morgan Chase Bank NA, which provides for borrowings up to $20.0 million and expires on August 31, 2011. The interest shall be paid to the Bank on the outstanding and unpaid principal amount of each Commercial Bank Floating Rate advance at the Commercial Bank Floating Rate plus the applicable margin and each LIBOR rate advance at the adjusted LIBOR rate. There were no outstanding borrowings at June 30, 2011 or December 31, 2010.

The Company believes that the combination of present cash balances and future operating cash flows will be sufficient to meet the Company’s currently anticipated cash requirements for at least the next 12 months.

CRITICAL ACCOUNTING POLICIES

We believe the following critical accounting policies, among others, involve the more significant judgments and estimates used in the preparation of our consolidated financial statements. The Company has discussed this critical accounting policy and the estimates with the Audit Committee of the Board of Directors.

Revenue Recognition. Revenue recognition is the most significant accounting policy for the Company. The Company recognizes revenue from time and material contracts as services are performed. During the three months ended June 30, 2011 and 2010 revenues from time and material contracts constituted 62% and 54% of total revenues, respectively. Revenue from fixed-price, application management, maintenance and support engagements is recognized as earned, which generally results in straight-line revenue recognition as services are performed continuously over the term of the engagement. During the three months ended June 30, 2011 and 2010, revenues from fixed price application management and support engagements constituted 24% and 35% of total revenues, respectively.

Revenue on fixed price development projects is measured using the proportional performance method of accounting. Performance is generally measured based upon the efforts incurred to date in relation to the total estimated efforts required through the completion of the contract. The Company monitors estimates of total contract revenues and cost on a routine basis throughout the delivery period. The cumulative impact of any change in estimates of the contract revenues or costs is reflected in the period in which the change becomes known. In the event that a loss is anticipated on a particular contract, provision is made for the estimated loss. The Company issues invoices related to fixed price contracts based on either the achievement of milestones during a project or other contractual terms. Differences between the timing of billings and the recognition of revenue based upon the proportional performance method of accounting are recorded as revenue earned in excess of billings or deferred revenue in the accompanying financial statements. During the three months ended June 30, 2011 and 2010, revenues from fixed price development contracts constituted 14% and 11% of total revenues, respectively.

Significant Accounting Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. By their nature, these estimates and judgments are subject to an inherent degree of uncertainty. The Company bases its estimates and judgments on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Revenue Recognition. The use of the proportional performance method of accounting requires that the Company make estimates about its future efforts and costs relative to its fixed price contracts. While the Company has procedures in place to monitor the estimates throughout the performance period, such estimates are subject to change as each contract progresses. The cumulative impact of any such changes is reflected in the period in which the change becomes known.

Allowance for Doubtful Accounts. The Company records an allowance for doubtful accounts based on a specific review of aged receivables. The provision for the allowance for doubtful accounts is recorded in selling, general and administrative expenses. These estimates are based on our assessment of the probable collection from specific client accounts, the aging of the accounts receivable, analysis of credit data, bad debt write-offs, and other known factors.

Income Taxes—Estimates of Effective Tax Rates and Reserves for Tax Contingencies. The Company records provisions for income taxes based on enacted tax laws and rates in the various taxing jurisdictions in which it operates. In determining the tax provisions, the Company provides for tax uncertainties in income taxes, when it is more likely than not, based on the technical merits, that a tax position would not be sustained upon examination. Such uncertainties, which are recorded in income taxes payable, are based on management’s estimates and accordingly are subject to revision based on additional information. The provision no longer required for any particular tax year is credited to the current period’s income tax expenses. Conversely, in the event of a future tax examination, any additional tax expense not previously provided for will be recognized in the period in which the actual liability is concluded or management determines that the Company will not prevail on certain tax positions taken in filed returns, based on the “more likely than not” concept.

Accruals for Legal Expenses and Exposures. The Company estimates the costs associated with known legal exposures and their related legal expenses and accrues reserves for either the probable liability, if that amount can be reasonably estimated, or otherwise the lower end of an estimated range of potential liability.

Undistributed earnings of foreign subsidiaries. The Company intends to use accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly undistributed earnings of foreign subsidiaries are considered to be indefinitely reinvested outside the United States and no provision for U. S. federal and state income tax or applicable dividend distribution tax has been provided thereon.

FORWARD LOOKING STATEMENTS

Certain information and statements contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this report, including the allowance for doubtful accounts, contingencies and litigation, potential tax liabilities, interest rate or foreign currency risks, and projections regarding our liquidity and capital resources, could be construed as forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements containing words such as “could”, “expects”, “may”, “anticipates”, “believes”, “estimates”, “plans”, and similar expressions. In addition, the Company or persons acting on its behalf may, from time to time, publish other forward looking statements. Such forward looking statements are based on management’s estimates, assumptions and projections and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward looking statements.

Although management believes that the expectations, forecasts and goals reflected in these forward-looking statements are reasonable, actual results could differ materially for a variety of reasons, including, without limitation, the risks and uncertainties detailed in “Item 1A. Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2010.

Other factors not currently anticipated may also materially and adversely affect our results of operations, cash flows, financial position and prospects. There can be no assurance that future results will meet expectations. While we believe that the forward-looking statements in this Quarterly Report on Form 10-Q are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. We do not undertake, and expressly disclaim any obligation to update or alter any statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

ITEM 3. QUANTITATIVE

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company is exposed to the impact of interest rate changes and foreign currency fluctuations.

Interest Rate Risk

The Company considers investments purchased with an original maturity of less than three months at date of purchase to be cash equivalents. The following table summarizes the Company’s cash and cash equivalents and short term investments:


	June 30, 2011		December 31, 2010
	(in thousands)
ASSETS

Cash and cash equivalents	$	87,656	$	78,505
Short term investments		206,941		208,695

Total	$	294,597	$	287,200

The Company’s exposure to market rate risk for changes in interest rates relates primarily to its investment portfolio. The Company does not use derivative financial instruments in its investment portfolio. The Company’s investments are in high-quality Indian Mutual Funds and, by policy, limit the amount of credit exposure to any one issuer. At any time, changes in interest rates could have a material impact on interest earnings for our investment portfolio. The Company strives to protect and preserve our invested funds by limiting default, market and reinvestment risk. Investments in interest earning instruments carry a degree of interest rate risk. Floating rate securities may produce less income than expected if there is a decline in interest rates. Due in part to these factors, the Company’s future investment income may fall short of expectations, or the Company may suffer a loss in principal if the Company is forced to sell securities, which have declined in market value due to changes in interest rates as stated above.

Foreign Currency Risk

The Company’s sales are primarily sourced in the United States of America and its subsidiary in the United Kingdom and are mostly denominated in U.S. dollars or UK pounds, respectively. Its foreign subsidiaries incur most of their expenses in the local currency. Accordingly, all foreign subsidiaries use the local currency as their functional currency. The Company’s business is subject to risks typical of an international business, including, but not limited to differing economic conditions, changes in political climate, differing tax structures, other regulations and restrictions, and foreign exchange rate volatility. Accordingly, the Company’s future results could be materially adversely impacted by changes in these or other factors. The risk is partially mitigated as the Company has sufficient resources in the respective local currencies to meet immediate requirements. The Company is also exposed to foreign exchange rate fluctuations as the financial results of foreign subsidiaries are translated into U.S. dollars in consolidation. As exchange rates vary, these results, when translated, may vary from expectations.

During the three months ended June 30, 2011, the Indian rupee has appreciated against the U.S. dollar by 1.30% as compared to the three months ended March 31, 2011. This rupee appreciation unfavorably impacted the Company’s gross margin by 42 basis points, operating income by 58 basis points and net income by 55 basis points, each as a percentage of revenue. The Indian rupee denominated cost of revenues and selling, general and administrative expense was 52.7% and 73.5% of the expenses, respectively.

Although the Company cannot predict future movement in interest rates or fluctuations in foreign currency rates, the Company does not currently anticipate that interest rate risk or foreign currency risk will have a significant impact. In order to limit the exposure to interest rate or fluctuations in foreign currency rates, the Company entered into foreign exchange forward contracts where the counter party is a bank during the three months ended June 30, 2011, but these contracts do not have a material impact on the financial statements.

The Company entered into foreign exchange forward contracts to hedge part of its revenues where the counter party is a bank, during the quarter ended June 30, 2011, the Company did not enter into new foreign exchange forward contacts. The Company considers the risks of non-performance by the counter party is not material. Aggregate contracted principal amounts of contracts outstanding amounted to $30.0 million as of June 30, 2011. The outstanding foreign exchange forward contracts as of June 30, 2011 mature in six months. The fair value of the foreign exchange forward contracts of $0.63 million is reflected in other current assets in the balance sheet of the Company as at June 30, 2011. Net Gains/(Losses) on foreign exchange forward contracts are included under the heading other income in the statement of income for the three months ended June 30, 2011 amounted to $0.39 million.

ITEM 4. CONTROLS

AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management evaluated, with the participation of the Company’s principal executive officers (the Chairman of the Board, Chief Executive Officer and Chief Financial Officer), the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a- 15(e) under the Securities and Exchange Act of 1934) as of the end of the period covered by this report. Based on that evaluation, the principal executive officers have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

Changes in Internal Control over Financial Reporting

There has been no change in the Company’s internal control over financial reporting that occurred during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings.

While the Company is a party to ordinary routine litigation incidental to the business, the Company is not currently a party to any material legal proceeding or governmental investigation.

Item 1A.

Risk Factors.

There have been no material changes in the Company’s risk factors as disclosed in the Company’s annual report on Form 10-K for the year ended December 31, 2010.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

(Removed and Reserved).

Item 5.

Other Information.

None.

Item 6.

Exhibits.

The Company’s Chairman shares certain principal executive officer responsibilities with the Company’s Chief Executive Officer and President. Therefore, in accordance with Rule 13a-14(a)/Rule 15d-14(a), both the Chairman and the Chief Executive Officer and President sign a 302 certification and the 906 certification as principal executive officers.

Exhibits


Exhibit No.		Description

31.1		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.

31.2		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.

31.3		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.

32		Section 1350 Certification of Principal Executive Officers and Principal Financial Officer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		SYNTEL, INC.

Date: August 5, 2011		/s/ Prashant Ranade
		Prashant Ranade,
		Chief Executive Officer and President

Date: August 5, 2011		/s/ Arvind Godbole
		Arvind Godbole,
		Chief Financial Officer &
		Chief Information Security Officer

EXHIBIT INDEX


Exhibit No.		Description

31.1		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.

31.2		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.

31.3		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.

32		Section 1350 Certification of Principal Executive Officers and Principal Financial Officer.

EX-31.1 2 dex311.htm SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Prashant Ranade, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Syntel, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2011

/s/ Prashant Ranade

Prashant Ranade,

Chief Executive Officer and President

EX-31.2 3 dex312.htm SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bharat Desai, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Syntel, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2011

/s/ Bharat Desai

Bharat Desai, Chairman

EX-31.3 4 dex313.htm SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

EXHIBIT 31.3

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Arvind Godbole, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Syntel, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2011

/s/ Arvind Godbole

Arvind Godbole,

Chief Financial Officer &

Chief Information Security Officer.

EX-32 5 dex32.htm SECTION 906 CERTIFICATION OF PEO'S AND PFO SECTION 906 CERTIFICATION OF PEO'S AND PFO

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Syntel, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Bharat Desai, Chairman of the Company, Prashant Ranade, Chief Executive Officer and President of the Company and Arvind Godbole, Chief Financial Officer & Chief Information Security Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Bharat Desai

Bharat Desai

Syntel, Inc. Chairman

August 5, 2011

/s/ Prashant Ranade

Prashant Ranade

Syntel, Inc. Chief Executive Officer and President

August 5, 2011

/s/ Arvind Godbole

Arvind Godbole

Syntel, Inc. Chief Financial Officer &

Chief Information Security Officer

August 5, 2011

EX-101.INS 6 synt-20110630.xml XBRL INSTANCE DOCUMENT 0001040426 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-06-30 0001040426 us-gaap:RestrictedStockMember 2011-01-01 2011-06-30 0001040426 us-gaap:CommonStockMember 2011-01-01 2011-06-30 0001040426 us-gaap:RetainedEarningsMember 2011-06-30 0001040426 us-gaap:AdditionalPaidInCapitalMember 2011-06-30 0001040426 us-gaap:AccumulatedTranslationAdjustmentMember 2011-06-30 0001040426 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2011-06-30 0001040426 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2011-06-30 0001040426 us-gaap:RetainedEarningsMember 2010-12-31 0001040426 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001040426 us-gaap:AccumulatedTranslationAdjustmentMember 2010-12-31 0001040426 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2010-12-31 0001040426 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2010-12-31 0001040426 us-gaap:RestrictedStockMember 2011-06-30 0001040426 us-gaap:CommonStockMember 2011-06-30 0001040426 us-gaap:RestrictedStockMember 2010-12-31 0001040426 us-gaap:CommonStockMember 2010-12-31 0001040426 us-gaap:AccumulatedTranslationAdjustmentMember 2011-01-01 2011-06-30 0001040426 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2011-01-01 2011-06-30 0001040426 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2011-01-01 2011-06-30 0001040426 us-gaap:RetainedEarningsMember 2011-01-01 2011-06-30 0001040426 2011-04-01 2011-06-30 0001040426 2010-04-01 2010-06-30 0001040426 2010-06-30 0001040426 2009-12-31 0001040426 2011-06-30 0001040426 2010-12-31 0001040426 2010-01-01 2010-06-30 0001040426 2011-07-31 0001040426 2011-01-01 2011-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q2 2011 2011-06-30 10-Q 0001040426 41750143 Accelerated Filer SYNTEL INC 28880000 13803000 2486000 2754000 <div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">15.</td> <td valign="top" align="left">CONSOLIDATION OF A VARIABLE INTEREST ENTITY </td></tr></table> Syntel Delaware is a 100% subsidiary of Syntel Inc and 49% shareholder of the joint venture (JV) entity State Street Syntel Sourcing (Mauritius) Ltd.,(SSSSML), the other shareholder being an affiliate of State Street Bank. Syntel Delaware has a variable interest in SSSSML as they are entitled to all the profits and solely responsible for all losses incurred by Syntel Mauritius even though it holds only 49% in the Joint Venture entity. Accordingly, Syntel Delaware consolidates the JV entity SSSSML. The Company's KPO services to State Street Bank and two other clients are provided through the above joint venture between the Company and an affiliate of State Street Bank. Sales of KPO services only to these three clients represented approximately 14.7% and 13.9% of the Company's total revenues for the three months ended June 30, 2011 and 2010, respectively and 15.1% and 14.8% for the six months ended June 30, 2011 and 2010, respectively.</div></div> <div> <div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">2.</td> <td valign="top" align="left"> PRINCIPLES OF CONSOLIDATION AND ORGANIZATION </td></tr></table> The condensed consolidated financial statements include the accounts of Syntel, Inc., a Michigan corporation ("Syntel"), its wholly owned subsidiaries, and a joint venture and its subsidiary. All significant inter-company balances and transactions have been eliminated. The wholly owned subsidiaries of Syntel, Inc. are:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Limited, an Indian limited liability company ("Syntel India"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel (Singapore) PTE Limited, a Singapore limited liability company; </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Europe Limited, an United Kingdom limited liability company ("Syntel Europe"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Canada Inc., an Ontario limited liability company; </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Deutschland GmbH, a German limited liability company; </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel (Hong Kong) Limited, a Hong Kong limited liability company; </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Delaware, LLC, a Delaware limited liability company ("Syntel Delaware"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> SkillBay LLC, a Michigan limited liability company ("SkillBay"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel (Mauritius) Limited, a Mauritius limited liability company ("Syntel Mauritius"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Consulting Inc., a Michigan corporation ("Syntel Consulting"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Holding (Mauritius) Limited, a Mauritius limited liability company ("SHML"); </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Worldwide (Mauritius) Limited, a Mauritius limited liability company; and </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel (Australia) Pty. Ltd., an Australian limited liability company. </td></tr></table> The partially owned joint venture of Syntel Delaware is:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> State Street Syntel Services (Mauritius) Limited, a Mauritius limited liability company ("SSSSML"). </td></tr></table> The wholly owned subsidiary of SSSSML is:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> State Street Syntel Services Private Limited, an Indian limited liability company. </td></tr></table>   The wholly owned subsidiaries of Syntel Mauritius are:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel International Private Limited, an Indian limited liability company; and </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Global Private Limited, an Indian limited liability company. </td></tr></table> The wholly owned subsidiaries of SHML are:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Syntel Services Private Limited, an Indian limited liability company; and </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> TriZetto Syntel Services (Mauritius) Limited, a Mauritius limited liability company ("TSSML"). </td></tr></table> The wholly owned subsidiary of TSSML is:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> TriZetto Syntel Services (India) Private Limited, an Indian limited liability company. </td></tr></table> The wholly owned subsidiary of Syntel Europe is:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Intellisourcing, sarl, a French limited liability company.</td></tr></table></div></div></div> <div> <div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">4.</td> <td valign="top" align="left">REVENUE RECOGNITION </td></tr></table> The Company recognizes revenues from time and material contracts as the services are performed. Revenue from fixed-price applications management, maintenance and support engagements is recognized as earned which generally results in straight-line revenue recognition as services are performed continuously over the term of the engagement. Revenue from fixed-priced, applications development and integration projects in the Company's application outsourcing and e-Business segments are measured using the proportional performance method of accounting. Performance is generally measured based upon the efforts incurred to date in relation to the total estimated efforts to the completion of the contract. The Company monitors estimates of total contract revenues and costs on a routine basis throughout the delivery period. The cumulative impact of any change in estimates of the contract revenues or costs is reflected in the period in which the changes become known. In the event that a loss is anticipated on a particular contract, provision is made for the estimated loss. The Company issues invoices related to fixed price contracts based on either the achievement of milestones during a project or other contractual terms. Differences between the timing of billings and the recognition of revenue based upon the proportional performance method of accounting are recorded as revenue earned in excess of billings or deferred revenue in the accompanying consolidated balance sheets. Revenues are reported net of sales incentives. Reimbursements of out-of-pocket expenses are included in revenue in accordance with revenue guidance in the FASB codification.</div></div></div> 66000 30000 <div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">3.</td> <td valign="top" align="left">USE OF ESTIMATES </td></tr></table> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, the allowance for doubtful accounts, impairment of long-lived assets and goodwill, contingencies and litigation, the recognition of revenues and profits based on the proportional performance method and potential tax liabilities. Actual results could differ from those estimates and assumptions used in the preparation of the accompanying financial statements.</div></div> <div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">14.</td> <td valign="top" align="left">VACATION PAY </td></tr></table> The accrual for unutilized leave balance is based on the available leave balance owed to the employees at period end. The leave balance eligible for carry-forward is valued at gross compensation rates and is eligible for payment at basic compensation rates. The gross charge for unutilized earned leave was $2.4 million and $2.0 million for the three months ended June 30, 2011 and 2010, respectively, and $4.4 million and $3.0 million for the six months ended June 30, 2011 and 2010, respectively. The amounts accrued for unutilized earned leave are $17.4 million and $14.5 million as of June 30, 2011 and December 31, 2010, respectively, and are included within 'Accrued payroll and related costs'.</div></div>

10071000

15677000

75873000

76859000

2291000

5667000

16561000

18887000

69338000

77712000

3090000

2687000

546117000

604656000

412107000

444832000

87822000

92000000

78505000

87656000

4178000

9151000

0.12

0.06

0.12

0.06

506326000

145883000

79083000

194760000

100200000

5329000

20391000

43705000

52985000

30931000

31609000

-3464000

-1974000

9783000

8996000

6870000

8087000

<div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">13.</td> <td valign="top" align="left">STOCK BASED COMPENSATION </td></tr></table> Share Based Compensation: The Company originally established a Stock Option and Incentive Plan in 1997 (the "1997 Plan"). On June 1, 2006 the Company adopted the Amended and Restated Stock Option and Incentive Plan (the "Stock Option Plan"), which amended and extended the 1997 Plan. Under the plan, a total of 8 million shares of Common Stock were reserved for issuance. The dates on which options granted under the Stock Option Plan become first exercisable are determined by the Compensation Committee of the Board of Directors, but generally vest over a four-year period from the date of grant. The term of any option may not exceed ten years from the date of grant. For certain options granted during 1997, the exercise price was less than the fair value of the Company's stock on the date of grant and accordingly, compensation expense is being recognized over the vesting period for such difference. For the options granted thereafter, the Company grants the options at the fair market value on the date of grant of the options. The Company accounts for share-based compensation based on the estimated fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's Statement of Income. Share-based compensation expense recognized as above for the three months ended June 30, 2011 and 2010 was $0.60 million and $0.43 million including a charge for restricted stock. For the six months ended June 30, 2011 and 2010, the share-based compensation expense recognized was $1.25 million and $0.50 million, respectively, including a charge for restricted stock. The shares issued upon the exercise of the options are generally new share issues. Restricted Stock: On different dates during the quarter ended June 30, 2004, the Company issued 319,300 shares of incentive restricted stock to its non-employee directors and some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 10%, 20%, 30% and 40% of the shares issued on or after the first, second, third and fourth anniversary of the grant dates, respectively. The restriction on all stocks described in this paragraph lapsed during the year ended December 31, 2008.   On different dates during the quarters ended June 30, 2005 and September 30, 2005, the Company issued 54,806 shares of incentive restricted stock to its non-employee directors and some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 25% of the shares issued on or after the first, second, third and fourth anniversary of the grant dates. The restriction on all stocks described in this paragraph lapsed during the year ended December 31, 2009. Generally, the shares to non-employee directors are granted for their future services starting from the date of the annual meeting to the date of the following annual meeting. On different dates during the year ended December 31, 2006, the Company issued 16,536 shares of incentive restricted stock to its non-employee directors. Generally, the shares to non-employee directors are granted for their future services starting from the date of the annual meeting to the date of the following annual meeting. On different dates during the years ended December 31, 2009, 2008, and 2007, the Company issued 12,224, 80,676 and 14,464 shares, respectively, of incentive restricted stock to its non-employee directors and some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 25% of the shares issued on or after the first, second, third and fourth anniversary of the grant dates. Generally, the shares to non-employee directors are granted for their future services starting from the date of the annual meeting to the date of the following annual meeting. In addition to the shares of restricted stock described above, on different dates during the years ended December 31, 2008, 2007 and 2006 the Company issued 33,000, 66,000 and 57,500 shares, respectively, of incentive restricted stock to some employees as well as to some employees of its subsidiaries. The shares were granted to employees for their future services as a retention tool at a zero exercise price, with the restrictions on transferability lapsing with regard to 20% of the shares issued on or after the first, second, third, fourth and fifth anniversary of the grant dates. During the year ended December 31, 2006, the Company issued 153,500 shares of performance restricted stock to some employees as well as to some employees of its subsidiaries. Each such performance restricted stock grant is divided in a pre-defined proportion with the vesting (lifting of restriction) of one portion based on the overall annual performance of the Company and the vesting (lifting of restriction) of the other portion based on the achievement of pre-defined long-term goals of the Company. These stocks will vest (have the restrictions lifted) over a period of five years (at each anniversary) in equal installments, subject to meeting the above pre-defined criteria of overall annual performance and achievement of the long-term goal. The stock linked to overall annual performance would lapse (revert to the Company) on non-achievement of the overall annual performance in the given year. However, the stock linked to achievement of the long-term goal would roll over into a common pool and would lapse only on the non-achievement of the long-term goal on or prior to the end of fiscal year 2012. On different dates during the year ended December 31, 2010 and during the six months ended June 30, 2011, the Company issued restricted stock awards of 209,358 and 9,614, respectively, to its non-employee directors and some employees as well as to some employee of its subsidiaries. The restricted stock awards were granted to employees for their future services as a retention tool at a zero exercise price, vest in shares with regards to 25% of the awards issued on or after the first, second, third and fourth anniversary of the grant dates.   During the three months ended June 30, 2011 and 2010, the Company expensed $0.60 million and $0.43 million, respectively, as compensation on account of the above stock grants. During the six months ended June 30, 2011 and 2010, the Company expensed $1.25 million and $0.52 million, respectively, as compensation on account of the above stock grants. For the restricted stock issued during the years ended December 31, 2009, 2008, 2007 and 2006, the dividend is accrued and paid subject to the same restriction as the restriction on transferability. For the restricted stock awards issued during the years ended December 31, 2010 and for the six months ended June 30, 2011 no dividend accrues on the restricted stock awards. The impact on the Company's results of operations of recording stock-based compensation (including impact of restricted stock) for the three and six months ended June 30, 2011 and 2010 was as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="75%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended June  30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June  30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cost of revenues</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">173</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">107</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">315</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">115</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Selling, general and administrative expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">423</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">324</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">931</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">381</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">596</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">431</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,246</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> Cash received from option exercises under all share-based payment arrangements for the three months ended June 30, 2011 and 2010, were none and for the six months ended June 30, 2011 and 2010 was none and $0.58 million, respectively. New shares were issued for all options exercised during the six months ended June 30, 2011. Valuation Assumptions The Company calculates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used for each respective period:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="84%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assumptions:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Risk free interest rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.71</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.88</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expected life</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.00</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.00</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Expected volatility</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58.88</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">60.45</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expected dividend yield</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.41</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.71</td> <td valign="bottom" nowrap="nowrap">% </td></tr></table> The Company's computation of expected volatility for the six months ended June 30, 2011 and 2010 is based on historical volatility from exercised options on the Company's stock. The Company's computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is estimated based on the dividend yield at the time of grant, adjusted for expected dividend increases of historical pay out policy.   Share-based Payment Award Activity The following table summarizes activity under the Company equity incentive plans for the six months ended June 30, 2011:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="67%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Weighted Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Weighted Average Remaining Contractual Term (in years)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Aggregate Intrinsic Value (in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Outstanding at December 31, 2010</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,473</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.01</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Granted</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Exercised</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">325</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.00</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Forfeited</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Expired / Cancelled</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,148</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.01</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Outstanding at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Options Exercisable at June 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> No options were granted during the three months ended June 30, 2011 and 2010. The aggregate fair value of shares vested during the six months ended June 30, 2011 and 2010 was $0.02 and $0.67 million, respectively.</div></div>

4995000

2752000

2758000

1.29

0.68

1.27

0.66

1.28

0.68

1.26

0.66

-1493000

1557000

40736000

35656000

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">16.</td> <td valign="top" align="left">FAIR VALUE MEASUREMENTS </td></tr></table> The Company follows the accounting standard for fair value measurements and fair value option for financial assets and liabilities, which primarily relate to investments, forward contracts and nonfinancial assets and liabilities. This standard includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.   The fair value hierarchy consists of the following three levels:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Level 2 – Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="3%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. </td></tr></table> The following table summarizes the Company's financial assets measured at fair value on a recurring basis as of June 30, 2011:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="78%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center">(In Millions)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cash & Cash Equivalents Money Market Funds</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18.5</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Short Term Investments- Available for Sale Securities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.3</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Fair value of foreign exchange forward contracts</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total Assets measured at fair value</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> The following table summarizes the Company's financial assets measured at fair value on a recurring basis as of December 31, 2010:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="78%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center">(In Millions)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Cash & Cash Equivalents Money Market Funds</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23.3</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Short Term Investments- Available for Sale Securities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33.3</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Fair value of foreign exchange forward contracts</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total Assets measured at fair value</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">56.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">57.6</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> The value of each foreign exchange forward contract, at the end of each reporting period is calculated by using the forward contract rates published by Foreign Exchange Dealers' Association of India (F.E.D.A.I). The difference between the current market forward price and the contracted forward price for each foreign exchange contract is calculated which then is applied to each outstanding contract. The market forward rates include a premium or a discount and the credit risk factor. The amounts are aggregated by type of contract and maturity. Foreign currency option contracts are valued using third party valuation models based on market observable inputs, including general interest rate, market volatilities, credit risk, cash flow projections and size of the transaction.   In addition to the above the following table summarizes the term deposits with various banks outstanding as at June 30, 2011 and December 31, 2010.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="83%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(In Millions)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">As at June 30, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">As at December 31, 2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Balance Sheet Item</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Cash & Cash Equivalents</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Short Term Investments</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">186.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">175.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Non Current Assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.03</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">218.93</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">195.5</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>

539000

1521000

906000

100805000

51566000

107597000

56785000

63685000

34411000

67235000

34927000

<div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">12.</td> <td valign="top" align="left">INCOME TAXES </td></tr></table> The following table accounts for the differences between the federal statutory tax rate of 35% and the Company's overall effective tax rate:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="76%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Statutory provision</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.0</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.0</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.0</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">35.0</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr><td valign="top"> State taxes, net of federal benefit</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.5</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.1</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Foreign effective tax rates different from US statutory rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(14.4</td> <td valign="bottom" nowrap="nowrap">%) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17.7</td> <td valign="bottom" nowrap="nowrap">%) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13.5</td> <td valign="bottom" nowrap="nowrap">%) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19.2</td> <td valign="bottom" nowrap="nowrap">%) </td></tr> <tr><td valign="top"> Tax reserve</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Others, net</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.0</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.1</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.0</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.1</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Effective Income Tax Rate</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20.9</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.9</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21.6</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.2</td> <td valign="bottom" nowrap="nowrap">% </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>   During the three months ended June 30, 2011 and 2010, the effective income tax rates were 20.9% and 17.9%, respectively. During the six months ended June 30, 2011 and 2010, the effective income tax rates were 21.6% and 16.2%, respectively. The tax rate for the six months ended June 30, 2011 was impacted due to the effective tax rate impact for certain offshore facilities going out of tax holiday effective April 1, 2011. The Company records provisions for income taxes based on enacted tax laws and rates in the various taxing jurisdictions in which it operates. In determining the tax provisions, the Company provides for tax uncertainties in income taxes, when it is more likely than not, based on the technical merits, that a tax position would not be sustained upon examination. Such uncertainties, which are recorded in income taxes payable, are based on management's estimates and accordingly, are subject to revision based on additional information. The provision no longer required for any particular tax year is credited to the current period's income tax expenses. Conversely, in the event of a future tax examination, any additional tax expense not previously provided for will be recognized in the period in which the actual liability is concluded or management determines that the Company will not prevail on certain tax positions taken in filed returns, based on the "more likely than not" concept. The United States Internal Revenue Service (IRS) commenced an examination of the Company's U.S. income tax returns for years 2004 and 2005 in the first quarter of 2006. During July 2008, the IRS issued a notice of proposed adjustments towards the Company's transfer pricing tax positions for the year 2004 and the Company had appealed against the IRS position. During the first quarter 2009, the Company completed the appeal process with the IRS under a Fast Track Settlement process and agreed to settle all disagreements with the IRS towards the transfer pricing for years 2004, 2005 and 2006 for a certain amount which did not have any negative change to the Company's financial position. The IRS has completed their audits through tax year 2005 and transfer pricing issues through tax year 2006. The Company does not expect any material issues for the remaining open years. Syntel Inc. and its subsidiaries file income tax returns in various tax jurisdictions. The Company is no longer subject to U.S. Federal tax examinations by tax authorities for years before 2007 and for State tax examinations for years before 2006. During 2010, the IRS had commenced an examination of Syntel Limited's U.S. income tax return (form 1120F) for the tax year 2007. The IRS has closed the audit for Syntel India's U.S. income tax returns for the years 2007, 2008 and 2009, after reaching a settlement, for a certain amount, paid during the quarter ended March 31, 2011 which had no material impact on Syntel's financial position. Syntel Limited, the Company's India subsidiary, has disputed tax matters for the financial years 1996-97 to 2006-07 pending at various levels of tax authorities. Financial year 2007-08 and onwards are open for regular tax scrutiny by the Indian tax authorities. However, the tax authorities in India are authorized to reopen the already concluded tax assessments and may re-open the case of Syntel Limited for financial years 2004-05 and onwards. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. During the quarter ended June 30, 2011, the Company recognized interest of approximately $0.07 million. The Company had accrued approximately $0.51 million and $0.39 million for interest and penalties as of June 30, 2011 and December 31, 2010, respectively. For the financial years 1995-96, 1998-99 1999-2000 and 2001-02 , the Income Tax Appellate Tribunal ("ITAT") has held the matter in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. Syntel Limited has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, Syntel Limited has reversed the provision of uncertain tax liability of $0.87M. The liability for unrecognized tax benefits was $22.67 million and $19.71 million, as of June 30, 2011 and December 31, 2010, respectively.   The Company has paid income taxes of $19.46 million and $16.64 million against the liabilities for unrecognized tax benefits of $22.67 million and $19.71 million, as of June 30, 2011 and December 31, 2010, respectively. The Company has paid the taxes in order to reduce the possible interest and penalties related to these unrecognized tax benefits. The Company's amount of unrecognized tax benefits for the tax disputes of $1.46 million and potential tax disputes of $8.35 million could change in the next twelve months as litigations and global tax audits progress. The examination of a particular potential tax dispute of $3.39 million is due by December 31, 2011. At this time, due to the uncertain nature of this process, it is not reasonably possible to estimate an overall range of possible change. Syntel's software development centers/units are located in Mumbai, Chennai Pune and Gurgaon, India. Software development centers/units enjoy favorable tax provisions due to their registration in SEZ, as Export Oriented Unit (EOU) and as units located in Software Technologies Parks of India (STPI). Units registered with STPI, EOU's and certain units located in SEZ are exempt from payment of corporate income taxes for ten years of operations on the profits generated by these units or March 31, 2011 (substituted for "2010" by Finance (No. 2) Act, 2009), whichever is earlier. Certain units located in SEZ are eligible for 100% exemption from payment of corporate income taxes for the first five years of operation and 50% exemption for the next two years and a further 50% exemption for another three years, subject to fulfillment of criteria laid down. New units in SEZ that are operational after April 1, 2005 are eligible for 100% exemption from payment of corporate income taxes for the first five years of operation, 50% exemption for the next five years and a further 50% exemption for another five years, subject to fulfillment of criteria laid down. Six SEZ units located at Mumbai have already ceased to enjoy the above-mentioned tax exemption. One SEZ unit located at Mumbai has completed its first five years of 100% exemption from payment of corporate income tax and effective April 1, 2007, 50% of the profits of the said unit would only be eligible for tax exemption. Further, three more SEZ units located at Mumbai have completed their first five years of 100% exemption from payment of corporate income taxes effective April 1, 2008, 50% of the profits of the said units would only be eligible for tax exemption. Also, the EOU located at Chennai has ceased to enjoy the above-mentioned tax exemption effective April 1, 2007. During the year ended December 31, 2008, Syntel started a Software Development unit in the Pune SEZ and during the year 2009, the Company started one more Software Development unit in the Pune SEZ. During the year ended December 31, 2010, the Company started a Software Development unit in the Syntel-Chennai SEZ. Further, the Company's four STPI units cease to enjoy tax exemption effective April 1, 2011 due to expiration of the statutory period for tax exemption. Syntel KPO units located in Mumbai and Pune were exempt from payment of corporate income taxes on the profits generated by the unit up to March 31, 2011 (substituted for "2010" by Finance (No. 2) Act, 2009). During the year ended December 31, 2008, Syntel started a KPO unit in the Pune SEZ. During the quarter ended June 30, 2011, Syntel started a KPO SEZ unit in Mumbai. Syntel's SEZ in Pune, set up under the SEZ Act 2005, commenced operations in 2008. The SEZ for Chennai commenced operations in 2010. Income from operation of the SEZ, as a developer, is exempt from payment of corporate income taxes for ten out of 15 years from the date of SEZ notification. Provision for Indian income tax is made only in respect of business profits generated from these software development units, to the extent they are not covered by the above exemptions and on income from treasury operations and other income. Syntel Limited had not provided for disputed Indian income tax liabilities amounting to $2.01 million for the financial years 1995-96 to 2001-02, which is after recognizing certain tax liabilities aggregating $0.04 million provided for uncertain income tax positions during the year 2007. During the quarter ended June 30, 2011, Company has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, disputed Indian income tax liabilities reduced to $1.52M and reversed provision of uncertain tax liability of $0.04M. Syntel Limited has obtained an opinion from one independent legal counsel (a former Chief Justice of the Supreme Court of India) for the financial year 1998-99 and opinions from another independent legal counsel (also a former Chief Justice of the Supreme Court of India) for the financial years 1995-96, 1996-97, 1997-98, 1999-2000 and 2000-01 and for subsequent periods, which support Syntel Limited's position in this matter. For the financial year 1998-99, the appeal filed by the Income Tax Department has been dismissed by the ITAT and the matter stands in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court. The Bombay High Court has dismissed the Income Tax Department Appeal on account of a delay in filing tax appeal on July 23, 2009. The Income Tax Department has not filed further appeal before the Supreme Court of India. A similar appeal filed by Syntel Limited with the Commissioner of Income Tax (Appeals) ("CIT(A)") for the financial year 1999-2000 was, however, dismissed in March 2004. Syntel Limited has appealed this decision with the ITAT. During the year 2007, Syntel Limited received a favorable order from the ITAT on this appeal. The Income Tax Department filed a further appeal before the Bombay High Court. The Bombay High Court dismissed the Income Tax Department Appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. Syntel Limited had also received orders for appeals filed with the CIT(A) against the demands raised by the Income Tax Officer for similar matters relating to the financial years 1995-96, 1996-97, 1997-98, 2000-01 and 2001-02 and received a favorable decision for 1995-96 and the contention of Syntel Limited was partially upheld for the other years. Syntel Limited has gone into further appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has appealed the favorable decisions for 1995-96 and the partially favorable decisions for the other years with the ITAT. Syntel Limited has received a favorable order from ITAT. The Income Tax Department has filed further appeals before the Bombay High Court for the financial years 1996-97, 1997-98 and 2000-01. The Bombay High Court has dismissed the Income Tax Department appeal and upheld the ITAT orders on December 15, 2009. The Income Tax Department has filed a review petition before the Bombay High Court. The Income Tax Department review petition was rejected due to filing defects. The Income Tax Department may rectify the defects and re-submit the review petition. Syntel Limited has also not provided for other disputed Indian income tax liabilities aggregating to $5.63 million for the financial years 2001-02 to 2004-05, which is after recognizing tax on certain tax liabilities aggregating $0.03 million provided for uncertain income tax positions during the year 2007, against which Syntel Limited has filed the appeals with the CIT(A). Syntel Limited has obtained opinions from independent legal counsels, which support Syntel Limited's stand in this matter. Syntel Limited has received an order from the CIT(A) for the financial year 2001-02 and the contention of Syntel Limited was partially upheld. Syntel Limited has gone into further appeal with the ITAT in relation to the amounts not allowed by the CIT(A). The Income Tax Department has also filed a further appeal against the relief granted to Syntel Limited by CIT(A). Syntel Limited has received a favorable order from the ITAT on January 24, 2009, wherein the contention of the Company was fully upheld for financial year 2001-02. The Income Tax Department has filed a further appeal before the Bombay High Court against the order of ITAT in respect to tax on one item only. Accordingly, Company tax disputes are reduced for the financial year by $2.4 million. The Bombay High Court has dismissed the Income Tax Department Appeal on account of a delay in filing the tax appeal on July 22, 2009. The Income Tax Department has not filed a further appeal before Supreme Court of India. Syntel Limited has received the order for appeal filed with CIT(A) relating to financial year 2002-03 and financial year 2003-04, wherein the contention of Syntel Limited is partially upheld. Syntel Limited has gone into further appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has also filed a further appeal against the relief granted to Syntel Limited by CIT(A). The Syntel Limited and Income Tax Department appeals are scheduled for hearing before ITAT on October 18, 2011.   For the financial year 2004-05, the appeal of the Company was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A) except one item. The Income Tax Department's appeal was rejected by ITAT. The Income Tax Department has filed a further appeal before the Bombay High Court for the amounts allowed by the ITAT, except an item on which CIT(A) had granted relief to the Company and the Income Tax Department had not filed an appeal before ITAT. Accordingly, the Company has reversed a tax provision of $0.33 million during the year ended December 31, 2010. The Income Tax Department Appeal for the financial year 2004-05 is scheduled for a hearing before the Bombay High Court on August 10, 2011. For the financial year 2005-06, the Indian Income Tax Department has decided against the Company in respect to a particular tax position, and the Company has filed an appeal with the CIT(A). During the year ended December 31, 2010, the Company's appeal for the financial year was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). For the financial year 2006-07, the Indian Income Tax Department has decided against the Company in respect to particular tax position and the Company has filed an appeal with the CIT(A). Syntel Limited has provided for a tax liability amounting to $3.11 million in the books for the financial years 1996-97 to 2006-07, (except for financial year 1998-99, financial year 1999-2000, financial year 2001-02 and financial year 2004-05) on a particular tax matter. Syntel Limited has been contending the taxability of the same with the Indian Income Tax Department. For the financial years 1998-99 and 1999-2000, the ITAT has held the matter in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. Syntel Limited has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, Syntel Limited has reversed the provision of uncertain tax liability of $0.83M. For the financial years 1996-97 to 1997-98 and 2000-01, the Company has received a favorable order from the ITAT, wherein the contention of the Company was upheld for these years. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the appeals filed by the Income Tax Department for the financial years 1996-97, 1997-98 and 2000-01 at the admission stage, on the grounds that no substantial question of law arose from the appeals filed by the Income Tax Department, as the ITAT had given a specific finding which was based on facts. The Income Tax Department has filed a review petition before the Bombay High Court on June 2, 2010. The Income Tax Department review petition was rejected due to filing defects. The Income Tax Department may rectify the defects and re-submit the review petition. For the financial years 2001-02 and 2002-03, the CIT(A) has held against the Company and the Company has filed a further appeal with the ITAT. For the financial year 2001-02, the Income Tax Department appeal has been dismissed by ITAT and the Income Tax Department has filed a further appeal before the Bombay High Court in respect to one item only. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 22, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. For the financial year 2003-04, the CIT(A) has partially allowed the appeal in favor of the Company. The Company has filed an appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). The Income Tax Department has filed an appeal against the relief granted to Company by CIT(A) except one item. The Income Tax Department's appeal has been rejected by ITAT. The Income Tax Department has filed a further appeal before the Bombay High Court for the amounts allowed by the ITAT except an item on which CIT(A) had granted relief to the Company and the Income Tax Department had not filed an appeal before ITAT. Accordingly, the Company reversed a tax provision of $0.33 million during the quarter ended March 31, 2010. The appeal is scheduled for a hearing before Bombay High Court on August 10, 2011. For the financial year 2005-06, the Indian Income Tax Department has decided against the Company in respect to a particular tax position and the Company has filed an appeal with the CIT(A). During the year ended December 31, 2010, the Company's appeal for the financial year 2005-06 was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). For the financial year 2006-07, the Indian Income Tax Department has decided against the Company in respect to a particular tax position and the Company has filed an appeal with the CIT(A). Based on the tax assessment of financial year 2006-07 and on earlier financial years, a tax provision on a potential tax dispute is no longer required. Accordingly, the Company has reversed a tax provision of $0.40 million during the year ended December 31, 2010. Fringe Benefit Tax ("FBT") was introduced on April 1, 2005 as a tax on certain expenses calculated at predetermined rates on the expenses incurred and is payable at the enacted rates for a corporate (taxed @ 33.99% including surcharge, education cess and secondary & higher education cess). FBT is a separate section in the Indian income tax and is payable even by a corporate which is otherwise not liable to pay income taxes as per the Computation of Income. Accordingly, Indian entities had provided towards FBT in year April 1, 2005 to March 31, 2009. Since FBT is a tax on expenditure the amounts are grouped along with the respective expense heads and not as tax expense. This is in line with the industry practice. Syntel Limited has provided and paid FBT on expenses incurred outside India. However, Syntel Limited contested with the Income Tax Department that no FBT shall be paid on expenses incurred outside India. The Income Tax Department has not issued notice for a FBT assessment of financial year 2007-08 and financial year 2008-09, and the time of issuing notice expired on September 30, 2010. However, the period for issuing notice expired on March 31, 2011. The Company has received a FBT refund along with interest for financial year 2008-09 and expects to receive a FBT refund for financial year 2007-08. The issuing intimation and assessment expired by limitation on March 31, 2011. Accordingly, Syntel has reversed the provision for FBT of $1.06 million including FBT of $0.86 million on expenses incurred outside India. All the above tax exposures involve complex issues and may need an extended period to resolve the issues with the Indian income tax authorities. Management, after consultation with legal counsel, believes that the resolution of the above matters will not have a material adverse effect on the Company's consolidated financial position. Syntel Europe Limited has incurred losses of $0.67 million and $0.83 million for the year ended December 31, 2010 and for the six months ended June 30, 2011, respectively. As per UK tax laws, carrying back of tax losses against profits of the previous 12 months are allowed. Accordingly, Syntel Europe Limited has carried back the tax losses which are expected to result in a refund claim of $ 0.19 million and $0.23 million for year ended December 31, 2010 and for six months ended June 30, 2011, respectively. Syntel Indian entities have received several orders for assessments of the withholding tax compliances in India. These assessments were completed without giving an opportunity of being heard by the Income Tax Department to the Indian entities and orders are not supported by reason. The aggregate liability of non payment of taxes withheld including the interest demanded aggregates to about $1.59 million. Management is confident of the compliances made and do not have any reason to believe that the demand of the Department will sustain. Accordingly no provision has been made in the books for the quarter ended June 30, 2011. Undistributed earnings of foreign subsidiaries The Company intends to use remaining accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly, undistributed earnings of foreign subsidiaries are considered to be indefinitely reinvested outside the United States and no provision for U.S. federal and state income tax or applicable dividend distribution tax has been provided thereon. If the Company determines to repatriate all eligible undistributed earnings of foreign subsidiaries as of June 30, 2011, the Company would have accrued taxes of approximately $189.6 million.   SERVICE TAX AUDIT During the three months ended September 30, 2010, a service tax audit was conducted for the Adyar facility in Chennai; the scope of the audit was to review transactions covered under Central Excise and Customs Act, by the office of Accountant General (Commercial Receipt Audit). The Development Commissioner (DC) has issued a letter stating the audit objections raised by officer of the audit team. Most of the observations are pertaining to Service tax and are for an amount of $3.85 million. Syntel India has filed a reply to said notice and further information. Syntel India has obtained the views of a tax consultant in this matter and has filed an appropriate reply to the audit observations. The letter does not constitute any demand against the Company. Based on the consultant's advice, the Company will be in a position to defend the objections raised, and therefore no provision has been made in the books. Further to our reply and information filed earlier, Syntel India has recevied a letter dated July 13, 2011 from the DC, indicating that the audit objections amounting to $3.0 million, out of the total amount of $3.85 million, have been closed. Syntel is persuing for the closure of the balance audit objections of approximately $0.85 million.</div></div>

7760000

6525000

10294000

6151000

14546000

7287000

9173000

2985000

-233000

-1006000

3127000

5819000

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">17.</td> <td valign="top" align="left">Investment in Medivo Inc. </td></tr></table> The Company has agreed to invest $125,000 in a Convertible Debt Promissory Note of Medivo, Inc. ("Medivo"), a Delaware corporation. $75,000 of the investment was made in cash on July 6, 2011 and $50,000 will be made in kind through efforts made under Master Services Agreement ("MSA") executed with Medivo. The in-kind portion will be made over time as per the terms of the MSA. The Letter of Intent ("LOI") and MSA for the same were signed on July 1, 2011. The note pays 6% interest per annum which is payable quarterly for two years and will be converted to Medivo common stock based on a 30% discount during Medivo's next round of financing. In case there is no next round, the note will undergo automatic conversion to common stock at a pre-money valuation of $10,000,000 at the two year anniversary. The Convertible Debt Promissory Note is unsecured and will be deployed for sales and marketing activities at Medivo. Such debt offered will not be registered under the Securities Act of 1933. As of July 1, 2011, there were no efforts made under the in-kind portion of the investment.</div>

94647000

102101000

546117000

604656000

82194000

87641000

-4389000

-4991000

-23636000

-28280000

33696000

40865000

53391000

28260000

52689000

27640000

59443000

32452000

55193000

29004000

2167000

7000

-308000

2468000

12453000

14460000

4242000

1959000

12042000

5923000

4969000

4989000

35846000

55802000

8893000

31243000

179347000

101338000

580000

27840000

45023000

172610000

115080000

171445000

204991000

102107000

127279000

9000

3000

496000

1224000

246688000

130649000

302357000

156985000

<div> <div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">5.</td> <td valign="top" align="left">STOCK-BASED EMPLOYEE COMPENSATION PLANS </td></tr></table> The Company recognizes stock-based compensation expense in the consolidated financial statements for awards of equity instruments to employees and non-employee directors based on the grant-date fair value of those awards on a straight-line basis over the requisite service period of the award, which is generally the vesting term. The benefits of tax deductions in excess of recognized compensation expense is reported as a financing cash flow.</div></div></div>

<div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">11.</td> <td valign="top" align="left">GEOGRAPHIC INFORMATION </td></tr></table> The Company's net revenues and long-lived assets, by geographic area, are as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="64%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net Revenues (1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> North America (2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">144,016</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,880</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">278,392</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">229,170</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> India</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">798</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">364</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,341</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">814</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Europe (3)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,856</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,594</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,779</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Rest of the World</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">582</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">549</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,030</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">925</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total revenue</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">156,985</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">130,649</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">302,357</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">246,688</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="84%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" colspan="2" align="center">As on June, 30 2011</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" colspan="2" align="center">As on Dec, 31 2010</td> <td valign="bottom" rowspan="2"> </td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Long-Lived Assets (4)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> North America (2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,633</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,818</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> India</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">126,451</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">101,145</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Europe (3)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">101</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">128,185</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">103,013</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> Notes for the Geographic Information Disclosure:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">1.</td> <td valign="top" align="left">Net revenues are attributed to regions based upon customer location </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">2.</td> <td valign="top" align="left">Primarily relates to operations in the United States </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">3.</td> <td valign="top" align="left">Primarily relates to operations in the United Kingdom </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">4.</td> <td valign="top" align="left">Long-lived assets include property and equipment, net of accumulated depreciation and amortization and goodwill.</td></tr></table></div>

<div> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">10.</td> <td valign="top" align="left">SEGMENT REPORTING </td></tr></table> The Company is organized geographically and by business segment. For management purposes, the Company is primarily organized on a worldwide basis into four business segments:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Applications Outsourcing </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Knowledge Process Outsourcing ("KPO") </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> e-Business and </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> TeamSourcing </td></tr></table>   These segments are the basis on which the Company reports its primary segment information to management. Management allocates all corporate expenses among the segments. No balance sheet/identifiable assets data is presented since the Company does not segregate its assets by segment. Financial data for each segment for the three and six months ended June 30, 2011 and 2010 is as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="65%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Three Months Ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Revenues:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Applications Outsourcing</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">116,934</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">99,263</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">223,669</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">186,033</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> KPO</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24,490</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,919</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,033</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">37,840</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> e-Business</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,485</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,968</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,179</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,428</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> TeamSourcing</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,076</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,499</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,476</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,387</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">156,985</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">130,649</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">302,357</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">246,688</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Gross Profit:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Applications Outsourcing</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">37,428</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,834</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,810</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">64,853</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> KPO</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,832</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,761</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">26,772</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,017</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> e-Business</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,304</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,884</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,898</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,248</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> TeamSourcing</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,221</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,087</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,117</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,687</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,785</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,566</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107,597</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,805</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Selling, general and administrative expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,781</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,114</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">52,404</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,362</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Income from operations</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">29,004</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,452</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">55,193</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,443</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> During the three and six months ended June 30, 2011, American Express Corp. and State Street Bank each contributed revenues in excess of 10% of total consolidated revenues. Revenue from American Express Corp. and State Street Bank was $42.1 million and $26.9 million, respectively, during the three months ended June 30, 2011, contributing approximately 26.8% and 17.1%, respectively of total consolidated revenues. Approximately 99% revenue from American Express Corp. was generated in the Application Outsourcing segment & one percent in KPO segment. Approximately 76% of the revenue from State Street Bank was generated in the KPO segment and 24% in the Application Outsourcing segment. The corresponding revenues for the three months ended June 30, 2010 from American Express Corp and State Street Bank was $30.3 million and $21.0 million, respectively, contributing approximately 23.2% and 16.1%, respectively, of total consolidated revenues. During the six months ended June 30, 2011, revenue from American Express Corp. and State Street Bank was $78.9 million and $52.8 million, respectively, contributing approximately 26.1% and 17.5%, respectively, of total consolidated revenues. Approximately 99% revenue from American Express Corp. was generated in the Application Outsourcing segment and one percent in KPO segment. Approximately 76% of the revenue from State Street Bank was generated in the KPO segment and 24% in the Application Outsourcing segment. The corresponding revenues for the six months ended June 30, 2010 from American Express Corp. and State Street Bank was $55.9 million and $42.1 million respectively, contributing approximately 22.6% and 17.1%, respectively, of total consolidated revenues. At June 30, 2011 and December 31, 2010, accounts receivable from American Express Corp. were $18.4 million and $15.6 million, respectively. Accounts receivable from State Street Bank were $13.0 million and $11.7 million, respectively, as at June 30, 2011 and December 31, 2010.</div></div>

41362000

19114000

52404000

27781000

41498000

244000

41550000

199000

208695000

206941000

451470000

-402000

419000

1398000

67420000

1000

11008000

371626000

502555000

-395000

111000

3866000

67422000

1000

12230000

419320000

52000

-45000

1222000

2000

-2000

41573000

41580000

41704000

41696000

41495000

41508000

41592000

41605000

EX-101.SCH 7 synt-20110630.xsd XBRL TAXONOMY EXTENSION SCHEMA 00100 - Statement - Condensed Consolidated Statements of Income link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Condensed Consolidated Statement of Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Condensed Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00205 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Principles of Consolidation and Organization link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Use of Estimates link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Revenue Recognition link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Stock-Based Employee Compensation Plans link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Derivative Instruments and Hedging Activities link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Cash and Cash Equivalents link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Earnings per Share link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Geographic Information link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11301 - Disclosure - Stock Based Compensation link:presentationLink link:calculationLink link:definitionLink 11401 - Disclosure - Vacation Pay link:presentationLink link:calculationLink link:definitionLink 11501 - Disclosure - Consolidation of a Variable Interest Entity link:presentationLink link:calculationLink link:definitionLink 11601 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 11701 - Disclosure - Investment in Medivo Inc link:presentationLink link:calculationLink link:definitionLink 11801 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 synt-20110630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 synt-20110630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 synt-20110630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document And Entity Information [Abstract] Document and Entity Information Statement [Table] Statement [Line Items] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Condensed Consolidated Statements of Income Revenues Revenues, Total Net revenues Cost of Revenue Cost of Revenue, Total Cost of revenues Gross profit Gross profit Selling, general and administrative expenses Selling, General and Administrative Expense, Total Income from operations Income from operations Other Nonoperating Income Other income, principally interest Income before income taxes Income before income taxes Income tax expense Income Tax Expense (Benefit), Total Net income Net income Dividend per share Earnings per Share EARNINGS PER SHARE: Earnings Per Share Basic Basic Earnings Per Share, Basic, Total Earnings Per Share Diluted Diluted Earnings Per Share, Diluted, Total Weighted average common shares outstanding: Weighted average common shares outstanding: Basic Weighted Average Number of Shares Outstanding, Basic, Total Diluted Weighted Average Number of Shares Outstanding, Diluted, Total Condensed Consolidated Balance Sheets ASSETS Cash And Cash Equivalents At Carrying Value Cash and cash equivalents, end of period Cash and cash equivalents, beginning of period Cash and Cash Equivalents, at Carrying Value, Total Cash and cash equivalents Short term investments Short-term Investments, Total Accounts receivable, net of allowances for doubtful accounts of $3,072 and $3,000 at September 30, 2010 and December 31, 2009, respectively Accounts receivable, net of allowances for doubtful accounts of $2,687 and $3,090 at June 30, 2011 and December 31, 2010 respectively Accounts Receivable, Net, Current, Total Costs in Excess of Billings on Uncompleted Contracts or Programs Revenue earned in excess of billings Costs in Excess of Billings on Uncompleted Contracts or Programs, Total Deferred Income Tax And Other Current Assets Deferred income taxes and other current assets Total current assets Total current assets Property and equipment Property, Plant and Equipment, Gross, Ending Balance Property, Plant and Equipment, Gross, Beginning Balance Property, Plant and Equipment, Gross, Total Less accumulated depreciation and amortization Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Beginning Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Total Property and equipment, net Property, Plant and Equipment, Net, Ending Balance Property, Plant and Equipment, Net, Beginning Balance Property and equipment, net Goodwill Goodwill, Ending Balance Goodwill, Beginning Balance Goodwill, Total Carrying value of deposit held at financial institution for a fixed term that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer. Term Deposits, Non Current Non current Term Deposits with Banks Deferred Income Taxes And Other Noncurrent Assets Deferred income taxes and other non current assets TOTAL ASSETS TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Accounts Payable, Current, Total Accrued payroll and related costs Employee-related Liabilities, Current, Total Income taxes payable Accrued liabilities Accrued Liabilities, Current, Total Deferred revenue Deferred Revenue, Current, Total Dividends payable Total current liabilities Total current liabilities Other non current liabilities Other Liabilities, Noncurrent, Total TOTAL LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Total shareholders' equity Balance, value Balance, value Stockholders' Equity Attributable to Parent, Total TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Allowance for Doubtful Accounts Receivable, Current Allowance for Doubtful Accounts Receivable, Current, Ending Balance Allowance for Doubtful Accounts Receivable, Current, Beginning Balance Accounts receivable, net of allowances for doubtful accounts Condensed Consolidated Statement of Shareholders' Equity Statement, Equity Components [Axis] Equity Component [Domain] Parent [Member] Common Stock [Member] Additional Paid-In Capital [Member] Retained Earnings [Member] Accumulated Other Comprehensive Income - Unrealized Investment Gain [Member] Accumulated Other Comprehensive Income - Unamortized actuarial gain [Member] Accumulated Other Comprehensive Income - Foreign Currency Translation Adjustment [Member] Shares, Issued Balance, shares Balance, shares Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other comprehensive income, net of tax Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total Other comprehensive income, net of tax Comprehensive Income, Net of Tax, Attributable to Parent Total Comprehensive Income Total Comprehensive Income Stock Issued During Period, Value, Stock Options Exercised Stock options activity Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures Restricted stock activity, shares Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total Restricted stock activity Dividends, Common Stock Dividends Dividends, Common Stock, Total Dividends Condensed Consolidated Statements of Cash Flows CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization Depreciation, Depletion and Amortization, Total Bad debt provisions Realized gains on sales of short term investments Realized gains on sales of short term investments Gain (Loss) on Sale of Investments, Total Deferred income taxes Deferred Income Tax Expense (Benefit), Total Compensation expense related to restricted stock Changes in assets and liabilities: The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services and revenue earned in excess of billing. Accounts receivable and revenue earned in excess of billings Accounts receivable and revenue earned in excess of billings Other assets Other assets Increase (Decrease) in Other Operating Assets, Total Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Accrued payroll and other liabilities Increase Decrease In Deferred Revenue Deferred revenue Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Payments to Acquire Property, Plant, and Equipment Property and equipment expenditures Payments to Acquire Property, Plant, and Equipment, Total Property and equipment expenditures Payments to Acquire Short-term Investments Purchase of mutual funds Payments to Acquire Other Investments Purchase of term deposits with banks Proceeds from sales of mutual funds Maturities of term deposits with banks Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from issuance of common stock Tax Benefit from Stock Options Exercised Tax benefit on stock options exercised Payments of Dividends, Common Stock Dividends paid Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Effect of foreign currency exchange rate changes on cash Effect of Exchange Rate on Cash and Cash Equivalents, Total Cash and Cash Equivalents, Period Increase (Decrease) Change in cash and cash equivalents Non cash investing and financing activities: Common stock dividend declared by an entity which is unpaid as of reporting date. Cash Dividends Declared But Unpaid Cash dividends declared but unpaid Cash paid for income taxes BASIS OF PRESENTATION [Abstract] Basis of Presentation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Basis of Presentation Principles of Consolidation and Organization Principles of Consolidation and Organization Principles Of Consolidation And Organization Principles Of Consolidation And Organization [Text Block] Principles of Consolidation and Organization USE OF ESTIMATES [Abstract] Use of Estimates Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Use Of Estimates Text Block Use of Estimates Revenue Recognition Revenue recognition Revenue Recognition Text Block Revenue Recognition Stock-Based Employee Compensation Plans Schedule Of Employee Service ShareBased Compensation Allocation Of Recognized Period Costs Text Block Stock-Based Employee Compensation Plans Derivative Instruments and Hedging Activities Derivative Instruments And Hedging Activities Disclosure Text Block Derivative Instruments and Hedging Activities Cash and Cash Equivalents Cash And Cash Equivalents Disclosure Text Block Cash and Cash Equivalents Comprehensive Income Note 1 Abstract Comprehensive Income Comprehensive Income Note Text Block Comprehensive Income Earnings Per Share Text Block Earnings per Share Segment Reporting Segment Reporting Disclosure Text Block Segment Reporting Geographic Information ScheduleOfSegmentReportingInformationBySegmentTextBlock Geographic Information Income Taxes Income Tax Disclosure Text Block Income Taxes Stock Based Compensation Disclosure Of Compensation Related Costs Share Based Payments Text Block Stock Based Compensation VACATION PAY [Abstract] Vacation Pay Amount of liability accrued for the employer's obligation related to an employee's right to receive compensation for future absences for vacation and holidays that have been earned by employee. This amount does not include any amounts accrued for sabbatical leave. Vacation Pay Text Block Vacation Pay CONSOLIDATION OF A VARIABLE INTEREST ENTITY [Abstract] Consolidation of a Variable Interest Entity Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined). Consolidation Of Variable Interest Entity Text Block Consolidation of a Variable Interest Entity Fair Value Measurements Fair Value Measurement Inputs Disclosure Text Block Fair Value Measurements Investment in Medivo Inc Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investment in Medivo Inc. Recent Accounting Pronouncements Schedule Of New Accounting Pronouncements And Changes In Accounting Principles Text Block Recent Accounting Pronouncements Restricted Stock [Member] EX-101.PRE 11 synt-20110630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 87,656	$ 78,505
Short term investments	206,941	208,695
Accounts receivable, net of allowances for doubtful accounts of $2,687 and $3,090 at June 30, 2011 and December 31, 2010 respectively	76,859	75,873
Revenue earned in excess of billings	20,391	5,329
Deferred income taxes and other current assets	52,985	43,705
Total current assets	444,832	412,107
Property and equipment	204,991	171,445
Less accumulated depreciation and amortization	77,712	69,338
Property and equipment, net	127,279	102,107
Goodwill	906	906
Non current Term Deposits with Banks	30	66
Deferred income taxes and other non current assets	31,609	30,931
TOTAL ASSETS	604,656	546,117
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	15,677	10,071
Accrued payroll and related costs	35,656	40,736
Income taxes payable	5,667	2,291
Accrued liabilities	18,887	16,561
Deferred revenue	8,996	9,783
Dividends payable	2,758	2,752
Total current liabilities	87,641	82,194
Other non current liabilities	14,460	12,453
TOTAL LIABILITIES	102,101	94,647
SHAREHOLDERS' EQUITY
Total shareholders' equity	502,555	451,470
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 604,656	$ 546,117

XML 13 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Accounts receivable, net of allowances for doubtful accounts	$ 2,687	$ 3,090

XML 14 R23.htm IDEA: XBRL DOCUMENT

Investment in Medivo Inc

6 Months Ended

Jun. 30, 2011

Investment in Medivo Inc

Investment in Medivo Inc.

17.

Investment in Medivo Inc.

The Company has agreed to invest $125,000 in a Convertible Debt Promissory Note of Medivo, Inc. ("Medivo"), a Delaware corporation. $75,000 of the investment was made in cash on July 6, 2011 and $50,000 will be made in kind through efforts made under Master Services Agreement ("MSA") executed with Medivo. The in-kind portion will be made over time as per the terms of the MSA. The Letter of Intent ("LOI") and MSA for the same were signed on July 1, 2011. The note pays 6% interest per annum which is payable quarterly for two years and will be converted to Medivo common stock based on a 30% discount during Medivo's next round of financing. In case there is no next round, the note will undergo automatic conversion to common stock at a pre-money valuation of $10,000,000 at the two year anniversary. The Convertible Debt Promissory Note is unsecured and will be deployed for sales and marketing activities at Medivo. Such debt offered will not be registered under the Securities Act of 1933. As of July 1, 2011, there were no efforts made under the in-kind portion of the investment.

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

+ Details

XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2011	Jul. 31, 2011
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Entity Registrant Name	SYNTEL INC
Entity Central Index Key	0001040426
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		41,750,143

XML 16 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 17 R12.htm IDEA: XBRL DOCUMENT

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2011

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

6.	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

+ Details

XML 18 R17.htm IDEA: XBRL DOCUMENT

Geographic Information

6 Months Ended

Jun. 30, 2011

Geographic Information

Geographic Information

11.

GEOGRAPHIC INFORMATION

The Company's net revenues and long-lived assets, by geographic area, are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	*(in thousands)*				*(in thousands)*
Net Revenues (1)
North America (2)		144,016		120,880		278,392		229,170
India		798		364		1,341		814
Europe (3)		11,589		8,856		21,594		15,779
Rest of the World		582		549		1,030		925

Total revenue		156,985		130,649		302,357		246,688


	As on June, 30 2011		As on Dec, 31 2010
	As on June, 30 2011		As on Dec, 31 2010
	*(in thousands)*
Long-Lived Assets (4)
North America (2)		1,633		1,818
India		126,451		101,145
Europe (3)		101		50

Total		128,185		103,013

Notes for the Geographic Information Disclosure:

1.	Net revenues are attributed to regions based upon customer location

2.	Primarily relates to operations in the United States

3.	Primarily relates to operations in the United Kingdom

4.	Long-lived assets include property and equipment, net of accumulated depreciation and amortization and goodwill.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

XML 19 R8.htm IDEA: XBRL DOCUMENT

Principles of Consolidation and Organization

6 Months Ended

Jun. 30, 2011

Principles of Consolidation and Organization

Principles of Consolidation and Organization

2.	PRINCIPLES OF CONSOLIDATION AND ORGANIZATION

The condensed consolidated financial statements include the accounts of Syntel, Inc., a Michigan corporation ("Syntel"), its wholly owned subsidiaries, and a joint venture and its subsidiary. All significant inter-company balances and transactions have been eliminated.

The wholly owned subsidiaries of Syntel, Inc. are:

•

Syntel Limited, an Indian limited liability company ("Syntel India");

•

Syntel (Singapore) PTE Limited, a Singapore limited liability company;

•

Syntel Europe Limited, an United Kingdom limited liability company ("Syntel Europe");

•

Syntel Canada Inc., an Ontario limited liability company;

•

Syntel Deutschland GmbH, a German limited liability company;

•

Syntel (Hong Kong) Limited, a Hong Kong limited liability company;

•

Syntel Delaware, LLC, a Delaware limited liability company ("Syntel Delaware");

•

SkillBay LLC, a Michigan limited liability company ("SkillBay");

•

Syntel (Mauritius) Limited, a Mauritius limited liability company ("Syntel Mauritius");

•

Syntel Consulting Inc., a Michigan corporation ("Syntel Consulting");

•

Syntel Holding (Mauritius) Limited, a Mauritius limited liability company ("SHML");

•

Syntel Worldwide (Mauritius) Limited, a Mauritius limited liability company; and

•

Syntel (Australia) Pty. Ltd., an Australian limited liability company.

The partially owned joint venture of Syntel Delaware is:

•

State Street Syntel Services (Mauritius) Limited, a Mauritius limited liability company ("SSSSML").

The wholly owned subsidiary of SSSSML is:

•

State Street Syntel Services Private Limited, an Indian limited liability company.

The wholly owned subsidiaries of Syntel Mauritius are:

•

Syntel International Private Limited, an Indian limited liability company; and

•

Syntel Global Private Limited, an Indian limited liability company.

The wholly owned subsidiaries of SHML are:

•

Syntel Services Private Limited, an Indian limited liability company; and

•

TriZetto Syntel Services (Mauritius) Limited, a Mauritius limited liability company ("TSSML").

The wholly owned subsidiary of TSSML is:

•

TriZetto Syntel Services (India) Private Limited, an Indian limited liability company.

The wholly owned subsidiary of Syntel Europe is:

•

Intellisourcing, sarl, a French limited liability company.

XML 20 R14.htm IDEA: XBRL DOCUMENT

Comprehensive Income

6 Months Ended

Jun. 30, 2011

Comprehensive Income

Comprehensive Income

8.	COMPREHENSIVE INCOME

Total Comprehensive Income for the three and six months ended June 30, 2011 and 2010 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(In thousands)						(In thousands)
Net income	$	27,640		$	28,260		$	52,689		$	53,391
Other comprehensive income:
- Unrealized investment gain/(loss)		(348	)		97			(308	)		130
- Unamortised acturial gain/(loss), net of tax		2			(341	)		7			(348	)
- Foreign currency translation adjustments		(567	)		(10,149	)		2,468			(1,512	)


Total comprehensive income	$	26,727		$	17,867		$	54,856		$	51,661

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-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=6959260&loc=d3e187085-122770

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

+ Details

XML 21 R19.htm IDEA: XBRL DOCUMENT

Stock Based Compensation

6 Months Ended

Jun. 30, 2011

Stock Based Compensation

Stock Based Compensation

13.

STOCK BASED COMPENSATION

Share Based Compensation:

The Company originally established a Stock Option and Incentive Plan in 1997 (the "1997 Plan"). On June 1, 2006 the Company adopted the Amended and Restated Stock Option and Incentive Plan (the "Stock Option Plan"), which amended and extended the 1997 Plan. Under the plan, a total of 8 million shares of Common Stock were reserved for issuance. The dates on which options granted under the Stock Option Plan become first exercisable are determined by the Compensation Committee of the Board of Directors, but generally vest over a four-year period from the date of grant. The term of any option may not exceed ten years from the date of grant.

The Company accounts for share-based compensation based on the estimated fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's Statement of Income. Share-based compensation expense recognized as above for the three months ended June 30, 2011 and 2010 was $0.60 million and $0.43 million including a charge for restricted stock. For the six months ended June 30, 2011 and 2010, the share-based compensation expense recognized was $1.25 million and $0.50 million, respectively, including a charge for restricted stock.

The shares issued upon the exercise of the options are generally new share issues.

Restricted Stock:

The impact on the Company's results of operations of recording stock-based compensation (including impact of restricted stock) for the three and six months ended June 30, 2011 and 2010 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	*(in thousands)*				*(in thousands)*
Cost of revenues	$	173	$	107	$	315	$	115
Selling, general and administrative expenses		423		324		931		381

	$	596	$	431	$	1,246	$	496

Valuation Assumptions


	Six Months Ended June 30,
	2011			2010
Assumptions:
Risk free interest rate		1.71	%		1.88	%
Expected life		5.00			5.00
Expected volatility		58.88	%		60.45	%
Expected dividend yield		0.41	%		0.71	%

The Company's computation of expected volatility for the six months ended June 30, 2011 and 2010 is based on historical volatility from exercised options on the Company's stock. The Company's computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is estimated based on the dividend yield at the time of grant, adjusted for expected dividend increases of historical pay out policy.

Share-based Payment Award Activity

The following table summarizes activity under the Company equity incentive plans for the six months ended June 30, 2011:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2010		5,473	$	5.01
Granted		—		—
Exercised		325		5.00
Forfeited		—		—
Expired / Cancelled		5,148		5.01

Outstanding at June 30, 2011		—	$	—		—	$	—


Options Exercisable at June 30, 2011		—	$	—		—	$	—

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

XML 22 R15.htm IDEA: XBRL DOCUMENT

Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share

Earnings per Share

9.	EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding during the applicable period.

The following tables set forth the computation of earnings per share:


	Three Months Ended June 30,
	2011					2010
	Weighted Average Shares		Earnings per Share			Weighted Average Shares		Earnings per Share
	(in thousands, except per share earnings)
Basic earnings per share		41,605	$	0.66			41,508	$	0.68
Potential dilutive effect of stock options and restricted stocks outstanding		91		(0.00	)		72		(0.00	)

Diluted earnings per share		41,696	$	0.66			41,580	$	0.68


	Six Months Ended June 30,
	2011					2010
	Weighted Average Shares		Earnings per Shares			Weighted Average Shares		Earnings per Share
	(in thousands, except per share earnings)
Basic earnings per share		41,592	$	1.27			41,495	$	1.29
Potential dilutive effect of stock options and restricted stocks outstanding		112		(0.01	)		78		(0.01	)

Diluted earnings per share		41,704	$	1.26			41,573	$	1.28

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 23 R13.htm IDEA: XBRL DOCUMENT

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2011

Cash and Cash Equivalents

Cash and Cash Equivalents

7.	CASH AND CASH EQUIVALENTS

For the purpose of reporting Cash and Cash Equivalents, the Company considers all liquid investments purchased with an original maturity of three months or less to be cash equivalents.

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9, 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 6.H.3)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13728-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section H
-Subsection 3

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

+ Details

XML 24 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 52,689	$ 53,391
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	8,087	6,870
Bad debt provisions	3	9
Realized gains on sales of short term investments	(1,521)	(539)
Deferred income taxes	(1,974)	(3,464)
Compensation expense related to restricted stock	1,224	496
Changes in assets and liabilities:
Accounts receivable and revenue earned in excess of billings	(13,803)	(28,880)
Other assets	(5,819)	(3,127)
Accrued payroll and other liabilities	2,985	9,173
Deferred revenue	(1,006)	(233)
Net cash provided by operating activities	40,865	33,696
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(31,243)	(8,893)
Purchase of mutual funds	(101,338)	(179,347)
Purchase of term deposits with banks	(55,802)	(35,846)
Proceeds from sales of mutual funds	115,080	172,610
Maturities of term deposits with banks	45,023	27,840
Net cash used in investing activities	(28,280)	(23,636)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock		580
Tax benefit on stock options exercised	(2)
Dividends paid	(4,989)	(4,969)
Net cash used in financing activities	(4,991)	(4,389)
Effect of foreign currency exchange rate changes on cash	1,557	(1,493)
Change in cash and cash equivalents	9,151	4,178
Cash and cash equivalents, beginning of period	78,505	87,822
Cash and cash equivalents, end of period	87,656	92,000
Non cash investing and financing activities:
Cash dividends declared but unpaid	2,754	2,486
Cash paid for income taxes	$ 6,525	$ 7,760

XML 25 R9.htm IDEA: XBRL DOCUMENT

Use of Estimates

6 Months Ended

Jun. 30, 2011

Use of Estimates

Use of Estimates

3.	USE OF ESTIMATES

XML 26 R10.htm IDEA: XBRL DOCUMENT

Revenue Recognition

6 Months Ended

Jun. 30, 2011

Revenue Recognition

Revenue Recognition

4.	REVENUE RECOGNITION

The Company recognizes revenues from time and material contracts as the services are performed.

Revenue from fixed-priced, applications development and integration projects in the Company's application outsourcing and e-Business segments are measured using the proportional performance method of accounting. Performance is generally measured based upon the efforts incurred to date in relation to the total estimated efforts to the completion of the contract. The Company monitors estimates of total contract revenues and costs on a routine basis throughout the delivery period. The cumulative impact of any change in estimates of the contract revenues or costs is reflected in the period in which the changes become known. In the event that a loss is anticipated on a particular contract, provision is made for the estimated loss. The Company issues invoices related to fixed price contracts based on either the achievement of milestones during a project or other contractual terms. Differences between the timing of billings and the recognition of revenue based upon the proportional performance method of accounting are recorded as revenue earned in excess of billings or deferred revenue in the accompanying consolidated balance sheets.

Revenues are reported net of sales incentives.

Reimbursements of out-of-pocket expenses are included in revenue in accordance with revenue guidance in the FASB codification.

XML 27 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 28 R18.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes

Income Taxes

12.

INCOME TAXES

The following table accounts for the differences between the federal statutory tax rate of 35% and the Company's overall effective tax rate:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		0.3	%		0.5	%		0.1	%		0.3	%
Foreign effective tax rates different from US statutory rate		(14.4	%)		(17.7	%)		(13.5	%)		(19.2	%)
Tax reserve		—			—			—			—
Others, net		0.0	%		0.1	%		0.0	%		0.1	%

Effective Income Tax Rate		20.9	%		17.9	%		21.6	%		16.2	%

The Company records provisions for income taxes based on enacted tax laws and rates in the various taxing jurisdictions in which it operates. In determining the tax provisions, the Company provides for tax uncertainties in income taxes, when it is more likely than not, based on the technical merits, that a tax position would not be sustained upon examination. Such uncertainties, which are recorded in income taxes payable, are based on management's estimates and accordingly, are subject to revision based on additional information. The provision no longer required for any particular tax year is credited to the current period's income tax expenses. Conversely, in the event of a future tax examination, any additional tax expense not previously provided for will be recognized in the period in which the actual liability is concluded or management determines that the Company will not prevail on certain tax positions taken in filed returns, based on the "more likely than not" concept.

The United States Internal Revenue Service (IRS) commenced an examination of the Company's U.S. income tax returns for years 2004 and 2005 in the first quarter of 2006. During July 2008, the IRS issued a notice of proposed adjustments towards the Company's transfer pricing tax positions for the year 2004 and the Company had appealed against the IRS position. During the first quarter 2009, the Company completed the appeal process with the IRS under a Fast Track Settlement process and agreed to settle all disagreements with the IRS towards the transfer pricing for years 2004, 2005 and 2006 for a certain amount which did not have any negative change to the Company's financial position. The IRS has completed their audits through tax year 2005 and transfer pricing issues through tax year 2006. The Company does not expect any material issues for the remaining open years.

Syntel Inc. and its subsidiaries file income tax returns in various tax jurisdictions. The Company is no longer subject to U.S. Federal tax examinations by tax authorities for years before 2007 and for State tax examinations for years before 2006. During 2010, the IRS had commenced an examination of Syntel Limited's U.S. income tax return (form 1120F) for the tax year 2007. The IRS has closed the audit for Syntel India's U.S. income tax returns for the years 2007, 2008 and 2009, after reaching a settlement, for a certain amount, paid during the quarter ended March 31, 2011 which had no material impact on Syntel's financial position.

Syntel Limited, the Company's India subsidiary, has disputed tax matters for the financial years 1996-97 to 2006-07 pending at various levels of tax authorities. Financial year 2007-08 and onwards are open for regular tax scrutiny by the Indian tax authorities. However, the tax authorities in India are authorized to reopen the already concluded tax assessments and may re-open the case of Syntel Limited for financial years 2004-05 and onwards.

For the financial years 1995-96, 1998-99 1999-2000 and 2001-02 , the Income Tax Appellate Tribunal ("ITAT") has held the matter in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court for the amount allowed by ITAT. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. Syntel Limited has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, Syntel Limited has reversed the provision of uncertain tax liability of $0.87M.

The liability for unrecognized tax benefits was $22.67 million and $19.71 million, as of June 30, 2011 and December 31, 2010, respectively.

The Company's amount of unrecognized tax benefits for the tax disputes of $1.46 million and potential tax disputes of $8.35 million could change in the next twelve months as litigations and global tax audits progress. The examination of a particular potential tax dispute of $3.39 million is due by December 31, 2011. At this time, due to the uncertain nature of this process, it is not reasonably possible to estimate an overall range of possible change.

Syntel's software development centers/units are located in Mumbai, Chennai Pune and Gurgaon, India. Software development centers/units enjoy favorable tax provisions due to their registration in SEZ, as Export Oriented Unit (EOU) and as units located in Software Technologies Parks of India (STPI).

Units registered with STPI, EOU's and certain units located in SEZ are exempt from payment of corporate income taxes for ten years of operations on the profits generated by these units or March 31, 2011 (substituted for "2010" by Finance (No. 2) Act, 2009), whichever is earlier. Certain units located in SEZ are eligible for 100% exemption from payment of corporate income taxes for the first five years of operation and 50% exemption for the next two years and a further 50% exemption for another three years, subject to fulfillment of criteria laid down. New units in SEZ that are operational after April 1, 2005 are eligible for 100% exemption from payment of corporate income taxes for the first five years of operation, 50% exemption for the next five years and a further 50% exemption for another five years, subject to fulfillment of criteria laid down.

Six SEZ units located at Mumbai have already ceased to enjoy the above-mentioned tax exemption. One SEZ unit located at Mumbai has completed its first five years of 100% exemption from payment of corporate income tax and effective April 1, 2007, 50% of the profits of the said unit would only be eligible for tax exemption. Further, three more SEZ units located at Mumbai have completed their first five years of 100% exemption from payment of corporate income taxes effective April 1, 2008, 50% of the profits of the said units would only be eligible for tax exemption. Also, the EOU located at Chennai has ceased to enjoy the above-mentioned tax exemption effective April 1, 2007. During the year ended December 31, 2008, Syntel started a Software Development unit in the Pune SEZ and during the year 2009, the Company started one more Software Development unit in the Pune SEZ. During the year ended December 31, 2010, the Company started a Software Development unit in the Syntel-Chennai SEZ. Further, the Company's four STPI units cease to enjoy tax exemption effective April 1, 2011 due to expiration of the statutory period for tax exemption.

Syntel KPO units located in Mumbai and Pune were exempt from payment of corporate income taxes on the profits generated by the unit up to March 31, 2011 (substituted for "2010" by Finance (No. 2) Act, 2009). During the year ended December 31, 2008, Syntel started a KPO unit in the Pune SEZ. During the quarter ended June 30, 2011, Syntel started a KPO SEZ unit in Mumbai.

Syntel's SEZ in Pune, set up under the SEZ Act 2005, commenced operations in 2008. The SEZ for Chennai commenced operations in 2010. Income from operation of the SEZ, as a developer, is exempt from payment of corporate income taxes for ten out of 15 years from the date of SEZ notification.

Syntel Limited had not provided for disputed Indian income tax liabilities amounting to $2.01 million for the financial years 1995-96 to 2001-02, which is after recognizing certain tax liabilities aggregating $0.04 million provided for uncertain income tax positions during the year 2007. During the quarter ended June 30, 2011, Company has reviewed the disputed tax provision for financial year 1995-96, 1998-99, 1999-2000 and 2001-02 in view of the recent Supreme Court judgment. Accordingly, disputed Indian income tax liabilities reduced to $1.52M and reversed provision of uncertain tax liability of $0.04M. Syntel Limited has obtained an opinion from one independent legal counsel (a former Chief Justice of the Supreme Court of India) for the financial year 1998-99 and opinions from another independent legal counsel (also a former Chief Justice of the Supreme Court of India) for the financial years 1995-96, 1996-97, 1997-98, 1999-2000 and 2000-01 and for subsequent periods, which support Syntel Limited's position in this matter.

For the financial year 1998-99, the appeal filed by the Income Tax Department has been dismissed by the ITAT and the matter stands in favor of Syntel Limited. The Income Tax Department has filed a further appeal before the Bombay High Court. The Bombay High Court has dismissed the Income Tax Department Appeal on account of a delay in filing tax appeal on July 23, 2009. The Income Tax Department has not filed further appeal before the Supreme Court of India. A similar appeal filed by Syntel Limited with the Commissioner of Income Tax (Appeals) ("CIT(A)") for the financial year 1999-2000 was, however, dismissed in March 2004. Syntel Limited has appealed this decision with the ITAT. During the year 2007, Syntel Limited received a favorable order from the ITAT on this appeal. The Income Tax Department filed a further appeal before the Bombay High Court. The Bombay High Court dismissed the Income Tax Department Appeal on account of a delay in filing the tax appeal on July 23, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India.

Syntel Limited has also not provided for other disputed Indian income tax liabilities aggregating to $5.63 million for the financial years 2001-02 to 2004-05, which is after recognizing tax on certain tax liabilities aggregating $0.03 million provided for uncertain income tax positions during the year 2007, against which Syntel Limited has filed the appeals with the CIT(A). Syntel Limited has obtained opinions from independent legal counsels, which support Syntel Limited's stand in this matter. Syntel Limited has received an order from the CIT(A) for the financial year 2001-02 and the contention of Syntel Limited was partially upheld. Syntel Limited has gone into further appeal with the ITAT in relation to the amounts not allowed by the CIT(A). The Income Tax Department has also filed a further appeal against the relief granted to Syntel Limited by CIT(A). Syntel Limited has received a favorable order from the ITAT on January 24, 2009, wherein the contention of the Company was fully upheld for financial year 2001-02. The Income Tax Department has filed a further appeal before the Bombay High Court against the order of ITAT in respect to tax on one item only. Accordingly, Company tax disputes are reduced for the financial year by $2.4 million. The Bombay High Court has dismissed the Income Tax Department Appeal on account of a delay in filing the tax appeal on July 22, 2009. The Income Tax Department has not filed a further appeal before Supreme Court of India.

For the financial year 2004-05, the appeal of the Company was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A) except one item. The Income Tax Department's appeal was rejected by ITAT. The Income Tax Department has filed a further appeal before the Bombay High Court for the amounts allowed by the ITAT, except an item on which CIT(A) had granted relief to the Company and the Income Tax Department had not filed an appeal before ITAT. Accordingly, the Company has reversed a tax provision of $0.33 million during the year ended December 31, 2010. The Income Tax Department Appeal for the financial year 2004-05 is scheduled for a hearing before the Bombay High Court on August 10, 2011. For the financial year 2005-06, the Indian Income Tax Department has decided against the Company in respect to a particular tax position, and the Company has filed an appeal with the CIT(A). During the year ended December 31, 2010, the Company's appeal for the financial year was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). For the financial year 2006-07, the Indian Income Tax Department has decided against the Company in respect to particular tax position and the Company has filed an appeal with the CIT(A).

For the financial years 2001-02 and 2002-03, the CIT(A) has held against the Company and the Company has filed a further appeal with the ITAT. For the financial year 2001-02, the Income Tax Department appeal has been dismissed by ITAT and the Income Tax Department has filed a further appeal before the Bombay High Court in respect to one item only. The Bombay High Court has dismissed the Income Tax Department appeal on account of a delay in filing the tax appeal on July 22, 2009. The Income Tax Department has not filed a further appeal before the Supreme Court of India. For the financial year 2003-04, the CIT(A) has partially allowed the appeal in favor of the Company. The Company has filed an appeal with the ITAT for the amounts not allowed by the CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). The Income Tax Department has filed an appeal against the relief granted to Company by CIT(A) except one item. The Income Tax Department's appeal has been rejected by ITAT. The Income Tax Department has filed a further appeal before the Bombay High Court for the amounts allowed by the ITAT except an item on which CIT(A) had granted relief to the Company and the Income Tax Department had not filed an appeal before ITAT. Accordingly, the Company reversed a tax provision of $0.33 million during the quarter ended March 31, 2010. The appeal is scheduled for a hearing before Bombay High Court on August 10, 2011. For the financial year 2005-06, the Indian Income Tax Department has decided against the Company in respect to a particular tax position and the Company has filed an appeal with the CIT(A). During the year ended December 31, 2010, the Company's appeal for the financial year 2005-06 was fully allowed by CIT(A). The Income Tax Department has filed a further appeal with ITAT for the amounts allowed by the CIT(A). For the financial year 2006-07, the Indian Income Tax Department has decided against the Company in respect to a particular tax position and the Company has filed an appeal with the CIT(A). Based on the tax assessment of financial year 2006-07 and on earlier financial years, a tax provision on a potential tax dispute is no longer required. Accordingly, the Company has reversed a tax provision of $0.40 million during the year ended December 31, 2010.

Fringe Benefit Tax ("FBT") was introduced on April 1, 2005 as a tax on certain expenses calculated at predetermined rates on the expenses incurred and is payable at the enacted rates for a corporate (taxed @ 33.99% including surcharge, education cess and secondary & higher education cess). FBT is a separate section in the Indian income tax and is payable even by a corporate which is otherwise not liable to pay income taxes as per the Computation of Income. Accordingly, Indian entities had provided towards FBT in year April 1, 2005 to March 31, 2009. Since FBT is a tax on expenditure the amounts are grouped along with the respective expense heads and not as tax expense. This is in line with the industry practice.

Undistributed earnings of foreign subsidiaries

SERVICE TAX AUDIT

Syntel India has obtained the views of a tax consultant in this matter and has filed an appropriate reply to the audit observations. The letter does not constitute any demand against the Company. Based on the consultant's advice, the Company will be in a position to defend the objections raised, and therefore no provision has been made in the books.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 29 R11.htm IDEA: XBRL DOCUMENT

Stock-Based Employee Compensation Plans

6 Months Ended

Jun. 30, 2011

Stock-Based Employee Compensation Plans

Stock-Based Employee Compensation Plans

5.	STOCK-BASED EMPLOYEE COMPENSATION PLANS

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References+ Details

XML 30 R21.htm IDEA: XBRL DOCUMENT

Consolidation of a Variable Interest Entity

6 Months Ended

Jun. 30, 2011

Consolidation of a Variable Interest Entity

Consolidation of a Variable Interest Entity

15.

CONSOLIDATION OF A VARIABLE INTEREST ENTITY

The Company's KPO services to State Street Bank and two other clients are provided through the above joint venture between the Company and an affiliate of State Street Bank. Sales of KPO services only to these three clients represented approximately 14.7% and 13.9% of the Company's total revenues for the three months ended June 30, 2011 and 2010, respectively and 15.1% and 14.8% for the six months ended June 30, 2011 and 2010, respectively.

XML 31 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Shareholders' Equity (USD $) In Thousands	Common Stock [Member]	Restricted Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income - Unrealized Investment Gain [Member]	Accumulated Other Comprehensive Income - Unamortized actuarial gain [Member]	Accumulated Other Comprehensive Income - Foreign Currency Translation Adjustment [Member]	Total
Balance, value at Dec. 31, 2010	$ 1	$ 11,008	$ 67,420	$ 371,626	$ 419	$ (402)	$ 1,398	$ 451,470
Balance, shares at Dec. 31, 2010	41,498	244
Net income				52,689				52,689
Other comprehensive income, net of tax					(308)	7	2,468	2,167
Total Comprehensive Income								506,326
Stock options activity			2					2
Restricted stock activity, shares	52	(45)
Restricted stock activity		1,222						1,222
Dividends				(4,995)				(4,995)
Balance, value at Jun. 30, 2011	$ 1	$ 12,230	$ 67,422	$ 419,320	$ 111	$ (395)	$ 3,866	$ 502,555
Balance, shares at Jun. 30, 2011	41,550	199

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e540-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 8, 9, 10, 11, 12, 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6508144

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e557-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to the parent entity. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569643-111683

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

- Definition

Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.

+ References+ Details

- Definition

Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited.

+ References+ Details

- Definition

Value stock issued during the period as a result of the exercise of stock options.

+ References+ Details

XML 32 R22.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

16.

FAIR VALUE MEASUREMENTS

This standard includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.

The fair value hierarchy consists of the following three levels:

•

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities.

•

Level 3 – Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The following table summarizes the Company's financial assets measured at fair value on a recurring basis as of June 30, 2011:


	(In Millions)
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents Money Market Funds	$	18.5		—		—	$	18.5
Short Term Investments- Available for Sale Securities		20.3		—		—		20.3
Fair value of foreign exchange forward contracts		—		0.6		—		0.6

Total Assets measured at fair value	$	38.8		0.6		—	$	39.4

The following table summarizes the Company's financial assets measured at fair value on a recurring basis as of December 31, 2010:


	(In Millions)
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents Money Market Funds	$	23.3		—		—	$	23.3
Short Term Investments- Available for Sale Securities		33.3		—		—		33.3
Fair value of foreign exchange forward contracts		—		1.0		—		1.0

Total Assets measured at fair value	$	56.6		1.0		—	$	57.6

The value of each foreign exchange forward contract, at the end of each reporting period is calculated by using the forward contract rates published by Foreign Exchange Dealers' Association of India (F.E.D.A.I). The difference between the current market forward price and the contracted forward price for each foreign exchange contract is calculated which then is applied to each outstanding contract. The market forward rates include a premium or a discount and the credit risk factor. The amounts are aggregated by type of contract and maturity.

In addition to the above the following table summarizes the term deposits with various banks outstanding as at June 30, 2011 and December 31, 2010.


	(In Millions)
	As at June 30, 2011		As at December 31, 2010
Balance Sheet Item
Cash & Cash Equivalents	$	32.3	$	20.0
Short Term Investments		186.6		175.4
Non Current Assets		0.03		0.1

Total	$	218.93	$	195.5

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

+ Details

XML 33 R24.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Recent Accounting Pronouncements

Recent Accounting Pronouncements

18.

RECENT ACCOUNTING PRONOUNCEMENTS

In January 2010, the FASB issued ASU 2010-06, which amends ASC 820 to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. The ASU also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. Further, the ASU amends guidance on employers' disclosures about postretirement benefit plan assets under ASC 715 to require that disclosures be provided by classes of assets instead of by major categories of assets. However, unlike the proposed ASU, the final ASU does not require entities to provide sensitivity disclosures. The FASB will consider whether to require sensitivity disclosures jointly with the IASB as part of a new convergence project on fair value measurement and disclosures. The ASU is effective for the first reporting period (including interim periods) beginning after December 15, 2009, except for the requirement to provide the Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which will be effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard during the first quarter of 2011 and there was no significant impact on the Company's financial statements.

In December 2010, the FASB issued Accounting Standards Update 2010-28, "Intangibles- Goodwill and other (Topic 350): When to perform step 2 of the Goodwill Impairment Test for Reporting Units with zero or negative carrying amounts" (ASU 2010-28). This Update provides guidance on how an entity with reporting units that have a zero or negative carrying amounts shall consider qualitative factors in addition to the goodwill impairment Step 1 process to determine if Step 2 of the goodwill impairment process shall be completed. If the qualitative factors indicate that events or circumstances exist that indicate it is more likely than not that goodwill impairment exists, a Step 2 goodwill analysis is required even if Step 1 was passed. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. Early adoption is not permitted. The Company adopted this standard during the first quarter of 2011 and there was no significant impact on the Company's financial statements.

In December 2010, the FASB issued Accounting Standards Update 2010-29, "Business Combinations Topic (805): Disclosure of supplementary pro forma Information for Business Combinations" (ASU 2010-29). This update provides clarification on the presentation of pro forma information for business combinations and applies to public entities. The Update specifies that the pro forma disclosure should include revenue and earnings of the combined entity as though the business combination(s) during the current year had occurred as of the beginning of the comparable prior annual reporting period only if comparative financial statements are presented. It also expands the supplemental pro forma disclosures to include a description of the nature and amount of the material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments are effective on a prospective basis for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. The Company adopted this standard during the first quarter of 2011 and there was no significant impact on the Company's financial statements.

In April, 2011, the FASB issued Accounting Standards Update No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, to provide largely identical guidance about fair value measurement and disclosure requirements with the IASB's new IFRS 13, Fair Value Measurement. Issuing this standard completes a major project of the Boards' joint work to improve and converge IFRS and U.S. GAAP. The new standard does not extend the use of fair value but, rather, provides guidance about how fair value should be applied where it already is required or permitted under U.S. GAAP. Most of the changes are clarifications of existing guidance or wording changes to align with IFRS 13. A public entity is required to apply the ASU prospectively for interim and annual periods beginning after December 15, 2011. Early adoption is not permitted for a public entity. In the period of adoption, a reporting entity will be required to disclose a change, if any, in valuation technique and related inputs that result from applying the ASU and to quantify the total effect, if practicable. The requirements of this ASU and its impact on the Company are being evaluated.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 28
-Paragraph 23, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 2, 17, 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22580-107794

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

+ Details

XML 34 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation

6 Months Ended

Jun. 30, 2011

Basis of Presentation

Basis of Presentation

1.	BASIS OF PRESENTATION:

The accompanying unaudited condensed consolidated financial statements of Syntel, Inc. (the "Company" or "Syntel") have been prepared by management, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of Syntel and its subsidiaries as of June 30, 2011, the results of their operations for the three and six months ended June 30, 2011 and 2010, and cash flows for the six months ended June 30, 2011 and 2010. The year-end condensed consolidated balance sheet as of December 31, 2010 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2010.

Operating results for the six months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228881-111685

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

+ Details

XML 35 R16.htm IDEA: XBRL DOCUMENT

Segment Reporting

6 Months Ended

Jun. 30, 2011

Segment Reporting

Segment Reporting

10.

SEGMENT REPORTING

The Company is organized geographically and by business segment. For management purposes, the Company is primarily organized on a worldwide basis into four business segments:

•

Applications Outsourcing

•

Knowledge Process Outsourcing ("KPO")

•

e-Business and

•

TeamSourcing


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	*(in thousands)*				*(in thousands)*
Revenues:
Applications Outsourcing	$	116,934	$	99,263	$	223,669	$	186,033
KPO		24,490		18,919		48,033		37,840
e-Business		12,485		8,968		25,179		16,428
TeamSourcing		3,076		3,499		5,476		6,387

		156,985		130,649		302,357		246,688


Gross Profit:
Applications Outsourcing		37,428		33,834		69,810		64,853
KPO		13,832		11,761		26,772		25,017
e-Business		4,304		3,884		8,898		7,248
TeamSourcing		1,221		2,087		2,117		3,687

		56,785		51,566		107,597		100,805

Selling, general and administrative expenses		27,781		19,114		52,404		41,362

Income from operations	$	29,004	$	32,452	$	55,193	$	59,443

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

ZIP 36 0001193125-11-211632-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-11-211632-xbrl.zip M4$L#!!0````(`(16!3\?#)%H='4``!7T!0`1`!P`PX0&P@A:=)[:$+;[*8DF]`^S]XO/<(6H*VQ?24[+_OK[XQD&_-:("0XB;=G M6R/+HWF?D2R/#O]].W3(-1.2>^Y1P2P;!<)%0^8&Q!*,!LPF-SP8D&/A2=GC@I'N';GDURP@5UXON*'0 M$L$GM;)9KIB5LD$&0>`?[.SRY0U+I6BT=U0"='A.#5LIF\F= MXVADSST@C9W:3L4P3=(XJ-4/C`II?M+];KO"(4">*X\*J?&PN>R)/CQD5'>X M*P/J6JR@>QXXW/VVH#O>[@):UV40_R:QRW[O>@1N*UI)AEJIF&C)?@49YYP9CW;&!`:X6LC\:H%ZJ&O$# M7'JUBKFW:`C=(WX`%*=/J9\\T*.RJSI'-])$@*@(.41.'4AKP(;TDO6(XMQ! M<.>SHX+D0]]!Y%7;0+`>M`'&)01BU*M&^5;:!;*C`:%V>$#.+>@?LP)0.Z4- M<,>*FKE]5#@)!<5[7TWX@W"^=KRO]:]50_^(T/QZ%8":H:ZW_AORX.[8&_J> M"S]E\Y;+I%?3MCD"H\X%Y?:I>TQ]'E#G$QMVF=#TP?#P&("(?L%O;F-+CS-! M%-UL7"21Q(]/_RB\-0S#-&I&K5(_W!D]-@(E61^13!J@22O4`;OU'6[Q0.-" M;`[]M*E'R!\L)+'P-NZVD,;#G9G#C1#<&,&8<^$]RS4_0$5`0G@-?; M6$\,$V`DK4E'YMJI;JBR"-I.=3K<20$_W(ETX($5XI+)0'`+/-15X%G?GI4B MS*0M5X!Q!8#FH><^/^%/T?4,!-^47\][]S#U@'*7V2TJ7,B9Y+,2]VSB-BUS MG9X$8Z*,VQY3E'D8?ZZ"M6#"$CHX8^@(ZDI'.?JF_74EX*6)?@*C; M+/CLPCS1X?\PT/1KING_`![M#*:JSU7H2Y']`L1_PGH8NMXQ%RZ""P=,X?E; M_!)$9UWT9N5K527@1IZ);3$3,TIFI50UMR3+/!5[MI+-<[%'],B9D76>C&TE M&%9F5/E*=D8$>(]Y46Z*F?*I:TLRM\6M M2W"S^P;RN=!#YT-/_45R/H7:RA3J&:E-/O-ZG)G74U>9?/G\2:M`;98*/+CT M5N5([?$Y8J0Y8F2+(\9R'#$VN<%I^RP8R\8W.#,V]C-$FK&_T>6W#%&VZ>6, M+)&VX=EAQGW/,O%I([YG+Y)UUM1X[\%6`K9.Z"/E(O\JE3Z[?.I3BQ#;D$MX MTZPFW+#Y-5`R&AS[M<,A`U9ZH[P+;@P9E:%@;Z/O2@X^7YT<[L2-H_QL]O,* M[`ESO2%WYP%6W\PXTB^!*0O!WZ9@/9`K&?)330$`B MG=!WV*1(H+WEJ%1Y\H[-^$$3;MAX\[U#^R02\25^:?,]/>]11[+#G2D@(]C' MH1#8R*5%G;\8%2VM7BL-4XH]\R*(HS%/HF_4=)<+I;_OH4VN-.B?%3W>7&CS M!D2<5A\._YXU8`)M>CB-RSH,3=O[7(C3`W;N_-7&@0CRY_@("&($N*7'-M><(L!S35?A<&GUV? MV#H*>*SV'VVKH\]X7*CA*X13P`J,/M&UT M`,=W#KB"E>SL5R=XTX/^1`9W#B2->%WJT2%W[@Y(AP^9)&UV0RZ](77?%`C@ M*(&6K\.@0"3_!QZH%'[M!V]^_`$![>#3HY^0T^"/1QCBQQ_TSP#9$H_3]83- M1,GR'(?ZDAV0^`H&T?>."J!3X-P_?:I;<>_;[@=#(X*IF'\DL(C M$#%I@4VNJOCH_.SUI=D[/V^3\/6F2+\W+T^:[LQ8X]4[KLG75(:UVY[3S MUX@$,H\&?2E&ERCGM.#]&.\A%7WNEH#&`U+W;]^0J*'K!8$W/"`&M&V2X"OU MB3LY80Y5)0FX))2@KA`9=B6W.85HZ_5(U._4M0C$9U+;APX8L@>>`XJ(/8(! M(W]['#`"QQI`"DY>_?[E-='3,:(6I.%OP;``@@9VY84"U9:\^D1#P0,>RM?D M++#+Q5=7\-^GL]=%!=6#O\38<%V&CU&7T%Z/.QQ!(X[I,=Y1]UN93)(WH$C? M=>2`"(\\$%P0/22!#C#<'<'>"G<'TH;``X5S%#*^\'H\D(H+X-28 MCB/$GB=45\>3$D3`70MS[JKQ M?E49BNI_5QW-RB/H8P?0 MQ;<5U+W[39(_+LZ)9.*:6TB)-RUA)8;@QHMTQ'(XON10P@-!86B"VP.A6(R< MH%WO>E)-NRRX84QS.QI:@5U&O:@#B,&],425"`%;`"@9#L]8@IE@/J@+7`)B MU`<<;R&\!JA%9JV\]XL:V*R60?Z128V8$7@!=0"`RENDTC3LH.%#'AT,0*5< MI/CWT&6_TJ'_QNU*_TW5*!)5"`1A8QY25!J+D]UK'%@-N5LVH\%KY<8O"7#) M;^\!NCQ'S=15*KK&UW%>L5*ZD,HS+@38&X=)/B1R8T`@WSL7?>KR?]3/]5.- MB7B]^.<+B^:5S`9S,HZ8NKBXA+G9Z<59ZPJC^WBX;[9/R/GEAV;[]#^JX4E' M>/2HH.:0I&/5H%1LL$F/NQ0,!KR*C-\7JY#EA#;3[C*:.8TR@"*F`.4B!-%/ MW!IPL"D`*7Q/FPYY5=#="A"Z,4K>0%`#%^/=P"1KE%%P)HO:Q4ZX8FS#QT:Y M!X0ZB*82](/WN`439QVSP8ZTH^Y2!TOXZ'B,,VM)U2*>A%!_C;X='#MSN%JN M9';&`]]<;DWR'P/@4&!.:$1@SZ"DKK$T4WP+^U"SA3@ M&ITVT=@GZ)Z%U[.^NN?: MG6MWEK6[%0K/9V,>'-=Z097_`%G:WG`93ZZ!Y*X\5_9L*_LQ=:E-XRF+2\[= M`/)I+_?>N4(_384^86$@K8&#L]T/P^Y'3$H^,#%IV?$;N2(Y.SM&G4Y>T2V18\=]\RP[5_.LJODW[CCO MZ%VLWLDK@87J'3V4ZW6NUUG5ZR@Q26]+&24FHPT<2WCQI'.N[KFZ9UO=<<=$ MZ`2XLVJI=[RI!W+ESI4[V\K]T7/LJ:V&*_OTCY_.IY=/7_5#/%;*M#=U^0"-T6KK>/XFB>YL6`F.G[/-XWE]OKX]CKKVX]XL_S]$C+U.4/A]3,PYME[ M/_6W-_K+E-QZ<^O-FO5>"'Z-MU?9$/IPQKJ,IBN#7DY$$W@NL(R5L'D2DZOBHY]SY;;;6ZW6[!;7,YP'"ZC2E9%(JEP,+"^%\RU!@ML\QZFJ7[- M*)^3OHY*Z:Q<$2=532>JD'C)+*_O\OO5S=D`J[4DMU:B[Q&&R*`K>8RZ0;7, MU@VZ;'UIM3^WR&7K^/Q#^_19E`***YP);=;_,)DJ*2:\(0D`G)KB8ETR@<6! MT-@%M;"NFJXGEU0Z4W76F.AY8ICIXCJ1*],$]O@MLTN^``JP!)O#+:HK!@$, MVE=5D(IPC76&L#R29H8,?=\3`6%N/^HCL59BPD4;><-4,5E(6CBX_CYSF5"[ M,P3#;;)868G@OA3>'P0EA[LL9GP,1>VN!3"SV:O$P-W0"R5F1-+NW%)$(E"X,63#P;&1X5!L+GBB3 MBU0/T(J1Z!/078K5MT+?TPBS'O0/4O4A(?7'FEQ(D&#Z#,"HA&!4]X_)0%4* MM)-GH]N84#A,$]R+6K2]EDG:X(<>:)@G9`))+<=JX/$3(U>`_+(\B:6_0">) M`%ZBQ@(97,85%:%-C6-CIS#&X0#@@`;.09X&$-J-M7A(XC MDD)\A(8G(BR4K?4:QE+7P^$O;7$*A((N21=,"OS8-Q>F#F68*6FNX]XH MN**@4:I"IRIW"C*$%$FQ5M&JME59@+Q($"KJ:I)XQA8^,J0V2THDC@2#$,=Y MSJ4,5170:T\9M!*MEK;2?**]T,C!:C6!41A7!2UU$;8!!\R5(0"CP-Y@2`_4 MF-BA4+H=VP.R*RJ$&4$,0;CH(0"O$][K,(B2UROY,&4`:MBMCT4(-9U1F4%;>[Q$I%05ME5RNP$32&[U0ZY;([&_ M;UZ]`W';JBH@ZMZJM49G3)863'A2TZ(.F-,)"$GR0+8]-SIS8\;9"*FCG+Y7 M5[V>*OL^&_XZ""Q?U[UJK##^9\G.>ZW8=[_D.>$+G;!5,SMA^WS5PFJNK:O. MZ:=FIW7UY&=K/H0#&B6]X$_G%&Q%T\.HB^M+RFNFXJV?K`"ETE*XS_Q4)A55 M`%-;_93C;@XAM[(@[V/_#3G,7U)S(TQ>AO0;2Z5OJI0KI#I#7Z?N.L."=,,* MHCPBBFETF)23A?XL*J,>+X[Q")3-I06Y5+2)74][^FH:,.>9*`V-ZG3C]4Q& MC=*::73&$M\D4$4)UN@AQ5&5=D(@O@HAZ1QQ(8IH1=*%O!A#G.L%R0)@X.E: M]L!^[T8%,LP?;2_L!KW020KM%E6RS$6<[#F>VR]A=FVGB>][GGT#N5%QQ!PK M9A[RI*\4IK@@A]-]XUKV2=:Y3#JG'O0"3$I,XX+F9Y6\O*!G9G>9 M\DOS6-4=3.C[AL^@UY8[2Q_%^ MWHV>;*MY^M!WO#NFXT6T=,#<:+5B_#$&`DM.\["H$'?W/E7(-URHFP4;8;F.O.A.?66/="ZOEF;17;^SNKX\4*NZI MBVO,'7K+Y$;X5*GL3^G/[''61V=Y!NW6ZU-*M`(V9Z-)P6:LJ[Y;G\F=Z8'6 MQV<%&VLT&C/9LP0Z^LT(LT_P+"B8O:"K@FO]$J?IVLTASK_TQHP+W-TD@KL+ MR$P"N->"^;A^)W:_!>.(EF]M-. M92/64#7VC7&*5AE[LVBO<'QH?=)F[H&U7@ZY%Q=W:W73G,!(@5URJ.4IKQLU M\%]+CK01#:F9%=.81=L";FY"QK5:K5&M+#LN'B$+!H7_H%'!U`J7<)K!,4ZZ MN-O_@G.M!8PP]K^+4&.O41G'9ZE!-X/G\F?_[B..VT)SE62NL6OL;IN=WU?# MQMZDO6T,S9-D>3I?!GQQRX![F5T%/&Y>?50G%ZJ+UI^?3[\TSUKMSM-^"?8^ M6KSQ0^'C>P/U"B-^$X.&J58-U$7*1(MCA[GBKA`.NB?UR;P<^N$;AFLF`_UB M"(!;`[6>J-^>N<03'*BB#FZ"Q"^D[O3KA]1B%>#EX#:5P"-=<%6(`!LAD.'5 MHF:P[K+.^'FU/YN-]'J16N&KEJMQR]0JD-#[.Y!_[`Z)Q"TAO5!M-.5N`/_K M8Y)_OR"?/-R:3HY1)OJ8WW93OU344HO>>>J2I`P\BVO'!T"J_79W^.H-EU-Q M+P,$!KV900MW>F0>]+ M&^<9GI?MA5)UBC=3CEZ]<5<&/`C5V[O5%^Q6CK7+A.@+M;Q_ZEJH#PRXJ/Y= M&*6-=)1>)KW>:RR17LQ&Y(%(F$@TOIMQFKOFIDCPAF`\5P&(YX3CJ=M@D/#< M%1[9#D\X5$3[E]?C?C6-^FG[?>&M438K*<27&'Y3"-?61=BH;P?AI90C@QQ> M'>%[<]@7;,`@5[AF>I&SS8+S7H?>;M+J=HUZM3(Q,YD_\O=1A$"W_C3DA27O MC>PF[^>?+BY;'UOMJ],O+7+:AM^M)YVW=]1W!6,*2[3&3KS[51_7K/AF5FW; MEP`(EP\?\,/?5*VX[7SYNU$_SR`XW;6FR]/^D%5&+ZMT1]!0(F-RD!L$8P M.VBHS[*K>_L^<]RK=Y2'^Z0]6PL]VX+XTQ5DYR&0F/*E:\3`;"K,6K[=M%8\+_@5Q>(8%D6X?Z/?$4>$GRV*LURO,L"EF,_5X1<$:K%ZK[Y1!5AN M5,](F)[:6M-[3S#`B:CS/%SKC@2"NC(ZR8/:?X?1Q^9Y^K1MZ]BM9\E;YA%S M2VI@&D6SEJ7WOKDF;&D^5:S5LQ0O\_QIZZZAN&MF:9:]9@:5'C3ZH#7]E>\] MWVS.T]+O/SJ5K47[Q]5WN3,VC\]0DU5RI@<<;D;7E3BW=0)R?N7\>@G\FN$> M4VYPP#"$'!4:\SW@J,MHOWTMV]T7TYRY*32"Z>)%)SJ2G&O\K_VWKVY<1OI&_U_J_8[\'AG*IXJ6A%U5YXD=30> MSZQW,V.7[=GG/>\_+HJ$)&8H4N'%E_WTI[L!\")1LB1+%FEC4]G($@DT&C\T MNAN-[NXS*-RC2BUI7#JQ6U%<(2V[$@@RNGJOHQ"D$+0U<>V6WFMW%((4@K9& MD*%W.L^XP5U>!!7H@]5V$33!1L`*BBY[&9MDR_Z6&B4O;\0ICBF.*8ZMYEA& M3/*/,J?BZH2=V3R<\UD[P^AB)(J+[S('L=%J]WKYPEJYOC8F8ZW+A>'%Z"/F!??&X87W'4&% MQ8B8?0K$!:85A1?!9>"/`W/ZW*HWS49_@<`MJ-C74#:H)U1OSE5,V\E0/K$1 M"X)7T>-XU.O;\GDL]X1?./S&,C)]KE)G32;'5:JZG.=[X[2C<4S2=&O[L# M2H4@WXD,Z'?G=L[B3K8D9(-J2?U^9PLZGJZ)Q.2*?)F#')&\(N5Y] MKN#=-B0'SIT9D:(91D%,083PQC^9/8:M;8`50*C:I"I+E349WEAF^TYI,]M_ M.KLZ_\_@AJ>UO[ZY^OX5:U)1H:I_GGWZK(GI\=+I5$O>DHKHG*,,_TWCB/U9(I7H8>U^@H5[,(,^ M%.M4I&FA M2ZISKV$S6(YHA/G[069Z_M3QJ.XW%G9B`5:#2MX5!#A4T&G"1!$<3@)6E;+, M('#PXEJDC4PG0'B#34>%BP(6QBZ5"L/+;+RTDQ^&1)LH1NYX@I4>A1L0$6$$ M_^&EP6`X_.P9'_0I:PG_N\05OD#2XY!Q6'_%``V@>559A7RQ--NQL7H61S`' ML`=]/HV=FK9QOYEYI()5]+:OO6MEBV2QAYF#M6+2N:0R8CBA.#OOZK5.1SY< MTY96-]/7&,(<&?%4`=FBX6S-7""1-7,C.3MZJ@V,;SLT!YEN?-?EKH;<87K&"; M#;-EX5&4@\0'C*HL9T9/@[5PU[61WNR:XH7%5O3:Z"[KU4&X6H(-:W::#S'! M;K8O7_8<-6U.X4L>N!CAO`)YI+==\4&1AX/*&'W$BH67YB-UI72^-Z?S&G_]8^#J[//FE8VNCLVS6H@!??*JW?I:/#U:?1\M.R*U04(EH5H';P M060U0UD*TP5]-40^.["I@'S4J&R:=L'U/2ILZ6%&8922E[#[X%9D]/M=[1BW MDB/ZB-\??:AI%][<;D+U*NN=_#9E@RX)/>%W@RG?@[";*T::E_TD`;SCW%.< M`!VT8\>:P$:>M@K"D/^!+R7$UK3O\*4H+@M_ZS#NB"(/8:OII?3+/3K$2:>] MFY>6$S226@`_L.".T=X%6TT8XP[-%01;ZKN<+JY#A]HX,#T<:)S0L#`8;X#MS0E)PB'Z;`;[W5363)7,E4@D&ITH8HE:\M''/17^^$3;LQ^$ MNC:,87-E'@L(`I@?2_/O@!P3QA$')X_,#'"7=7P86.!/J1T<#S9#`^!#1$+P M*X(4IW]J/G(E\L%BR'CF:=A:N+2=TNK26']8&B3SDV=S?0HAQ75H,4D`J,`! M%>T>-`U>(Q@T0:X<+JB+8DG\%`*="`#?6V0/H=BT4'V!_K"8KI6=:\:=EJCC M#!D2A)K.V*.T9S2?V"#.+OXFYQ.&%<8`2-L9C1B:5X!766MY?IRH+#%S!/.< M-Q7H]S#W"FB?R3A%B5\QW*)Q"1Z(ETN,@JS4Q(F@XKK$0Y0*)T/:"G*3PK\2 MHT;>3TFPY0&0?7O&%3G-1.4W+.97'/+JNX)C)P@S_&;JV\SEBS$'+JJ3[7OR M3VI:U%$.-32F1"EG1!#9'J!(DQ@0ZK(`$IZK'+A1Q4!'51U*+D;U0X]!Z,//POO#OW(_8%K87Q,'1LQPRDTU'20NI>LB_ZF3>% M;`+Q/HHC,-ZE7*0.3:`[PA$@C'W?Q7W2U/[+`G].9]"YWY)+6#Y2PC>^A_DD M@-?FT'&Q;#T:L\AJX>@LOZ?QM^"_8KGD5Q7N#*#MX<;. M=VW4-'4@W/(]&V?&"6SADHF#"*O(>S`%06@&C[)!OB_1U!=7I$_&@+W!XN2S MAC[?T`JH7=D"K*I M`]M96#?+`JWG2"@(1=N*F!=?M*LVM'J;0''-P(:;FPGQ>^&JQM!\L`/5HMYB M43?:+[*$][YH-;%6^S7MB]RM]>RP\+1AR:1GYFCYM(01P!<)6#`T20'VO!@, M_"ECTL<__P0O*E5S_8)S'3XUV7V^ M6>K"**EWBR>_H3<:H)WUZGJGVZ%GC9;>ZK3$Y,T;'4J`(\M,&-,"WM-]DOP6.L[K<]=MC_Z_*Y=MIVC5-IMZO0XZ6*>#_Z5'VUV] MG9A2&Z_:-[8LGV,HZ>F:A+7CC-98G:5%^Z>=Z`_M9@9ZR(`9"V"JIQ2^L!>T MG9G6A+NU5W;%)P&T5]NY\T`97TH!^[,+GX(;/R MX<$/^+?OI4[7G`<8_::H2`N!ER5O/H3#L]?NCEJF4(;"3H$;#KM+7*_9`;J^ M-SZA@YNQ;[KA'!$RSDJH_?<.4$Y^X>.)><<6EQB2R.P/\O1(G#%`FR,4+%R\ M'<.Z93@_F57Q`3G/_D*..![L*JY+L0PZ3NN?&$2"$69R'\$!D19 M,Y*KP*/LB'S/?91(6C*$N4ZXF`1AC/*<\P$D!\=!:,$#)$P:=:-18MGW;'/* MX!MOYJ4UCPD*I>B"\)+G0R-XIZ\WVSWJK:]W0#^?V]YWJ78OW]Z74;C__9X? M525'\YG=/)S3L@5)>]*R=XKEK-\QO8M?1D=B1DO8_$`N#W9Q\F4_=40WCW`S MS)^@X3O\>#:9>=HR,OM^/DYUNQ.\1;(+C^@:NR6[M")3'H0, M'LYZKK+!5QCM;EE!+()\9J9C9]4&FEQSFO=FFN&\[E)@':3'N\LDVW;#$OO" M:,.S8\]/Q\P'G`0'+*&OQ$C!_<*!M0-SY,^'"?#X;MK9?%"&3&&]C43@+K*: M1EET_LJOO5=7K4 MZBGU]!Q^];R-_>ZPNA=^G;X@0AU$I+?UB)5,_+*JRCBW7;N MN:.L4V^L5N*[C1?`OI)A&]WFQK2\KGIH"@\Y/-3+5#%3X>'0>&@:;84'A8=4 M/E06#^N9,J51D*X9Y3/6Y5U7'MAF3QW/":.`T@_)H(0WICP]PXS8UZIH-906 MI8!1M'TV6@H8"AB+)/6;A@*&`D:!Q.A5%1@%"E:N]\H5G:IV'5S%.<4YQ;FJ M<*Y(>&[BT%];9E9LARZ/YZ/=[U1T8U9XV(O-KS1XA8>L9U1OM)2$4(C(2(C* M[ABOSI2K>J52Q3O%.\6[:O$N(T3YQ[7*&[S(Y.6D[9,UZSQW@(?95+:Y,IN[K)FT@C>R>\4WLFO$ MGVR>(G'%%WO&PF8OA$\Y.QCN7( M39Q-V6Z9KA6[E,LCR4Z?)$JGI#0"Z#Q#^HKT?IQ<6Q/?Q;O8_,V" M5.QIFK-[AEHDLT],S/DR9EC2*6$JX2T.!=J(FA2;(I?.*[YGW.UL>,^XU]K\ MGO&*J\F[^OX`71OWQK'A'6"4_U1V.,F%' MW;K:=?,5FI12WK6JUIV.C/[XRQ(EYJ`BXAG^J5T_M^=;`W*YHY! M>865BD=HEU+=4,PCAX6)*X+/'3&AA'%.1JU;IO.S]^79--\8#'J]:L'@Q;?I M74O$,UD"SG5&2@X>>@&T:_5ZB1;`(4Z-%1Y>!QXJIADFF+*#.%A7#[0-3G#"MU#-QPL@/'*R/DFT:PV_2F!'X(G:9R+-]B'XYG(<&\,%9F)F?FH^;'D3;S7<=ZW'$(4G5*E6`SR2D>!3!= M9\+7+D7XVH#@,,#`&UR"1'^%HIW2>",1KA-/H5=X""MEB#'Q^+U<#9._8OPA MK0,X(`I8T+(72Z*D#I+7==8/,56'CEC-W87L-]V=@,$M_A*KE< M'J/C@&S?;N-]@?G[7Q$1^[R=]9`C&/!0WNH.X$P8%[L?@?%"([C$,H!/DJ^D M@9(&2AH\-8`K-C4=#U3?Z@[A-+7RJSN(&Q9,JRN1,34ZU4+\H,1R]<7R8#S& M:XQ\K'+9^$4=A!%Q% M=YH9K2CJ^G*L5D=@Q=$A>DN5*R@!-,J38J5=JY?I4+1R@*C"_9?2#K!@Y]OE M/K?K^)XO>+S(5#S/H646D?2/7L-H[,;D4.),@4:!IIQ;Q*L?X(M;?[N/>A6! M5VI?/+"(:S;*%/%=.3'V>H%1X2M1I4"&VN#>CI'WV0]&S%%FWN&EEM+8%6@4 M:,H#&K4+OFTS;^8$S-9^UDY-#\._U0YY<&'7UHU6F2Y[5TZDO6)HJ'.]TNX% MKWZ`19M=%C_SU^">S[5E3'GZU3=0&DUQ3G%.<:XJG"L0GKNT"W8=_(?-#/'# M7!1@\=U7&MPP&:8R'I2GY!4JCSL:=WFB!!56RHX5)6`4:)2`*1E67IT=7/6* M*=]7BW6I[>$+7X7\[ZBV7D^DCZ>725KD?+]HX*G4E$)OA7@&1C$]$ MB5+J*>4=4,J[4MZ5\JZPH@2,`DUY02/W\'>K]N5#P4<2MPZ.MB-]CXC*$;\Q MQ47:H7(K*/-.\4[Q3O%N<[<"_UB>W/K?_"2'/16\'_.\`YH=!Y2Q&C.>3[`@ MYR9Y]'G&=5.FJ=)&IA/@9,0\;SWEB*4L\_F.-D[7CRGSW]5K]09]!9\Z70T8 MX,)P=`WZP&SLSAUS'VN+VULZB;9S-__YUY_C\&1LFK-?/CFAY?IA'+"+$:;F M9EY(*?"OF(L9XT_],`HIZ>U'3%DN,I:'-^PA^NCZUH_?__XW3?LU;8RGA0^A M)1CH->;>IR3X\/@5&_UV]"GF:?MO#?@'QWI[X]]V;IMU^N-(BSV'/_@=/AB- M(\UFEC,U79C9D^;1[ZU^OPWXS5*_V.%.2;H5[=Q>1\`.'/L9Y2U'5OD>LF+P MX(3)4U2S0QN$MQ>C6Z-QVZ21 MU9^DH]%M-XKIR/>R+2GKSS10TMN<$LGV2Q9(S#K6RMFN9V=[@4'-+%F-H]^- M6J.?DE38V]8$M;8A""1";U\$K;5$"SC4W3.'-B,(.-1Y%D&?'#=&.;Y3%*V8 M--'?,XC:`Y*>3]2V:%HQ>3OCU"X1M191R?:Y":]^)R5L?_4FC'K]_5'6#BZP M=_%,1#[?2LM3X+G'7FSZ?FT+GP,1N6_*S@97W\Z_?;G6+L^NM.M_#J[.4DH+ M:I(\1T]^B3HN7.PR@5.L9<356"P?9)FN%;N\?M`C+_V#&JW'(JS>XD\9?HWZ M[;U(IZV9/"NUYL6H_F1T8C\3UYI1C,W9S'4L@C:OHK1EP:`7+M:E34`_=\(P MAB%3G:G$U$!U':M#!0Z52Z(?0UV[GSC61$.VRB)6\&/D:T,8MQ]A'1S3=9'% M($.P)(XH;C5<,CDU34JW)RN@N_#)5P6`]0U]F"Q602SQ'B! M+.@B=B,P'/W8M7&28'S.B7R/&X%)BUID/L`S'ALY$5;8DC74B-P<.'!FTND' M"*$LQI^P;E;@6XQA%;&)XS)14(V&ETS,XE0_,;DE7TQSY:-"+00DP)1%$U%# M+5]3;F'XJ@14E):`ZFU>`JIUN&)(JNL==UUPFK'ZU")9QU5*`C)/A6Z]""1>JOD* M34K]X).BUNF:D-AG(>3@KAZJ4'U.U>U$,*O&BI>XIZ;+A=:+2PN:E@$.U MKH(L<],O#EA=\7C1$-J6H7?J*F/XX;%1GIL<>$[\Q@&A1$1>1+3K*L/DX;%1 M*A%154"LIUF71G&Z3(YI"TZXUSB[SQXU*V7KP,NFK[*Q*EP4D'1<+U=ME@]* MTSH(#KJ-$H%`R8?2X**"\J%`S:KV]=1JYY-5G-LSYPX^@(KQ2W%NU674:CKY ML9DA?E@>W4UC'":C?3O&J+N8[&$%*PZD9R14XJE`O_,,"DN;-N-5@JK4N5F2 MXP2%I+)9P)432NW>,\(97S^42@6JL@NEWFM$4I$.66FSN^H99A3OJF1ZOQ&. M*=[M+!>4NH[YNB\FOLVN"]2(U>K")EIJ:93@RES'O'8>U&7,5X(8=1ESU\U7 M:%+49:Y:86+J-PX()2+R(J+55Q>V#X^-4HF(?D4!L9YF71K% M2=W&?$62U#"4IJ6`L>2Z59ENZJKKF(?!0;>J.0Z4?%#RX4D]J]IQH=6^ZJ4X M5YV8T#?!+\4Y=1WS+5FC;M5N/G7KK6=06-K[*J\25*6^^82E"1622FD!5TXH MM;M-!24EE'8BE-1US"J8W56_Y*5X5R73^XUP3/%ND^N8RTM8)]6IYXI8TPGM MQ>CLP9J8WIA=F1&[\$[-<#+P;/S/V5^Q`\,&NSQ\1K7T1K;<]DGSZ/<3H]5O M`FLR!&]`R9[&L+ID^,(8C':[NZLA3&>N_\C8%:/*OG\XYM!QGU*ZTGT7>9],)_F.Z,?M* ME7+9%)XX]V9Q%'YR0LOU\3M5GGU=?;-3VOKLGP?G5]I_!G]\/].^G@VNOU^= M?3W[=G.=DEO!(NW9TN.\:G+(RZ=;EA][5"::HF+,@->\'@'6D>LQTZ8IVGE, M3>8W4:2;WG`\T[,P,`YL0VOFEE>3AP6F($UP0KF9H2EOAV0 M('39F%AD88%N4?X]A!^L1V(`%KDV`\Z$1WALY=1QEMN:G0BLD-8`]`+-'X8LN".Q M!_B)O?3OFG:1_B9Z#MC(Q3`O8'`\%1%>,&L_6*3!^"/'<@#<2<5U(`-Y`6!# MX0ACYYC!CB1B'M/!B79L,S*!JLAT/"S]'OA3#0\+9HQ.#+30CP.+R?KJ67H7 M:(1/,S^@9871:M'C3V%""^\UGOE4*1ZXX]\G%&0&MV,T:X76[HID&!OEVMBU MJ"J$HT!^B)%^4;[Z.Q5+=MD=<\/]U73O'#B'R*;;>'./VSARX!^@76^X=7[&/4A*[Y$%,/7AM1!H=4:PLH$^N3*E*FACBP%O/F\N[&N)O)!QF--E^6** MIV@E_Y=Q,UV8[F!%+!C!PM"R-9!26F6YX- MHEI7#S`08&ZJ\5\-O]/4$-C0!^F3:=[.8N![$IA4Q)62=BJ@:9> MZRA@*&`H::)`\Z:E29&Z5NE,&M5.CJ)=M7B7$:+\X]N])_V)66PZ9$'*IZ9!=Z7KZJ[T_ZB[TJKK35Q;K_8&G+HK M_;KG5]V5?J7<5G>EU5WI5\-M=5=:W97>L*/7XK%L-"L;`?V:`*'./11H%&@4 M:-364PE`K&?5ET9%4W>E*RY6F]5=*@H9:L-5H%&@4:"I.&@JO`<5J&O5\K&I MN](56RQ*PBK0;)X\K%97P%#`4-)$@>9-2Y,B=:W2H>C5OGVI.*RV\NK,U"K?N]2 M\4[Q3O&N6KS+"%'^L5QWI9/35F9:DZ>/7'6T6?$2-?/LY*V`S?P@PIO1,Q8X MOJTYH6:9KA6[LFI]'-)M[,EB@QI6M@^U&3#<"2?\Z<^"BC-)Q2=FNBP(?T(# MVK<<7B0<>C_W;,?4CC_7SFJ?:H/:^8>:AF.RG=&(!NXGT,2#; MR.>M^'$41M`I\D4VP*F?(X_SQ_$L-[:!3*"&39UXB@7/31AI:/DQC"DA/V"V M`TQUPA_:")KT`]ZH.<7'>%5T=X,_!Z32#Z)%^X#B:^C9S0[S4#P_BWYS_:>5X M46)>%Y.`+8V9QP+3A6\B`%K(4:S+5^]\0(#C4DRIGIT2^`-O"XU<_Q[FT?^3 M64A!2"S'L>$\X"S"`+S0I!^WFX$-LP@\I=S/T5`@$;>B9I=P./']"'.+U0Q1!/XK]EC* MAV:=4CX8-)'+,T*\R%RNF)Q2983HK<@VL"Q!0>MPN1'VV'6!F;7:G-K$&"^K MK9_>>.VHU`BO>7KW>:%Y@+(8VY+7.Q;$]O M758K6O:CZ9IHXUQ/&"B=YQ&;+E$OR@3$=??=?3SW*@:XWG92&I!NDC:A`M#= M$5?*+>' MD-)??X[#D[%ISG[!3#K_P=BWK_RN(3H2SRF,[9,36JZ/W]W`?O[1]:T?O__] M;YKVJWSUB^EX?_AA>.%A>L2+4<832<%U\-85&_UV]"D.*(#NUH!_\!SW]L:_ M[=PVZ_3'D19[#G_P.WPP&D>:S2QG:KJPE$^:1[^WFWW@34KQBFYW0Y^1I<]X MDCZCW3"V)-#W[7O'=7/4#,+;B]&MT;AM&NOQIU_OY+L7K:[=U_I#7;.K``9_ M&?@C)]HE#H#)O7H[WW_:TX8DM+:#HM'N='9$P99@JW?;_>YNF;`A">U.M[?F M-)Q[EC]EN!8^!_[T%&APO-CQQA#X&%)^+@-F! M9^=;P:/@Z/$KBR:^O2>)TVEVYD;X@@,I&0>W6RC-5LLP%`>?L=`[W4938?`Y MZ9>(@-%B@4VT"FM]W9!!QQ3$Q?_B?MG.W0YMK51->*6^*\R M4=O2'$8?U4ZM3VAF2&9QHT8\&2;Z^#KF,5&Y;]+.OYU>?#W3;@;_Y^PZI;'@ M%L)SKJIU#E35T[0L?J<);V9%N6M?8>[>UXC9=%DGC,PHCOS@$1IXH!L[>-^F MV7Z?W)Y**X/Z=_B*JS%HTHHG;4'8ZWW'6!5VVU]VP3 MYVMI?+OYM297;\&IS6'NN"32_F82,*9]A58FN2ID9Y[-[!5;E'QNU_047L;8 M<)LL)W9>"V*NG0>%ES=_=6L':-WGI:($'\G]+25"2C4I=34IY9L4M5)*."F' M7RD%.UJU@H*N$R-^%OAW3NCXWN)87W.(4`F#/9OM4ET9>E\>V:1@H&"@8*!@ MH&!0`1@4Z$9EUX3H6`*3C'F8L6R4''4,F<=&3J0THP,O@GJI+MQB*$>8A(Q$VBCPI]KWZTR0"#ZA%*@#+Y=C MHU6J_`KO/RBY>2`@=&M=!00%A&.C62YU6@'A4$#HUQH5`T*!,E5FU>D&%26& M>?"5)G1HN!-)JN:8DHP**@HJ"BH**@HJ*FA0*E"Q0*%"RX%G'?95.E%;M))YKVZ[E\C05#VHJ:76Y"G^*`\EI.&/R+ M2=RF/B;ETAAFXM(6\F)IF-^%DE9B3A&=WDMO-SC]#FD4^M0[/L'IG!HX?A_@$\NU/`%-H.Q;E7L9G[B>.-=$< MX":E9&9A33OW-)M%+)@Z7@)]:#\E2,]F9.7?VTPD>X4'8T_,'\T7])&E78<> MF8<=.B$@".;6=7X`SJ!)TP-E,M+3T5'/S)IXCF6ZVI0%3D1]FY%F%K ML.!,;11'<2!?23BK$QF9<62:I'F9X:@!B&X"&$X]5<@8I5DF8Z+DR"%3A98 MN&Y^(%P];>2XT$7`8/2X`G(@/2H"\A%1QF91R04/YG*'H5#.@E"CM.LX@5EK,^T#"!MNV$]#WG3Z[E M++,66)2?09U/GYC'#A=)R6(RIY@(7*Q@V^$R>F+")HU#]=C8I!W;@C4S3I2# M='I&`"_//<*K$8N'Z$5>_B^5.-N(0\ MA`TK=&P'U`<<%PB_HL4,,YQ1,/+:19Y[3IC9OS*;(8F)SR(WRMRF`HH.3PAO MQM$$BT(X+"L_AE0Z`F>J2U3C+TGFE7P[12^E4B55E3FN[)5B3C#K#V>*.3,P$P$52EG*)EV:5EV9/+ M$D2,.8I(N&AUT"H<5-H3R25E%M?XOYJ!-=@%&WA&T7,&@_9M0V:B<$U3/D.Q%2/#71$CI)WK)`W5I4;B MIG0BQ+T8>(EQ-6_ZD0XGU-)\@N[V)3/*RDY=5V0B.;!#+2.![*#0%%[5Z\!BH$C;K)Q MY]0F,<:%E]J&?(F&#=\T^\DWW!@NY(I)"V.%3^03L]ATR((%J56?=WJ4%B^? MEXN/]DF_H^.'WDF_C__MGS30=2CV`..DWM#$-I<&F@Q`OW013*!`.L,8-?_C MH_.;PQ%2 MLQ4;,G;QT9\.8=W_TP%%[-2'QQ)A*=1($\O,0",@I9!$WN/B6T+V3D$I$QMJ M,56"`H09+UC#+5P;%M>C,/FR#I#T<31#4@PUFK39]I]B`.J.3S/A.IYA35`Q M%""(9&IM7O)A@VA2LWLQQ-QFDSH-%B7D`E3T)5A!Y0[:EZ8=+'D<29Z^/V-[ MC`.L:8.LQZ.86'0J<&)3^J#QQ!W#W5B);0\_P=+O=;^6>#GBC*<4([.7RV/T MA;YK-&J=;EZ\&?U:-Y%X^J&EV#HN_LYK\O#GMZ60:[TY[Q\"$2:IU9F;MTZM MTTJ_RMC^$A'27EF."6SZ12%1.%HAX;@.1X=/7&FS8XL+)5#00V=(-N!3^@@\ M#JK:TA&7?"VG*KW8M`U3US[Y+3)Y@XA-=8F+?8P]CUAZ)YX04!(3N&N1*&^)P5:V9] MQH74$7'-K.H%-CP>X<#NNQ1O!FP$N`;@T0@8KV?/?%(Y#V2@#YDV%B>4GBI= MG`K@/@DV0NA[YA#=Q1)[T(QTLJ-9+NO`!<0K=/O)!SG[2HRTQ`0._5%TC^:2 MC7:=/R-=@1A0&X.0"J@W;M.34*8M)UCJNCE&#T;D M1+&TK8]X[6%H@7L7F';\S:]IC0^@[D5= M,:U7[`G+APIFD-JZ`3\2G_H(7;%^$T>J+MPBQB6Z^^(H)H@E_ MX9$`](Z>=6:.8A<4?#-E^8?/98Q#22@HF=`N(T)RN#JI`-S/. MM;`0I>@1?X8X>40U/Y[W/=C-AW/8G1OL9XX@/0FV"=C3S)T_!=H1`V#^GQA^ M;ZWAAQN,?^"&/O?1P!Z2':_<[VFZ-P71D].8\P:2DX"[`I?I>3AR8>.'$?H. M.PB5+<-X!!#6[6#3XUQ@3 MY\*)G![J/`/BW&&F'P>D(`A4T#1F9G&#&8.]6FAG[&'F!+DC^#1-KHB@*(!9 M>84I!]6_+R\6]0:QY!$\--$4O+:9_O2$CL1G-IXA8W>J(^UD?4FFK$3[>J[\ MPK:332;A=>F!`JL*J0:"D1DZGFGB]/'`"%J>\"M,`RE.>N98-Z,WP\O(<&XE MX_,XJ7(]+W_#J->DKY?`EZJ;8AU*"\F4%AA*!%20M]+X1<"CT19;&KU.?E]1 M+!TIQQ"8D6.9)5_DESGOM#AKS"@>&!EHVHQOF,!LX<'"40[C$".ZPH(E+#D" M,K70K"9YHBSZSYIQR#S!IFN^,6KOQE<<7RY.<#4YQZJVOA4=8_E"$ZJ)#;^9X MB6Z.2A_>QL<8"!R6"S/LHGO4"Z&)8Q,9-V4HJ!V&KO%0!O\M/T/[L`2(R9$I M+5Q.A!"PTFQ=10EH[-HNRH#Z,U M0*%%A6(LB0"F)60SBXO%-*:6HA7F;0#N0)EK#L4XF'T$DL0SS\_D$IV/H.F+ M!F$A:+Q8@0&!&(-MQ.Q(&7H(IWR"@UOPWTKNU-)_87K$@5H3]8/.;>%DB@E ML07LY%ZN@GC`>Q'S!C2!Z1#/*'I)KGN^E8M8[()%/.8Z![FC.YF"2. MOTQ@4LKXIX";$1JL8/1AX?#3T2U[8VZH\T*H,#1GMVMCRC`O7"^Y: M$@F;H">KZNPHY`M;%.A(Y2E?3X"K1:^,T5Y/%DDYQ#5_4,(BKEP]+6J+VYQO MYYYF"T]-TNN40IS:#!V&X:K6>%"M%3FC1R$,Z!6Q$$]`>P1,"%LBUV^5Q&3( MQ>2"&LTGS1GI5SCYBS&(*\T9['/N6MGJZS:YLZL6CW9 M$3AU!2SD.$XUZ7!^4UEMS.6-J*7&T]/6">G;"Z;)2A'FS2M+8A=ETQUYNHJ?\R MO=@,LJH=OS76I\O``1/^[#SKL^E%T_D/J*0LVSC0T3],9E`[IS$ M^>,KFN8^8E/R7\XY7N2( M??4\LR12G*3*>58W%Q(IJTXO@KEQ`B*?'#L+/S5/\-KE\J4S1YNS6Z&U._UW M#Y+J)CF237Y%'JY2!OGZ"ZT)K$!7K,`)F'O.;DEWERH M]1+77:(M95QW2W>`#-36@]D2A!&H"P%="&:-/>!=_D2XK^CUIS#I(ZNNYRZM M[/.:S,((L%M=#@"57KXY">5+C`\=#'*)B167OXZ=J$C+:+>SN[.YV?)[&PW.552G'(&K3EW?I@_5V[6 MC/1<62@_0]__LN@):HK.*-WL%M%GF*Z`K MEI84/`6.["+U9SV/RB9.D_P)2,CDZ4=YEVG^*&OET?TVYP>:2`1FVN+H&%V, M8Z;+R-!Q`.3;(F.8YU-$163RNW%_Q7C]C#/:->_!;/1#EL[-^I136&!&Q(+B M#1./6P3J`AC!AV,BR<]5=)S*).'8R'S"S;_M0007:]FPIL;3ZK,ZH=A6/F3U M!N'OT;,&9[+U%FF.*W3"E=Z;54HM#\![0Y[VHYMO^= M^4%7;?_+9XX[!.>PD_K\I##.N%>R.EP&1XOWPY<:&KOU!>[*9%NK%V\]+Z-D M0V)W;N4#2I9+21Q!Y?8#;>4#6B)H^ MYA(CY[*FX?HH'I2\M2#N9<^K(?KB2B-?16%&B%P21YF$^'E>W5;]&5[=\NI\ M.!(0(CQ1"`])/?K\$9-J449T+PI\?MZ+4F7)->]0L"P3)"*3-&N6Z2*JQ.50 MT!>2;,`2?*&XU'V9WX>YB0IK:5!)#.)\Y=%/LCD2M(Q7D:RM?]7:S9K M_?Y[;,R-R4`)8Y"VP$PPH?`$F\G+`%U3ALJ$`'MP($\^F3*A+8^/Y&Y;-^[*[ MAZA>7CMXOS!AD$`'S;'M\+S<62$8<(-VAK..JS85*6E2H"1+-VR`-I\UTN+" M?+;`&PS`<2CT'53BC-\1#%78$_&V:0`(V4;N^E[!PO'C M*(1'I3J>Y,*<:Y4\,F$N4KUX+Y$^!NPPG)@\#SJ1L$[W3UL:(C.VR(O-ES3V M]=2ND:0-7?RI=T*I9,7FA1E^*+LD=(2R0/1$5Y*Y:+L&37->>M>E],XE$\W< M55[>W)([N8M62\:7AB,.V"CV]DCD^D$)<_ MUVN]].=U0%C:E3Z`U42BD.YP"DGFPV9%@[GSW21MQ(/,W2W3SGJ,B;3/$==` M!#0)`B&]&8F99>'"^4MV4\IFSOV:%":0J9A!3H2Q*^:;FLD%1^H@#4!AN\N6 M+Z#^XZRSEX]/!N@G90UXSI$T^[)I$S1$5@&I&Z0*/-)"953H(FT%\S*?Q8$_ M8SG)GF#6]7&U"8#/9]K#TX6%R-ZUU,_DUAV=Q:U7#V<^&]^`JQC?_YU4<-%! MM0N"1[)$,:&_R/0LQB!-CKE4([*X!K`\R1`7,&D$%4N,`HYASPZ*(NQ8VABB MY[1("A>)3"X(@#`J!::4B#!1SI28K=5K1C_EP1S;&WFV;\;R+=E==A0OJI!W M+-W+0D89[W(7?S)ILP464)),?->6(>8DY1S,2Y%FZ*:]"<1!]G7*II%FTL%F M,.?`V+FC%.1X/1=CM/$6/9W+#1E^CUZ3)XYIA/=H?FQDEO*1R/OW(@R<;X8\ M`Z#PVHA8>)8_&O0P&#[-H,"U=AH_NLW3[8VKJ6+#YS>@R'P7C=+N#H(41HNW MG/MID&TJM$6AF9%CR\XF+,=:2EA`>6W\?(T+/@[L0LCS5)QS4F1K&9:1'!=E MC'*K%]7%=&=/7(O4>6$TQ#J7UK=<%[T76!?8S)!GV[,Q_:`SI/-M`!T6UR#, MH[?.&7OY>A4TAB5E0I\>6N>%L\XZ%.A!,(S#;/$0T[+BJ33S4?3QVDM/#I_G M!>+7V=/\@$)U0UCD:_XL%*R*-^.V29+#P]8#OB\,^>5]T"0<2NJ.Q]5WW"A: M348.WPABJG@Q$O5!R*40S:4IXR'6KF/QNW`.FG.X#N4(Z'(%/)>LEM0HQW-T M7.?G^9/S;.4HW.-F)K1$64=A62;9NS9ETHHRY5O M]/JU3BJO]A6$3&O]U40A)T+E^NSJ/^>G9]K-X/]H@^^?SF\J(#=6UZ-<86_K MY%#CM;R2),'DC40776S)=%;8\L!^!&U,%%TDI[;(A_0_7-FU4'.4%DC2CBAM M!X.@*DNF*#(HL^KPI$RGL+_A4CY[L-`%AROZ%#8Z?QKR=%E"E?#I&C+V,>`' MLR9P[@OE^G&U8[SYSP(R4:Y0.YI%V@#)$.<(V5QMN20!QY].^=EH4C0,E!V1 MUR&2;.4#\BDW)0T@O2OMB\O1N:%'S)R"JN"'B5[@#Y'1,AM00,Z-2(ATO+V0 MG044O8'PSGB9I-/OFK5>.UW9605Q+L!CAC7G?)YN4+A,^%[!CTIR!04KH0#G M[Q(B0Q%47/P)E99;SEXT=S60!CY_E`)F#I?>":NRLYS.%,>.`$12[`O[XMG> M-+XU3'D]M86CG[GCF91&/!^S<<+GI+PH?.CPXQ9Q+@348*7/A/HI!2O89WOZ#RTETI] M):O:(2\`=Q1*$8R/)#G2L>:H2ZD%%R@K*KJ3$1Q+YIT^@:HT__G7G^/P9&R: MLU^X+0>FW"%)UEXB3*(_-\/T14;_78$NQ7- MX*T!_^`N='OCWW9NF_5;GC01K4EZ$#5!HW%$9ZM3TP6DG#2/?N]V.UC\NH`J MWM?VA!A90HPG">FT&^TM"#GC_E-Y#+A#SACU1K]53%&^TV=0UMJ*LH[1-O9, MV'9S:+3:K<[+L&Q#RKJ-7G93$S/7^RZ) MW9#=)R`N%M;E\ZB]0)7B@KL^O/$@#%FT4^`WC<;"@EV#A)V3O2&GVSVCOP.R MT9%#/F.CO M.U(^N?*;Z$?\3Z$*2=68AB7[&9+'^L3R7=>P737Z"3OAOOQT!?"SFNN', MQ`+#R=\S+(XN_KYW[&CRVQ'FI,_0$052'8ML[921C\%$^1K5+'Z:8OXQ2#_BK);"H3,? MNI"6ZN8N4^V=T6CK>#&++,53'[X-(O)`XNK3+L&8<<(0\[U_\WDJ:,X:G?/F M^(C_>?0!/4"?F&O>R=3ANQ= MNT[M2-M6OOG#(:N5E]AF([!Q(M$L=PI]-;&&CG2,A-I`EB5'ZJ\'1QAY#2(E MB:GA(Q(1%MX)-8\G1_PD/=,WNIYXF$HFF`N=N\EQ&33/V_F#&XX4W17QKO^X M.#_B98S@J?2HEZY=XFE9"'CG%O^G4#-R5GCQ-(U+ MD\%KXLC&Y>4$\\5IY.`LC@*.$[$2,%4YW6="89K<%C*U9OT].L/Y]0818\E? M^2GD=5SHSE,F%L@;8VIS7G.7?`TB\#-]F+LR:&A$$DWCV,>0!Q]M=DM0&`J? M1HXVK'>#1]8G\!5[1!D2)Y%U[PQ"$*%(&..2`\@O!]LT@^2>PA-KP<'J4R%N M1N(`1?+/9C/7?Q0>S]!TD_`/W,?XR4ODW(F#RBC!VW6,5>RQ)W\T$D6?1,3% MD&5K0642T"=;(>6AQQ3N_6:33O[I.*``-[I@.F$,V%ZP8*("X"\LWG6,_ZPN ML)]]/:\]+%/9!^'MQ>C6:-PVC35MCU:GE=?!EJK>J_OR@-Z.2>?-W@P9`UCZ>@+.WPV>1LX2^JM3KNS&^I.,83'BY['KE[#F'.6 M+/:P!07K0@&\L.H7M]E(<57Y\_`[R_-S[+`7T()5/N[0;6\U> MWD)8GXZ]T+^I*=GJ]XU]TL^%Y/[XWVAVFIUU!E!`R%X&L.D$-'J-7GV?`TAM MT[W,0+/9Z:\U`05T[(7^#2>@5>]UVKNBG[LA__##G;*XW6PN+M*TJXVIV,Y- M#4#M+`#U&51LZ9%I=!8%[JZIN!4-W%*<#6IX?--%JQ,T<%#X!@].F#QUQ?C) MZYF(:/E*`04O/I3M7.D-V&G7GM9D#>P)Z/U6*^^&+>AP2XJV`WVST6HW]D31 ME@N@#>;0?GFTL?>_7F]M2%$P-CWGO]3K:1))#W^`KGL)YCXL,?KS8O19AM8G M2[$*KE#E;=V;M[6TSM:/@^OS:^WBLW9Y=79]]NUF<'-^\2TE]I>"B)(J>%HQ MS)5\K>CDB3T*I^!W]FP\:+67W80)D_6:9CV3#E;TNAP)%^X1AJ,>\=^//F1" M/F881BKN>4TS=X%F<1#&9AHF'\32&16P<>S*V-W1O#,)GSA[X)7N,T%N:=GM M;/P,OS;A1^2PLQ.!@TX]>,2E*GL8+,]LGO2D8-0)_8XG8H4I'H7:0SF2[\#@)R$".0P(PGSV'V68_AG68S MH+"S&=\*M)'IH'!8Q<_S[<]`94TA!WX:)C]P3#W99,C8Q["B>,16+P*^X' MW5-ZAH"NR_`";F+F"Z=X&$=IH)]8`33?V24BTQS0??)"5!?`7P3?Y>/;,9AU M"L19(I=/080F7E@:\6@X&42X&J79E1UROS&='*6K>2Y3A^?%!%>JMP!P`T*F MFE$_^?=FE]]*'%&8J&O)2M@8HN(^DER]#@E('B9XEX3DR=8I:A`OC@XS=^/F MF8GD+.6FL7V8WJY5SSG%%@&%X`G8!!8G##Y5@<&NNAC=F`^7_/AA$/&K$+C; MW_B7YH+/]+E!.48G[_!^)FV'&NB&QO@@O0'T":_3,%O$@EV"7`P'R5ZSII'^ MQED(='SW`@:Z\W_1!R8/O+[`/H]DKLG$DV:]][;Y>(/W.[@ZMC$$&ZW.OKF7 M.5SYYO-;X,\]0C(:K79SD>S"GIY!T2;1K*TY_^5&!,&/?MZML4O/5ZO1:BS2 MMMCG,PC;S@%F]-O]/1.V97!RH_Y2+-O40]=O%`#_*<(N^;7L\&+T25S(#$\I M!H3.?G>*M7XG/Z6KN]X9F9L>S/1[SR?SQA]89(W0'&0B-G9Z!-;NS<7)/]G] M+JG=V(';AZB ML\UB%Z,]2>;V7"3`DYTOI_7:=.'1?4J]1K?76DYNHV,\Q>3-0+PEX9LN/J-=7P'F#0@O%HE?@OE#S,T-E"Y8!.UY$E=T]TS2 M-O#BLG9"&=B&SV09QG-VUR,,.GL669M8`MU&M[\]5?PR^&<_^.3'PV@4 MN_*NVDYO_LW3M[37'=&WJ7ZR)7U7##.ZH`>7-B1Q_7+'YDJ.MN(>GTW5QN9G MH[4%6709;[?;<*O3Z?7F2.'=;-+YEMZ!9KW3ZC^[\VTAVVBVN[L:^:;SW^[, M7WHM[OQ:9,V_&)U-Z0H%$Y=VKB=FP"@#!KKR`"S<.^BZOB4.(*Y$[7-F7U)" MS5,_!-WU#<>\J+":?06OM$L;5G-]^$>))IY;P3^8UF.UABR@\R-;6P7RIZ$USQR6V_-)QCTX/HXD/IO6T2R_8B0.4@"?;O1!J>G%]^_W9Q_^Z)=7EU\@\^G9U_A MAVKO"^>>]B_3BS$:KI$4$?H\N/XHT_$-KK_3+U0Q222ONG9,EO7'Y@A,-1$-)HH52**C2RV M,Z,:)R$+=7Y76">"*>^O+MZ-(E>0$C#7E)G"J!NMJ4V9B>W1`URHXU!!^_:1 M68$SPL@^]B"B"C.[3\&8*$<=-@O#@)]E%F,9YLF?P"F1VP2$R.W+^T MF8OY^'A2$WZ+&6>U:[1YXDB:31Y,E6URR-)\K<-'CBV1"I4WA?L^,VEWI=#: M/P$*L)NPL4_QDLF#F7H3L>ERLW2KSWD#;-W'3(D!;$Y4]N/9 M$'$A\)OVH$58-)P_18+_#(HR\.,IJN?IQ-&">L"K`V"(6UK)*P@CH390U"/7 M9([3W-J4T<"9BE_"#S!A($-X]F(J<[`8]6:T>3D;7Z(9'`LU3#)LX7FD/1; M*AF;:;VFG9D8#6S:_HS7.*)$%3PB.E_8A!ZAC)A8OBXRL;"2G:V:Q6=+IOP& M#B4!MR*A`!6&H;056&26\F="TT4%(8KT[A+'?,+6(F=EV=Z2ANY>"]:%VO<9 MJ?NTYS1ZNG9TCHEF*;US>*)]\7V;X$$;!ZW:XQM_YEA:LUW_\(OVOQ-&R2U@ MNC"`%X;`9K"9"#4_>?L<>.H$!.H;67'F*EE1Z(\1543^RP(?P^$]DN=8H$16 M@A`%G8ZTXV2+;/0^B*),8A!BM>3E],2_UV32?2%(TL4<4]?0Q#C%)?8B<&`(+ MN%.`BZCC7KT-,BH-\48.8X$-OB&:5+#-U^CF@7:>S;4+4"IL."=]^E+ZQ'/2 M1^BSHJ*?F*E9)A*==NZD9V>NYZ'LVX(RJH M9ZLFI;VEB@](#C5+R=4EE19MX"BH]! M#\H@7<9[TF4`+`OH6[(68]))N@XSQ47`($'+?`;+-\A?W<@H8U@'&V6&>('+ M@\*[(D$R$R0C(VZ!\$H1O"!]!B!N(=]"+;U>0H6R0RMP9MG\0\`!Y"]-69() M&7^0Q:AT],:E]Z727C(WIX2/#J5-)N17;B=%+%^X\Y+XNM(.BB;Y"<'*BZ&" MVBBK)7)GWW*HXB]#JDB>)LDK0MG'DN&)=-=^;Q3$.;B6TE MLK<0V52N,WO1;EV!_,1+_*ND``]E0KYR MN.036=2R.>=0T$;R="=+2W! M+_R*DCO9K98?A4@74FH#!,@GLM3EJ^@)0S>FJ)[-YZJF#7+;:IX^?&4V$R<4 MJ`1D)*+(4RAU39+[7'1)M7-M%=-X4L4454QSE";W@=-C%OF^S@MD"`&:6$'< M7,B.3J`;MS3.)AUW5)!46!^@R(4F+B7STDS"VT8*AZB(QR^?(L^D["1/FD>] M_867G)W18Z9H`-]QJ%=11Q'6OY5K M0I2@6G)AO@:6/<_4R"=+S]GAKLM-;GZ-79K*\H*X5/_X)2RZ9U(&\2=@AAF9L%YN6=CV-CYRMSZ!O!N3T&7G;!> MLS$VE/BM,A;CQT?QX_9'J6_\/+*\66"^G%U\N1I<_O/\5#O_]OGBZNM<&I@* MGD+>Y,P0%*R!#*C#58LEPD]<7CN/`G(%=AXO7U'EY7;3VL,1N M6)0-9T>5]QK)\%>4TMOC@NDWTA5@H><@6+9\Q`N=UOM,(<`EX.7#33II+G]E M5]^KKE^HZ\S*7R%C!3VY=;VLI.0<\M<1CELVOWY'^;4F5^\_ZO0_S9@]:!3# M!DMN?@9@-<*R@R\Z1>OJV4+.R`OP&TKT\Y4G/3G#I"XQ#/'O_0(0Z"0CY2W-.*/3-GCB8;S7Z13LQV#1Q0Z$C\1<-O]F+.Q'OQB?7 M5X^-#ZM8.RL;+O&W=7PL^WANS^NZ"L-2`SS4`-?3"THC;;[Y0321F9:UX\:' MBLB670G;[3=>\6>`5UMW29+1:NEUH[,Q/9Y_'YBSWX[X?_?$I-)8^F\+$HVZ MWNO5WS@D%#@*26IT>WJSWU#@4.`H`$>CKQO=JDJ.RMMRYY[MF$JC.O`BZ/9[ M%5T`2IO:`QR:G=8;AX,"1K&:K3=;AH*&@L8B23VCJC*C0(CM7K^BL%>:TSZDH-YKOW7'I()&L:,!A$6_JGNDPL9^-Y*VWNU6 M=2,IT)^JY8/"Y.3R0O3_^H%K*\7JP.NAW7OKWGH%ARP<6E65C4I.[-D?56]6 M]>A&06.OT.@WVA4%1I$^E>U=W.3-WF-^9E39,N*>?G5!=Q.A\70AN2`NO@`L MFZA6>^RNX-&-.'?P`52,7XISBG,[XUR!R"RSP8G-#/'##25K$@DC:!##9#AO MQ_Z4W)BC9@DK#J1/)%0:[8[>[[6?0>(>U8P"5NZ`J9NB2F%I72PUZWI'&+<* M2TI"[8;*9KVA-]M=A2J%JAU2V6AU]$ZO]QI15:`^5MOB;H)Z;?OQT&4OH\YO MV=]S+:'#CZ!J'%.\4[S;*>\RHI-_7"LQX^M,5=C;(E5AXW!)^_;8=<&&NGKC MW$1W*XUJN'TVF,"_3[+!O&QFF`$6C*"_1+8UGB6[N2I=S+X2LSTOB5"6B0I" MAX30)V8!@E9-Y1X1](P\1WM`T.:"+]=DY?"[[X[>QD8RCTN5L>A)%%0KPC#A M]1^8#OP/2@<^X/5FCULJ;9%*?U->Z*KT-V6+;#+T3K.Y,37EB&U2T-@S-'I& M56_R5WZ35ZDL2K$$&AV]U5:7U!4XBL!1-W2C]8H"@\LL#]5%]3+AOJ*85\#8 M[\VJJMZ>*=(6*QVR4>T`;,6Y'8:N5\OLP6;(>4G![#2<*ODR=\V%:@3S&8V> M;J@@=H6JW:*JWM3K1O,UHNK5Z1M5#SQ3O'OIH#T*R-MW.>5O/E:,QY+KF(WE M2UHG.5,A7/ODA);KAW'`]E#$BD.86Q9HKF]QY*PAWC=8$0I'FV5`*P>. M+@,'Y@Q>`LBX)HH;0(\_8P%!)-0H"H9IWST'D74=T2,*.`<$3K.*P/DW\-/V MIPHYAT1.JQS(H;`OE\*^3![VY7B6&]M,F^$921`]:J9G:^ROV)E-F1?IFL,,>HH^PT_[X_>]_ MT[1?DT;F7DV5M^0%@)N';JLK-OKMZ%/,U].M`?]@B/CMC7_;N6W6Z8^CWW@7TNS82TZ[,O7\^^W6A79Y<75S?GW[ZD MA.Y8AG=>P(ZZ@8WHU)_.3.]1*3]?F/7Y$;K)KWMM;=@FI/ M_!C,9JYC":7P(HY"`#T"91G*W[Q2J%;"*UT)__;\>Y?98Z9=!KZ%(C^['(Z/ M_GUYXNT;+Y)SGP+R"<#IEDD[;A'^3Z8:^EY&QANJ2E8 MT[ZF9B'8D'BT@@2%^/?5ACK%325A-^^8#4:[I6?#E MA+'H9P>#E9R10V)&.,AL,S*Y?0FC\M#_!1+38CGZ;1]Z\/P(VP[8&#O&H8@6 MAH\9:];QH#_'='F[>+[(3."&'*T\<(PF`6,DE$/G00/:HTFH,<^&[C%10CKO MS;JNH3^*GL5KZ$BKB2>7P)'[/5JTU4N+TFEOGA:E>;BT**IKE0SF13-YO.QM M_QN2<%^Y9#M#R4:C*7;([BMOQX(L74'#RZ084(!9-E?7L!$JN"Q7295,6P71 M%\E(]+Q$4FIZ]C\]S\C2I*9'K9XW/CV'7SUO8[]3>;C4C%1K1@K69;5N#UZ) M@.Y?%D=8RNN"*O69&N`;'N!Z>L#6TJ6Y8^FR+!*G(L)F1UQXM_$VNZ^;HH;1 MT?O-UL;TE"/GA,+$/C#1[^N-CLIGJ""1N2C6:.J=CJKYK3"1V3IZ';U>V;RG M+VZG[5J3^O?EQ=M2FI[AI-B;6&SIK7Y5$W8I;.Q9/.I]0^V8"AM%EV![%=XY M%3;VBHUF5^^UJKJG%&A59=:ATK!_I4H=>KMLZ*U>5?-`*VSL%1N@276J6D1! M06._%EA;-[I*RU;8*-I2.GJK456Y4:!)5KW;J>A*4-#8 M,S1:?;6!*F@4D-366TIJ*&@4D=31F[UN1:%1I%I5.G-XM>MM*,XISBG.585S M!<)SA15:NE#=`6.0G`TZWJGI4KL5YQ3G%.>>9>I-&&XUOQWUELO'])'TFGBKW(\7;1B5 MNK[])?##$),[CYQ(7>%6`U0#+/T`5\O9T@5VJ"O^VJWE1[<6-.W?%^?2O`P)VS4=$5 MH+"Q7VP8>K=C*&PH;!0[([<[>E?=[U;8*,2&H;<[*E63PD:1:ZC>U=O] MJNKR"AQ[!D==[]6KNJNLUE74#<52WE"\9J[K>&-=&S./!::KF9ZMF?;4\9PP M"LS(N6,:>Y@Q+V0J9./0\J'1!:53'2PH;!3M'7W=,%30AL)&D4'2T%LJUDMA MHS`,T-";G:I&1A>I7^IL0?EY%><4YQ3GGN!<@?`LLZ6*S0SQP[EG^5.FC0)_ MJODS%O#D%S2:83*NMV.F2K:\6\6!`RD7"7&-OEX7&NAV%.Y1WY`T+IW8K2A6 M6-H7EII@S;0;"DL*2\\GKMW6C7Y384EA:0=8ZNNMUJO$4H&F6&TSNPF:M.W' M0Y>]C.:^97^E-'H4[Q3O%.^>96[SCR8T74B-,*.)&J,!4E4:UGP(OVCUK*3= MP?;P*0X<;ZQ%$P;_!HS1(7#H/&A3:&\2:@RL?%O[5^RQ=&3-NJXUZH:A:X,I M"QS+]+2SAUG`PE`[]8-9C=JXCLR(P?]#FY'VT?1^:,RT)IH%S0;.,(Z@U8#= M,2\&0AU/8P\6ON^/-*/^'O\3^9'IXN/D]C"SS]>T*_Z).P(V(N+>#+5WK4;- MT(!3KN-[]-R[1J?6E]_HT%$X8Q8>@+N/NF;/LV@MUB0#Q7?-V2SP'YPI4.,^ M:M!9[SWU:W1KQOM\?T^.?9!KJ]]_+W];R0T<-S_GQ]:`X3B<3`;1;`)1+63C M*0-5(+^L\5_-]Y@V8X$%/V,K_[Z\D$_/4];M\'F$?G($%L_)`FV9EHE5C=;[ M-U>O@:<70N[UT+?&AMQNUWC9#QP'+==+>>.@OMU"(QM>R M,M:#R:IUL1(=[?8\.G+2>'UP-&J=I4)T#7!$2^!/37YB%IL.69#YV>##UC73 MLOS8BT)HS&+.'6[EJP'%`J:],WJU5G[81KO6*5X40-VR/@J8RIMOIL)%-&_4 MNLO6',R#N>7X:XN&8JH.V<[=_.=??X[#D[%ISGZYYAB\8C,_P/G\Y(26ZX=Q MP&[80_31]:T?O__];YKV:_H"Q:=]X=%I`\\>Y&+3SGAH&F$$&KABH]^.0-H1 M^&\-^`?)O;WQ;SNWS3K]<:3%GL,?_`X?C,:19C,+`.6"9G32//J]930[#5``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`(Y,?!K+6L5'!0'KUD@UD+3`M#J0[=XQT M^(&L=;"T.)!.O[/W@2R\]=$,'6NG*Z0U9YAO1,G.!['MZIAS0AUV$%NNC':_ M4:)!;+LJZL^&T_]S6YT+3(P,3$P-C,P7V-A;"YX;6Q5 M5`D``Y@#/$Z8`SQ.=7@+``$$)0X```0Y`0``Y5U;<^*X$G[?JO,?O.S#/G&Q M(0FD9LX6N&>#H]7-IS,HN\S`N_?7?__SVZ?=R M^>^;[J,U(-XX1!&W/(I3284*61:+5CP2ELMQ;3\^K)DDRD50CRP%5S_6EALW$$CVA@@H M>R0S-LK\8`N6;SM^;P@=;DB"`?3.^_^/,9\=&YCD.GZ5A4"+6Y<-OP1D!=A%O&MN`YI%)@5$&^MND`,2(2NHQ3;)T<=WV5].?3`_/'JNB,YZE91 MP-GBB<2S7+/C$>B/^/&/;XC/*W^$R6110>#V42"KW7Q?S:&)[_5_H20$+W(< MC6&V[(P0E="S&^03BN9R+^X4L2<<$0K4?P#<*6*\'0W62YGWC"?$AP3>O(&( MQ&+#`3FTX,=EO=%HUAJ-^E6]UFK6FJWZBM=7^-ZFZP"XU%NT'G[=Z@+KDU,L M467C,)2EE3&P<:'O0_,2T8_K(^9XAE`8YR"**EEC!@:3D:C3#4K6!.'7(9=O M1A3+"N4?>1`X=D;TJNQI.R3-(80IF&^S4-=M.FS)@R!?123_3(F/N8(8*Q+F M$4+7_=O`I9EE*F!=](:B,5)UX\5K\Z!*<_@V1#MM,16?6\(@%(Z;K@!I3>84 MD$HW*(;+4<)5S@FO'@J@S->O*(*1)(#9H3T(<809%^/*&[J?CD0(K0!23]D\ MA/IHJ9D:?,0-S!RRN"Z5.J8P)REZ^).<`-] M1!U6*:3-84Z&19B>%1G[O[-,M50WNM1NORRK:;CM/*IT?-FW,[IA20\ M[N[PZ'9O2K?%V*C794.8'\0/,2N\N8&8"=K\UJ5T!F/[_]Q`'0WKZ)J*["ZP M$N+DO4TM1+:I-R24OR`:IN=T5E7 M_32@/\C:F`YUH^G0]CPR!D)WD8=@^.H'"$+$E`EZA\IIP)[9PACJAM%0BYP. M>XCNIQYBK./?8+GP9YWHNV#W*$!MQQ\N$.6`"K>CY[AM6.R!N(8&^$C*8P'2IVIN.7YN'>*8)8J<9'[PNV#YQ M)Y[\$`M8X!9AF+-O)$H.\7=(%A21K!85(I)/79:"D=YAR_CW$@H*_+$LS1:> MYT2(1^SV<8`YEL;U./%^;AS;361!FMJ:BYMVRW'JN=N7;HIYA-W+S]M43K/1 MU"ASI=V[,TO;@D9CJ1GH:5IE*GJ+9-BS.Q.9,+WKMY.[+GQ"`&C=86(M[13,\E)`F,A/22MH6GJGOC^XL/& M*;?G5W%1'CZN9[[X+>Y]KU;WIQ57F,LQDW`$#8'FXK?X]L$W!.Z`2%IYE$2I M,:?0A6.W[`90PJG;>8[-"0T5Y^@7C7T6NW70_SBGN#_F8DYZ(<]NV@"^?ZGF M#0E9H52,^D=V2;9,3$X,V_7UA$294T0_W=TX4GQK1&OX;^WWW0U1C MS>LQYK[`,P(D1":%(I>A.S3_F>G:0'(1R]#BTG&NG-I%S;[(K=>*!C]3(A8C M@YO9=R921\O[F&V/PS)EQ\:5?@$&]O=#$4L<``YQAZF;*"27?A(?4/Q"Z!T9][D_#A:[B.I#M4J5,^!#9O,+ ML0?310R6*YX,#HGW<_=W*)*%SP#[#(878DOFJXLC,;]UHAY$1^(+@&D7*7=H MG`'^6:U/W;E1?(,@YP.;6E^42-$Z`S;LXX%L6SWY?5ID;74$3A)YKW=/[?JH M@Y[R&=#C`$?$++GZJ'%#<0I_^V8IQ+GQ!O6]2R/AC\U;A4EG]/?7Y?GUG6'3N8KEV27.Y-KM1?2]L!3 M%&6],JQ?@'DT.1#3A$388\CE097]' M%".+OMD5LI!$1_<<.+*W'U(3[&:,))OVR6S`'OS8U#M';FCY(#4%;P8OML9& M76*D*IX#,_9S0B$^:Z5PUA<G%G-GQEU>1-#BQ4^D<")'= M`<7X1Q,O[C3>EY13I;"F(UO*[J>(>IB]G_7=X(2&YAD08U\O9#O]DU.D<>_[ MR.,=_W[J#=WH%75=CCI1\A2L8$F6(LRCRP=$&P<[1.<$D?KZP*?E?^Z%/_X% M4$L#!!0````(`(16!3_)=U?#+@4``%4K```5`!P`&UL550)``.8`SQ.F`,\3G5X"P`!!"4.```$.0$``-U:6W/B-A1^[TS_ M@^I]Z),Q!G*!"=TAE^YDAC09DNWLVXZP15#7EJ@D!])?WR-AC`$;<"B.TSN%4D;2X]2Z_-O/_]T\8MM M?[L<])'/O2@D3"%/$*R(CZ94C=&5X%*.J"!H^(H&](4H],A':HJA);:/6C6W MUG`;M3H:*S7I.,YT.JT)C94QM.;QT+9C;Y=8@G7H9]PV:F[RYBKVS%D'G3LM MIU%W773>:9UVW";JW26X.PAD1'(:.]::S M`%IS9&?;7?_1&Y,0VY1)A9FW[*7-9/5SV^VV8]XF4'#OJP2; M9G/BS%\"5-*.-*[ZW,/*"+DS!)2+T+_L!CQS%4PY@'/I3.S=\15:\6TFZ_#FY7HM,N"+CT=.4X&N$&)B'X,)X45#8OL4".@18:'843JLQ`IER@&H$V.<3`-' M))QXL7T>8EJ0[6;O1S9*+,%SX@JE?:4@ M?(32[GY%L4,3*T0;<&_%=Z"G82XR$V_2-\)R:'(("^PSQA.S+#DD4'+18F9- MN^[&\^ZGN/E[0NH)#Y?2!GA(`K-<9X*<]R0ZS]45#R>HS.%R<$>29#-A6-/-;:56EJT>8(5@ZBY>F3,E6X4<2Y;5+<)V2;867%J*5>H52#=P#CE[ M5-S[L37G&;@J)#ZK6M+YSJ!=@:0/B%2">F8KMBOQ.=A2D]]X6_)SJ%=`@)[O MT[G_!TS]6W:%)U3A8*L0._J4*DCS;8+L"*$"P@R(@G")?X,%H^Q9[A@:V>!2 MI6B]=6QDW/XCZR@3!`?V'0+V\P(#6&X\O0+W/Y79UBILI M5;>3-PZAPE%52]%KG5KB7Q(&#^HAP$SV_+^B.?5]]=S+2*EJGAZLYEXQ54O+ M)P$D`W-575S#K9U+U>[L8.VVQE(!S9(36Q]*[!8>=U[=I(!'TL+<,^YYT-R@ MG7E'$]_BK.5[?B':\3A39*9N`@/M6I(\ZX?E^X!+XG=VY+L\*I`I;\#TE6N$]$90+.*X:W2LQ.N!PD'D'O3$Z-H%5V';O.TXVV5=- M"MC2W#*/AT1O8')46,-48;.]GP!KQ*N6^WLU)D)?(0DRUA>"+V3)%JC?CY[P M[($+DV`%Y^IAI/2$^\3G"V6.6@=;K<*F?#]]#PZU:A61$5=B0 M[Z?DUC"JII*9U^=KZW4DX"S_0("A_R<.(F+>W1MZ\F9&A$=E_N:BN)TJ;-,+ M+'[%@OL@.L_W5FM7G;TI%KXIV=^Y&!&J(L`4T[V(W5+KX/P(=5`DV`]2%Z:T M__NR*&"VU*IH'VMV^)A%<4U?J$^8+U-_0.4(G0TM]\^U^B'J90>P6Y$+9_7[ M)OT-:?)A)?SX%U!+`P04````"`"$5@4_4#Z].Z8C``">T`$`%0`<`'-Y;G0M M,C`Q,3`V,S!?;&%B+GAM;%54"0`#F`,\3I@#/$YU>`L``00E#@``!#D!``#5 M/5USVSB2[U=U_P&7O:I)JN3$GFS-;G(S>R7;;$?1(N?7FW2,YQZ0?#JO__R[__VXW^?:,Z2'5VEH]VB5-*G>+Q8;]_>U%^+]VCXN83[3`69!VV`81#]-J-C(3H74?K3JPIS+[,D?!LG"XIX M_OY=`?A*0'Y\28,:]//[`O;BW=\^WTZ])5GALR!*,QQY.RQ&1H9W\>'#AW?\ M6PJ:!A]3CG\;>SCCOTXK7T@)P?YW5H"=L8_.+KX_>W_Q]B7U7]$Y0.C')`[) M`YDCSL#';+LF/[U*@]4Z9(SSSY8)F'L5*@#S5:.=([P67(_G=+N:GQ25XR$OG$+SAE^)KYXN3Y M/'.BC&SLU0B&;-+CI"YYNHVR,Z9!YS^\/^=RL4]^O<[M81CYHR@+LNTXFL?) MBO]HPUF:)=C+"D*!6?4/BDF\WPD M.OLR??67`A517"20404;?2OP__[C.SYDOZ+5?J"^1<)2D?;E,+&+7`@NP!RG M,RX%73L6&*^YQWU'PBPM/N$6='9^D7N?/^0?_SJEOR!AG#WBV<[GY%*K@.Q: MAYY59@IRB)/HO4PY=,,W-*$$0M\X6$.'`7Y[ZMG)F/Z9M@E6`036@0;+4CTH MH>!T88\%G3XP4,1ACU:*E'AO%_'3.Y\$0A_H'_MJ0#\J7=HC);LG2?-KNS^Y MBCWV0^]_9^WGE0^L=O<,QM9O.:0C^FS4FQ`O)'SO?6__UY0R6/R"5;+N1@ M]C5"QVZA##(8JWJ@9J"A`OF^?@>+&+#='_^*JF""PW'DDY?_)5NE0`TXJ)]? MP7#]]]\#`E``*03%*U(>8RKNWEJA8(X$23@5>B!/)-H0U?7#[FL8)=EGKZH5Q7?6 MU:`^<.-W+[X^R0UI%FN0%Z9)1.PN,3269Q2H[@\HYD*%%,HSW;N(K3 M;#+/654(L@<#8R521JNF4@.P;B^2T27.,LV8/\RA8&SG`$:![:@+Q_`&]8FE MS-TG\3Q0Q2@U"!ACDC!9-:7*U]8-J3%VX[?F$&C-06!LZ#@>+69@D)#27'PB M$4EP.(S\H;\*(GYZF`5/9/2R9K&;0DA39*!,C4ZBU;(WC##M9W1T8*N9Y2&0 M!V@AT'D>&*X10$10``K9^A'O4T6\.@&44U"L5?9L;K(FC*-H(78]M]0/**9$ M"@EC31JFJZ8C`;-N)TH>&EHC`!"3%,4"B^Y18=2_;ZXMZG.V),E=',5U"51R MJJ"!]%K/?$VWY:#V]5O'1T-;.#2J@BM.6VP%ZX>P'W"0`0V7Z%_!&H?AEGZ6 M$&?OV99,N8?O-$0?@AF?8HSA('D`>D5B>Y>>AJ97B@@UR+LJF6LAD?)K=R ME+&!8!;AW].,V/9S5-H\@KZD,;;Z\$()#>D_E,PW;;T!"F27"CY4&D-UI-C` M0=I.1ZXI>+$O0Z]SC#?@.[0[DK7NS?9@8)1;RFA5I6L`UA59,KKTDB,X74#: MJK;'\6CS&J:\N;\.G@*?1'YZ3Q)^$7]-O)#^XRM$-$.%NK0Q%ZM^E]..!W#% M8\I4,WLWAT?INA^]("F/P\?1A_=4?1+G`:>H9PYK!LJ7F-< MI]\<$%RY*URH-?N^T&S$P4\3'9"DFW;K.#\AFVU!S'$3/!`S#!YV[TMQ'82; M3!G5**'=,,D]YG5&F8."FV6-#Q/#S!'<,$T]]R=EM:MY=IWH03'3X";Z5Q(L MEI21(8T,\(+<;58SDDSFC5SBEI"Q.QD8HSY4W*JU=Z5AW0TRX&@ROPDB''D!#N_C--"T:^R&"MR/S$`L:8U^%T.8Q\ M]@]+`'G"(4OZ&&97.$FVU#%^Q:&ZFLH,%^C"KHM@M1L[$T3[5W;F7#5]#D7B M+6+Y'Q5T-,Q000!Q"B=9\-=%]S#=HG^T@"R3WF-_D!WZ`+&K2KKB"Q9.*!U= M$I(,0+X96001.X8[L93MU7A]R+>OH`.$]S44NH3O%#\C8+2YC)/LD22K]AQ> M.2A0-*EANQ8]2N#L1XM*)IKE00P49106!3M@H#JGCFR?<;8KP.!;J:'GQ1O* MR`/Q"#6U64CN2):W&5+%;%H4H$#70(Q:V*N!MQ\$MS+3#(ES%)24.`,4$5X5 MC<,P?F8[I13-XP3Y\6:6S3JC,%L4:H!P/W'6Q+@#I.!J]T%\MG484F*HDBZAH*LC!NK]\YR+ML((*3B,I))X.4 MDS'+2LIQ0F:/F(S1X=Q9EW%JWHO4USK M[JH;8\W;I1P=5:IKV/F4**(M&H$*2C"^J"\!JX5Q/(**N8A>+B*6BFC[N+]E M2^2"%;6:"JP]F.@$=[,MO[REB+DG;NWI*5VLUB3)MO>41_ZJV#\WP9H=,O#N M1`HQVY!@--E,E*IJZS&LZ[H).PUU*I"X#R0%!MQMPU%"#!!'$T_4%8@#Q%$' MK&>UP2CE;/=D))80_N]RL-B%+#K@FZX1X`:_KIW_3 M6)ZE&43^Z$-<=;:(^,-N[EEVTN\ M&P/YE4%$G[8*=3C??N)IJ)!'5?H#5(X@NKI5QAB@/:^S5&F;GW]GOEET;N-F&.O\: MSK<8,NB2MS!FV1'[-^;WX)`EW489M]KS']Z?>YK.G3)?,\SZ?6$XEN]CT!2I:DM!G"2KS MHO@"!5&:!=F&1\`LR073[UYHE,QSTK(EA65]`%C?.8\%SUF,9@0E)-OPRV&& ML%Z'`?_F&2=^BM9XRQ\IQ?.,U0Q%!&W9@W04Y\WD9INDE;OM'0&WK[?- M!57<<$<50X6^/10B:2]#8>^UU1?:0#?9JI5C\CB\1?*2-9M7UP>P9T_;;@,\ M"\(@"[A-\2:+RSCTJ4F*#LLMQ97FZ#`:VU6\JDZ;XEK7^FZ,-6]&QL/+\>WX M<3R:HN'=M>@7^//D]GKT,/T.C?[OR_CQ%_@RB'N\99G.9@40^\"PI0]RUF5% M#W5(L'('&1OJ-/2U@(;-G^_&<@[M3L;\:+4.XRTA#X3?CU0L6J_P!GA`C?I, M!:JU[&M#LM^\SXPCF:8E&QI?4MN@8XB'LA)!`WDLYQFH1=Z!XA1X9X4,%4QW MC"B?],JVH'6U4,&#+1AZ`?;6##DPQ+*AXT3SE@)1KA[6M<;8Y6K@0;7&S,4J M@:&TIK-+#7<(8"''08P[Z3.+DY"\X,BL6F4?&/8H3\ZZ[-2N#@EV0"=C0WU$ ME4"^4GT8R^5[U?E.A,DN4@D-I.=ZYFN*+@>UK^DZ/I2OXL M_V;KO@,+OO&"6:_>`5_O^^?;\JNQ%0%:K_!T"(!OQVI%:#P?*X6&>4%6PXKB M%=;JW1.X[A\H0RW4W>&`QP$5OMJ-W0&'WN+)(5VX]A:KW]!4V:K@-\A`8J&698$LTW&-KLLG?,>NQ8> M21,)#LP_<""0THK3)0.T_#&.+7#>H!F1RR+%TI%Q\*;.+G.VQ4VV_RU M7#)UHP%T\72(H+7+J"X$[%]0=>>N>?=3T.!Y_045)&WA>,HT=K/2YF!(_JY.O%VS0$[ST.L!;J!)%JGPP!3NO4W$CV?CG.H-CX M[=#0-X;X=\"4T[HUJ"O@EP M0#411Q.?>>-TA81U$*`&)A(V:PU+*M_;;U#2&+S9"8*#H&\""/#WON*O[/*% M5?NC2^"@^JTK&*YW4M\#`NB1+N5`$J'P5XXYH`/J,/1]_C`@#N]QX(^C*[P. M,AQJ5:,%!^BPPD20VN&$#L'^840[-\UM6(F#&-+9.$(YF@.*]4`RNK`1?X03 MMNU-M1JE`H91)3WK51V20UI7'AT;DJ<'!#`JH!U0EDKKN#N2?8D2@L/@7ZSD MH'BOZ1/E^39.]6K4G0QX?]!.XBKZ@!K1@.SWV8%!;5?!O`,_C9[I!IYN\X,G M4K0R.$.[$2K/?"$VAEL*?DWFS/PN243_R%@SL73H_V,C^#55;R,BX,K=051E MB]M6"K"-;`W9.T:M\[ZU%!![V08GK*/0PCFU?DRH\"'OK=1=G;7(X&IL()I" M?368D&K;RM;AZGH3)R18%#V;O"VJC(5V@SF@N_P8.!VGZ8;XJC/!&@C48Z)- M-NN/B.Z^!W@\=']PR>N;#&2`!!!@PE0[JV7>$4_U.DU&MFFNU-'<6JY!J+D# MX0U8:$IM*7M1C+,[$%#-P-%7`:H;C)Z-1\G`X29BZB&/Y M510>2%>=UXSR&]XLF-WO4?(#E`^@R,3KU[0_B#F)R((W70":&J\V-:+Q67DK MG^$7P`(3MY4!^,UVEW3"ZC7$OL"%L.H#=C4&V-5$FQ![EQ0J<(CK"CTOLHN+ MAK75S*@E"V66_DL>Y6)B]4P^J!3<6IF@`^)3C1%RE7&@59NE81*Q:3(08&;N$G8EG9PJ\#!M6]K,*'NW39` MU MZPXA!*.+AXM/X*V]H\1&RUJ-(OTH?XP?"5"`(V97"[L+Q,>Y'RT\S%%1ER>FFK5Z0TO\X M`'4LIQ)"4OY2#L5N&Y-B,'Z_73S\%O/_>6P%6>#;-*^IMP' M/$F2_AT2?MD?^4.1^2M[L+0;*E0#=W.QZNW MJX]\,LN$OV:X@)ZY*%&:1%,5%-%>B)QDTG%T)A0 M%43PQ:3Q)O'H9`?PY;Q8_8N-.S+.P<* ML'O!&^6(Z'6.^@;<6/9NI'(&%1.A`H:J_=>Q7J_]ET$"U/ZKV9#F\-*OQ4Z$ MY'I3O/G(]]#U^T`X%:+ZG1"O7B$!C3SRR`,6ATG_#^S31I$=&3D;;V0O$'L5T+>AOK>%4E$`U5&G9J1'V0\VF=Q\2*. M?6$2*4F>`M9J5;P_S&5"A`O%."!<+(8R$X*]/4FL(_,%?4^]I.6LJ=#6=W@N MRPZZ@K.:M-TY/_?LYDN(%-F9E5LC6LNJ+<%T8<56LJ4H-10+-=1ABJ,"F&X& MCV*_0$:O"_0WS!<(J4H22-``WQLV12W<6_Z6*+N%:+S`;#QO9L1<<1M=1->[ M$1-*#K@5]9E3HTO:F&KXJ\[3LK.2] M2.IX'II"1G$/VT.2LY:04Y9I(+*!A6JHN&*IK2RV)CF/[[Z.INXD.=-@,L\^ M'7K_W`0)H1)3(\NVK#MK1F-,]@;'>J5N/->%`-1;&%U%K+^488H-\(Y&-]8D MKVQLRWS@G`0J:`P0IS+@>X62$-2!U?&BYO!<'%(`BTM='[*:%^!'!-[90OR6 M@`YURG+-'DFR:D^&-,1UQ(WJ!--Z4!DBO/-4(Y6FVR#0S3?@%:K-J3AA_4'V%,3SQ%;4@FDM:-])'@;DG-D9#_B_L5% MTS$5JF(VW`WX9!VG`962I3.@&8Y^@S2A)/8(\=,;JHX?RQUW'.?P,=QA!^8E(5M`*I8A6H0OEL]FUO390Y3JY9+E=A/V7; M=J*2ROYIXF3>H7EF&Q+L.:)>%-DAHAP#[`11QX[Z^)`Z:<<:;AXD3PF*UC@` M-`SS,.[H.-#]D/RX4-SA$/RPC7))R-6-2F;"QOET7Q.O&PR'[V( MNLD'ZG,F$1-Y&/GL'W8]_H1#S6EI-Q(PEGB(F%5;[()OW1J[,]?04D&"+7'S M_(U@KW@CF.1444+)YM6UO+\-TVH8H^Q5X(((8E287-POL60/_D>%%'AYEEQ" MT6U^/]5<,77=2`"]W'>`F+6G_#K@VW_;KS-SS7,KM8(*.DA2C`3TTE\/T@KK M#(3#X7+S/\B.'F!G\\UZ'?)FV#@LVFJ/(^I#5^(!]Y8FYZ;80/W.NPE7:WUN MAFJ_"WH7OIJQ7+[J52\[J#K*(KH^FZ`P1LM=&[66$"9%V=RG-=Y.?8R,^QV;8'1XB.&F1;]+P,/*I<*=IP MB@CS0X==^Q+6?]]REY##9&8VLCMG*-`0Q4,"T>XIXY&2^*4DNY^-2K*12F*U MCE4TIR/I?=,/**'`:E1ES.Y5I%9!(.I/F^/+-8);)VL`I&M5>(3'O\1ID$[F M]U3$PB$I0HEV<`!?;\!^Z>@UL#!>OI6A9E/DX70\19,;=/\PFH[N'H>/X\D= M^E9@_=VNQSZ`?X;!5IHJ#IQ?FR0+'.5]RGPSKOOTT`C2;%56&&:#:0'RG4!V* MOV%8#%9]5&DW'/K&!D1\Q--XD=:+64L3UYL+4BRH]PE=J0.Z]4M9ID9=C*J( MNE6V.PV`I?=00L%&?Z46<->JZ3LKN(."&C!W%1K]*%$ M'#8XZ?IZ&`6W3:[-U5=4\4SAU7]ZV;/*]$[N?2W7Z.W5S&_(Z)G_&S&K4%B4B"PW#+AJ0_`?%K8Y>^U/)A M?[>Y8P8SJ1@,VJUD``M9=]Z/-?:^GF/A'?[8:YR+*#"X--8A0#W+TB9"_6D6 M%33`\RQZ5B2/?(FF[A6,'I>))CO:I4(+#K!<&+!?+AD:6)AEHY4AI2XD:ETX MK;<^G.4*"JS3[D4$P.39U3J,MZ1X%BRE>Z;I$B?D$J?$KS[GU.+2#Z`#E$9[ MJ,"U7-JN1.PGU![&84-9>1G&&<="!4U4>^:+-2%_SEL3?L.X+!7M3\6B- M0MR0\\*/^W,#_!?Q13;?59QFRJV-A?&`4N1./8&UI+I3#68_#>^TDC0-,1^/ M[U<*0\R'1+LQZ[:Y&Y6A[<8MDFSYR&#K)]A4NN[3/HF]-=O9;]*4"WI-Q7NB MS#V1<40=-H\$F5/_F?B++LT@^B$-],YTC]-2>Y"Z![KV7Z[NC6E)Z_Z"#JH0 MXF?@.2E-39O-)Y,-Q35/J#F.)-1CR\=/0_TEYL/I`3S3?"RSIMH_E&I_-=,% M>AFU-Q>N>0)YB4[+2MB&Y%+AF&[UTF,X4AS6UL9(50[FFDZ9+R4=\%W2-,-% MPAC9$?TS=WE<`X<2573)U?%7"P)0Z9<15[+BKQT:$GB((:(+5*!:KN?J3Q#`Y44N1.NJTHH& MM)@8BE-;0UIP["\=1@QUL!#P9:(_@0!OJ'`2L9?&[TG"SP/;3$0##W3CU"9` M[69)!6S_!DG/2;,=20[/SI;%@32X_A\LPKH0`?!>BRS8U``-7+/,MVH-)7-I M']JC6."VDWXB\2+!ZV7@8:KB!+<=(!K@@=I-NT`2JU$C0=E,&T<-U=K!HTI? M'!Y3;_TCS_I",UZ.R2@X27YXYT(@68&7(`G\J\CX[4H#,Y^A#= M-4,NNZOLEKF6)4*+`=S%1BV$M*--$QRNNXV*EX8&Y83V* M,YJC]=!=TI\W][)3'I9#[*$$@K>"@M'(W<\B[)XP[EAU^>"HX:F:9`F:` ME2;`'Z\I.7H@(7MW@">#[D0MWREM2P([EBI0'E@_DU%+!3N.I/ULL#[XU178 M\EX(E3SAG'">1RT.O86!E$]N0*\7IYF3/GV!(G_@*Q9)WI0E7;C/E_/$L)G?>4?_94J!I+I%KR M7C';E`Z/,[3$E,B,$#H*3B+1([D8[RUZ7`8IPD(,/Z;4HCAC;5C#C4^'B+;Y M=VE-K!3/9G0X#XR'2O27"5+D*3^5><4)T-R3BB MC),T&_&FV?J,N$X$0-+C#A"QDBO7`1LJ<:XSB\V4FLG=='([OA9KZ>0&#='7 MX<-X>'D[0N.[Q]'#:/J(1G>/X\=?P!;97N2L=^&[K"E]=$/R:NI*5WX?9)Z23`C/'I(@T44S.E22]?G?VS\Q:[H M!:?I9I4_S+G"/G_2Q2>4NU7`$H?0\Y)0`@G5^J="ZX-"ZYP"&?LD_:V+D4)2]&:FPS#HM45Y>Q\D;Y`MA&5)Y04*CE'A#`PK>M^DI#I]X M$R?1M4DWT'_Q;U=4@MB/PWBQ%>^]U5EFLR>3F'[,HYB,O?T@VDH%*YQL\X=- MO8#]37\//0-,KOU?8$Z]39RD?`("GR2Y^+L?1O9#\"B,LQ$_4^[8+TPGVA.? M[9XX$7"5T<(M"E9KG`,2.F:\"CR6#\:G-W_H6/MSL3.`=,F?6'B-V7L+\X!& M@&]L/WK1ARG5O?EDKO3EL&'>"63M?>7JY\#S!@?)5QQNR,[)M66IZ%%@CBI- MQ*B>0^K@K1\RMC/3T"V&@C@.^DPPPUC!%K>5,E38&4?K39<"MXXT@#6MBZ!2 MU3,A`*>+YMP9*B<29%RZ^3R=L*"Y`>P9-O'4`)EEP\AGU7C9=DJ\36+2T*,+ M`:B\@:XBUK,(3+$!<@JZL2:YF"\(L/CU,_&#IYC5VSBACN,H%^HS3GXC&0N$ M&N)%_A5),AQ$CPGV6<)\FI(N:\CIA@-7]9-,G\(P>AT+THQ.((C&Z'A?8S8@ MWU#NAD1B3+0;E.[D6+&T&!?E`R,Q\ANW7KL!F\VZ"VML=^WYL#OR/"Q/?>X3 MNH7?4,,MNJ&(MWCIW%1ABF;5+6MM+Y1A/%./DU)U0CV0M>YO>N-9TMG58X:P MPT1U\B[4(!PAO7EI0C^#0%.J`Y8,NT'M7*W/FKOMYH#%"$G@9\7GBV&>RFI%$,54*6*AW`32,UY\$D``" MO`:@Y$*B+04L$ME\WP1X+6[-_[ZE8]'_T__1/V8X)?0__P]02P,$%`````@` MA%8%/QG'YX??%0``)D4!`!4`'`!S>6YT+3(P,3$P-C,P7W!R92YX;6Q55`D` M`Y@#/$Z8`SQ.=7@+``$$)0X```0Y`0``[3W;^IVG_@.@])'FSKYHNF M9C8EWR:NC$7ER-,V@9QTR/+7QP>QJ-=F`%`AWYTV-Y1 M=_/+93RR[WTRSH\'Q[U.MVN^7@&'3O]XW7#@ZCEI]?`R;1^Z:_;=H__=??MP9JCA7GH>$%H M>E;2BX#)Z]<=#H?']%=H&CB?`MK_FV^9(95.*5X&LP7YW^&ZV2'YZK#;.^QW MCUX#^P!X8!B?L>^B>S0U*`*?PKUW M2/\_7\4*L?X[\NQK+W3"MUMOZN,%Q?[`(/!_W-]FR""P$,"VB-R/28MC/F#' M=7%^"$&!"/Q+W[.1!XH&'P+?=6RB6)M?@_'T%LQA@;CQ%P?<,"T7IDNT[V&. MP,PDD;$%\STIF("7\,(Y"AW+=)L@9VN`]]*T\?1A#B//?=<&;WG][Q6HO&RE MRQ_C'6WIT@SF-Z[_(DL/&;!K4W3E!);K!RN,8`YR`/@$HP"&$71EQ5`D8CG! M,+`#70@?-OR!4!Z$#_A[Q*PL;@$3<[M$S M\E;PQ_)GGE.1JWE`).+X$/K6[W3Y=`T=_3>$+OW%$LR'BFH"WJX*4[F@2J3B M"L':$&`_HUM80F&Z'`A`[?Z![!FL3T<6_`2\JZ0@`K`E4D1\%`Q"_A#O^VRZ M9-@*Z+,`R<059`MS!8B7,DEH$50"12*6UR;V0%[!!&$ZMU5`<1>$3$M$,Z): M]VCIXQ!&J6)V.R`DXO<5^3-L+N>.56FQ7@9'(J:1\CR:KY7L/=.[$4^;]H6U MG&L6D$1+K@2 M*;DQ'?S3=%?H#IGD_XN*SIT!1ZHM/0,+"-Q;[P[9SK,/]E')JG+A2%UM620( M8%G^RB/.;X)]#SY:E9E;!C#&?9E:JG\#5&.$"3`Y$8PT4]!KB&!W8V^^=4(R M3*?3&7:,0V,-*/W1]&PC@FJDP5+D`7W7MS(CN"2(Y.,ROI-O?BO">_0$BR73 M"M>`7/,)N1$DSG['0BC&G*;!K`!91S/_^=A&#HWCD0\4_<-.-PYE_1F^VN#Q M"&"W\-S^^;?3_F!PWAD,^F?]+GPZ'PY3&*9U8(2SV)K86L.&CSMJD8V^Q2V. MES2T<&C-'7SUOQQT#XQ5`#CZ2P(M"6PT*8@1(&83 MY&Y<LF(9G2F0T>4*XXQK9J\B6$WW7U)"E,7".E=F4#>.B_`EH#?S,=N<,JWV M7T2\1,72&:IS=_YBX7LT\$<#S\%X%9)4$9L&>5F^KZ!36V0G3.-ZD]MAR/+S M\78\IW:41SS/@ROBT^V0B,^F.WS>P#?2`R1-`L.?&O$8E15W:@9/5,"KX'!F MFLM(>Y$;!NMOMM4X_OJW:.0--HP`44EK(M3>67]P$G_P`T;9J9'OI M!^%X&M/*$'"F36*48-HAL(M567 M_'B)",;>+&+'-U!WAIAS6K9,IKP4,F-O^V7TXW".\'??\[-DL\2?W[IM*B!` M)3/"MV\3?*+N-\!*V!@!X2N@/;8'V"A=(-ALIM-^[AS/QW07&B6`@`/,0HGR MH>]0./?M)+&!Y5O>$8.6*:QJSC%#J/OE"S?LB2?N"YC7V>M=1NM6JA8?E0T$ M9ZL+\SL*2U>4\.S;R[$WB\16R7/AC,^3/T[5E M:E&9Y+*`\/L*?3O#O"1(RFK>,N$*D;D6Z/Z'(;?))G?#+$Y-H&VU4P,A09;K M`9M(2:%H6$-N-&")';JRI`$Q'=3ARG%7(7,.8+1NNTH4D2DI:*V54OPO^KQ1/"\>W=]&%HR40B"J9M:B2%?DGQ\NS$DVC80&\-*YJ=A&!H MIUM2E*.ZSE6:Y=9*T]5*:6+O7);#4A'*!U<<(;84S(4[JO/N.3%;14.XTF%Z MO.DP,7`CAJ[B0#*ILG'C>(",8[H3/W`*KDV)=(TW5?WA8'AR0O*$!F=JG,`H M"(##)11E&VEGPI49OFNV')0V<`6K1@`JMW+`*+PT,7X#OT(OGK(B4#Q]M1,V MAX1R(D^526TD7RKQWR>*TBWF/@X?$5Z4GXSE-6V'4G!3QC$/]Q1Y[^CB.#1; M*!A[/TB4=^FBD"[G*%^#,9Y@4O!CP7("%:&U0Y]D$L],O=KC\-95C'GJA)]4 M$R.)+!&_BQT2;_=V*%,M:F7E?>5JCZ(H!(^*M%`/N(5=-[LK?42N?%8"W[A$ M.'PCU>7H32)8C"_)PHNF.3.D7]RI'>I0@<:"Q"?UJ]+58N622,X5`@G`?IS@ M!I]AKHQJ38X6I/I95&N223M[!2L%?#LTIU%N,+.JE"\ZF'3`6E_4CT"7=NB" M,(4-I&$IGV.^^K[]`FMTUE6A^.=V2+R0&G;:5(TI@E%FC,11P.>0J&OPW??R MUW,%+?=;'**$-9/_I'PM7[JY`;98]3:#"83]UAA9!*\UJ9F$&:5[PL+-8#ND M7T#+6K`R;W8JGYN_.>:3X])*W*#E-!,X\WQ!R3DD;_=V*$9)4ZIS>>W;[O@Q0@O.+;40^#<%L]L_T$$+F;A15.ZXB/`N!P- MWX%?MG';12U`=<$QGV+#3J[M\:S=&*TS-)]V!L-.MUV2%B"[X)!/L:BYG7>) M\VJA@#DI;J`R@?(-/`U,I>@O#>BQ.[1=2P0IU_>H+45#N0MHNU3+2&WT1$V1 M`@C'Z3BYW$+U$*2\D1.ZIH3.+6SMA"PH%1ZQ%HI3:Q^>J^85`^[MDW0EBF5= M6L]U^J=Z7/';>D@[+[[&7_-#/:W%M[_4Q27$"U[J'"ZIBC;W1?]:37!34Z[YZ=G0XZJM:!,;:/1,/+2**-=+9Z08[G+05+ M2=7JAO`&WXA:\ARQ[Y&KCJ-7AWGGLZB/OM)E2Z1`C-PD:B75:(%TATA5"5:Z M*'A6+;:==*V?%1V<`+JW4>DX%YPK'H\J=,B+EM M6RE(?DH;>(JUQD[(MIUH_(GIV+?>I;ET8/-=*-3"/JT4KCC%6CTM<8]"T_&0 MO:X[5V*R>8U;*58!4AMXY57*O<+O*/SA862ZSA\H52+^*]!%:DX7V[$@F%;J M@!0F-/#$K*1;IU.BWW&]>'(;+AC9_[^*Z.+5#0X@;=>,JBQHX%E;*7KQB($" M-Q*(L#X4=&Z['HB2KM5C#%LLN/(7X-A8J>=Y;5LI77Y*&WA85T(TZQLXIEOX M6!K"VC345XR5XE;%=&FU3I>_]'9JZ2M8&&,V1%SC/*"$% MZ!I/'\W7":DI`V((0^P\K4(RA3WZ44B^*!6X.M3VJ$83C)!46)!54$)1=>H< M)JT9Q#X^8?5HCP*)$MG`>['J2QB3N35:6EVML./-)G3ZHY64W;HS/< MU-6]$C:,],!#,UH-1)?U5^V@WKX*OIRLHFM=XA&=:V]7Z*V(ZNVM`G`2)ZO* M(UL--F$]=5<`@O&4/*MSX_HOO,^`#813_P.2^T^&,:)QU&;\;^CE3_3?Z1)E MF_?[P]->M]L_[YV<#96%:`ER$^R3Z/L1D"R0,2@=:(TW&UDA3'3T/EPQ MM>*`]%T+\`HL-^PK@PM:I2[O?Q1?DE1J1/DUO!._J6$.1YVH"U"^7HJITNO9O(<_:U5?DE*9G!U23003D; M``DY5WX9JE;4Y9>*U>"3R$O([_S:1)PE/?8>3!>-I^4/:A;T^*4CU=E4]Q%' M/:-L.\\#7+\NR48Y3LEF3GF%O7ZI63U6<=1A5>2-MLXJ8EJ8-Y[R&O]2CDH< MXJC9JD@G@$T8F0&Z0M'?%&/B^WPEFS=^`-KI3F-;LIH\:2+UC_$PTVZ5&EC+ MQT6(R05`PH_MIVVW%*$R'.WTH:;8$CV0RY*Z.R<]URXYS":)CXGQ%;WRP]>Y MO0HF@0]UT\I+M$K1MGR7(5N/I9!0Q4Y9?6XMXP'V$;6N,E_J[LOTS(+99=!6 M?7]NA=OJ]Q%UBX<%DO+;\]/Z%$V0_*O3VD>NVJE5DR=R=7@B2\]R4^45[0`9 M+(DB:A*.^`L`::=WS1WQBW)!JRNZ,*W'$9:1]>^5@Y'HH^S\`+13"4GRS#GF MJ,>3AG>%JH[5MIGR,/=Q2-Y.+C\ZX>K[@?6+FQWMW!KN\(-NE2NHU7:_#ZQ2 M7*QH^.Q-T:T;X*Z%D!W<`.NC,T@15\75^0,I5G5^Z'O!\L]NE"\U1Y/!>Z#%W?Z.(I4@0\-[[#U6BGG<+CV,N;C:%=- MGC1P`*:DZN]TBBQ8&EZ_6G/3FZ%[T/NQ1Q@S\FSRA\3>GV&[R=ZDBX#03KTD MK(YKTR])E5QU6I1/;%0<9CN/@:%%(B#:J$6UZ6^@>)T^JC0"7XWQ&[AE6FM( M2(>V^GX$A7%+`9[>F[D?1G8^K//**R&T7;E%2LF>U7+J4DZ:[YN2M-_7Q M(A)G20D3OMYM]#UU2)?T``;C2@?!9K-SA+G3!7;8%ZOPA[U0#D>WZ\1MTEL.AZ(PHFNSK":-52O1"A5N3B>0,UN*Z MF5Y94@4P[_/9C1@%-_ M!ZN?8/C!`9]'JNQML2;--DY7T-MU!>@S#]&PC,XH,#\%+4I';$(<(S%J# M70.(81EI8$K*K6R35!).87>@@NZ=]/LT,''6&_:$G^QB&-3NF(5&5=!<&\.J MR,XMDQ.E=#_-CN84P(H+I>N_(41>#T)>0,'2-WTY[?!DUPXI\$,*W5B# M-]+PC6@`%0?`,3IQRDX`RPM:N)TBFT:QQ&0KP%$2YK7FR%Z1[.DUP@\(/SL6 M8B#K4ESHKBHV@#^0'9W*7?I!R)QX&Q]/.R=369$RP>1W9==^>JHK(.\90)`G MS8"3*[J_!V[_`]FSW&2@$G]UNNNODB&,U!ATHQN/8J2&45%.$I0,FRY!>A4$ M5/[<;"EQ9')`JRF"R(DF?P"N#DCM/)1,I80*`N+-GVBY MK>^^K,IIZ.H6Q2T*^^CRP._@%6I999TT\8@A<15 M]L1O*87[:7.D5"8IC0G;&[H;XC2XX:[!K2$92X2-"):*R,,6/64!!F9S)7GS M6]B462*SO38FR"N63.J[$%7[:78/:$86]/=H2=[U\&9\9M?MY$0!(TA&`DI% M`&R+G++$1D;S]=IH,("5^\GY0-GB=1M!_F4K1T_MC%-('#GAM8HD[Z?E?D7^ M#)O+N6.EDM\XS357%&6OSX_]=`VIG%9.AY"3$Q8!,2(H*I.5 M$ZS*GZA@]5BK3N^\>WH*^J/,]'-P++/OHB[:&;&H#';-5YC<_;31Y$0^?>3' M::XYV6`4GA$=PF<@JIC?JARQZWB>GG"85G[98'6/7%)!@1[")GAORB:6'3O5 M@ZJ=S8L?A#?!@?UT`S_-Z(0?:.2T_9Q$N#40@T"1$5I.85443L@M=`'PX;4'NLVK_3GI9]GK M"O[4,(WU$,9Z#",>1,ZY"PGY^?*MI=Y$KOUEBN1A`64Q[:Y.ZS-@/\T]*;9\Z]TAVWGV82_. M:>XY&4X).,/QC`@@B2JI"29MZDA?H:?UJQOAVP.R5I@G;U($@)JXT@8_\I06 MQ?#.Q+^CD$Q5.[AZ]B7"H>EXC]BT-P\(BL2DFAE..W8)]CWX:`DM-G+2KB*X1@+8V(*LI-+E"XM0(GM:7R_8O+)(VZRO MR996\I8`6>U16`T2^$_(9`RBG8^2J%;YYVB-<>U]7=;G8T+CDQD@^,]_`%!+ M`P04````"`"$5@4_>,`J^*('``#,/P``$0`<`'-Y;G0M,C`Q,3`V,S`N>'-D M550)``.8`SQ.F`,\3G5X"P`!!"4.```$.0$``.U;;6_;-A#^/F#_@?.7;R?-Y[_U#'*$9$9)RMM_S^H,>(LSG`663_5XJ'2Q]2GOOW_W\T]XOCO/Y M\.8W]_WQ=:5N:B?9_'CI/W=H@EH(.>Z7:K[\U;CO*>.1NAM^ZV MNS7P//1VM+TS\H;HX&(N=P&.A'2=H/2G),8(1H+)_5[)M/MAGXL)*`T\]_/% M^:V1ZV6"HX>QB.B2N'Y3*`Q=RJ3"S">%?$395XNX;AZ#PW/XFGQNC;>[N^N: MUAY26$R(NL0QD0GVR9*X?&2*@)BOQ]0X[@QVG.&@Z$"WMU0@$=&$GW(1'Y,0 MIQ$H?DMQ9,:VA[!2@HY3198$4E82R;ID:=P\`H$2KGI,B`L21%!_KL!9"QW. MG(H>3%S=M&`SQ')LM(J6W#_/&7H]F`,([6'&N,(*YJGYK-\D"64ASS_""SWH M(\$C<@<02#]\O#FSC*&6<&\!U`S?$6QEIS*PL[`Q)21HT_,'\'`^2@N1H\SW%1&7@A(A$/48:]YU8!JWVE@'/% MWIGG1!`)^F8DS^%%KIV+V#1]'/EI]`3%A66K]?*W!7O/2NHACO3*OYT2B&QM M^%Q6L%.YU9;*'!1EJ!V)3UV95^'M%+:F*8\"V,=.OJ54/6ZT2!L!["0/-UZO M>KF6N_D591UUO']'1#["0WQC:DH4 M!?\VWEB7M=?MLF^>LLNBWY8Z^;VCN[X\J?0C+E-!X'Y'(59>E[S.UZ55Q$:< M!R==3Z_".0)\,"`Z;)9A.F8LS%P+:*!)1/16-I_M8`I$R"LQP8S^W4A7:ST[ MAUMU#A?(9O\K8YM(6T;OJ+50^U&2J_!$*@K[$9%5`BNM=IJ&=9I`7_,S1^BH ML%!Q0V:$I?#/YY/,ABH=#1)V2K;KE.08J`32L6)AY59Q_ZM)/9[$2<0?"3GB M<0([O_'C&G;[VJIIHV+G[4V=-P.:YT`+6%3&10:XX]+"Y3$1=`8VS\@9DTJ8 M@[F$O>@O$DPHFQSXT`2FU>-@>T4[KSMU7A?0J(1M-K$<'2W@.W8M[.I;,'"B M_^EB2K5*Z0LO/V9YTW<^?6+)F'$E3'D8TC"%B"3"%FF;6T2'#;1>SL MO&U@IPS2Y:W7$W."!8-8(Z^),&G#*BNU=CLENW5*"@24$)&E)CM";.<.,M$[ MP0U)N%`P;K5#1K7=2H@W:#A19`AH#M'Q8>'C`^$3@9,I]>MYPS5"=F8:,A0+ MF"Y7V)*>+,3?X8?ZX:W<9*>B(=&0*2.CW1'0ZIY4OI2LOAHM2=EI:4@L&!R4 MW8;*2!U%%HH^83^[@>+'*B_E)CL9#2F%0AF!=D>`]?1;RE->A9^PH'@<08!2 M!`9"95\/U<_#;93LI#7D$Y9SICQ$&!70J,#.O[#J.+5P>HJI^(2CE%P0K#_' M39?.9B$[9PVY`@V##`XJ`W7\6`\&,YC)>IS.V`4)Z(S#EEX_(C0)V?EIR`DL M8!!E*`/2)XB.(&O:V]??M?L^3YF^A5P+SN#1;UY):Z3ME#4D"C(\M`!$RXC_ M`^KT'UUJ>D-"9`I)1[HD'@"_3=?XBC M0D3C6TI:#>_+YN;=%@!8^#6,6IFKFPB>$*'3H6YA>@$`NY56/YYW@G0O\@^$ M([#2_6&.`\^;.EZ=&L_D>OD[[6=R'J;JILY79O%/7085$ MS^CTN<9O='?/+5%O.T.L_R*"P<1,3%NYO9D*A]]TF[&9\,C+1A3[MS(B$6-+21NQJ([R==D:4 M"]4G&"?E.O55%IC>&Q5=$BE9O'$64.UL,;B2^/T)GT$KHAXU[;U'L MWX:1LN9EIKB*E/QG#N8`HL/`%UM=X,%8*H%]U3.F+VH)U\C2*-(WKOV>$BE, M[2P.F9^2C$`&CB-GBL1ZSP;O4E"C*M4('P1/DT*0@D@/X1RT@,K:('A0'MP9 MV"`5>4YFE8/Y*4CJ0Q&=:`BFZW1^X?`3=2T# M$'-&%!:/K8?`YG+6-LZJ\_9[OH##N5H]$@V%9E6&[2*OB]CE.IZJ)RM;7[,3 M=^1!'4;<_]KL1;FYT8WLMT0C5JTZ^,U-KVOD2S;6AGU%V\N/ M>:N\696-395>%T^MK*\QN+'6RW-;+X2K>647>7D7[HC^<63")57RDK.C5.A" M\<+ZE:W/NU]FYW55VRX#,K;MEKH$YIC.:$!8((^)'V'87@]3]9$EF`;S>;9. MZH7.`NNC7')%O'KH6"OWNJ)%V^KLJJ-/T/MO.EZ+*4]1_'`L``00E#@``!#D!``!0 M2P$"'@,4````"`"$5@4_')2U=S8)``"+>0``%0`8```````!````I(&_=0`` M&UL550%``.8`SQ.=7@+``$$)0X```0Y`0`` M4$L!`AX#%`````@`A%8%/\EW5\,N!0``52L``!4`&````````0```*2!1'\` M`'-Y;G0M,C`Q,3`V,S!?9&5F+GAM;%54!0`#F`,\3G5X"P`!!"4.```$.0$` M`%!+`0(>`Q0````(`(16!3]0/KT[IB,``)[0`0`5`!@```````$```"D@<&$ M``!S>6YT+3(P,3$P-C,P7VQA8BYX;6Q55`4``Y@#/$YU>`L``00E#@``!#D! M``!02P$"'@,4````"`"$5@4_&&UL550%``.8`SQ.=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`A%8%/WC`*OBB!P``S#\``!$`&````````0```*2! MY+X``'-Y;G0M,C`Q,3`V,S`N>'-D550%``.8`SQ.=7@+``$$)0X```0Y`0`` 64$L%!@`````&``8`&@(``-'&```````` ` end XML 37 R20.htm IDEA: XBRL DOCUMENT v2.3.0.11

Vacation Pay
6 Months Ended

Jun. 30, 2011

Vacation Pay

Vacation Pay

14. VACATION PAY

The accrual for unutilized leave balance is based on the available leave balance owed to the employees at period end. The leave balance eligible for carry-forward is valued at gross compensation rates and is eligible for payment at basic compensation rates.

The gross charge for unutilized earned leave was $2.4 million and $2.0 million for the three months ended June 30, 2011 and 2010, respectively, and $4.4 million and $3.0 million for the six months ended June 30, 2011 and 2010, respectively.

The amounts accrued for unutilized earned leave are $17.4 million and $14.5 million as of June 30, 2011 and December 31, 2010, respectively, and are included within 'Accrued payroll and related costs'.

X

- Definition

VACATION PAY [Abstract]

+ Details

Name: synt_VacationPayAbstract

Namespace Prefix: synt

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Amount of liability accrued for the employer's obligation related to an employee's right to receive compensation for future absences for vacation and holidays that have been earned by employee. This amount does not include any amounts accrued for sabbatical leave.

+ Details

Name: synt_VacationPayTextBlock

Namespace Prefix: synt

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 38 R2.htm IDEA: XBRL DOCUMENT v2.3.0.11

Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Condensed Consolidated Statements of Income

Net revenues $ 156,985 $ 130,649 $ 302,357 $ 246,688

Cost of revenues 100,200 79,083 194,760 145,883

Gross profit 56,785 51,566 107,597 100,805

Selling, general and administrative expenses 27,781 19,114 52,404 41,362

Income from operations 29,004 32,452 55,193 59,443

Other income, principally interest 5,923 1,959 12,042 4,242

Income before income taxes 34,927 34,411 67,235 63,685

Income tax expense 7,287 6,151 14,546 10,294

Net income $ 27,640 $ 28,260 $ 52,689 $ 53,391

Dividend per share $ 0.06 $ 0.06 $ 0.12 $ 0.12

EARNINGS PER SHARE:

Basic $ 0.66 $ 0.68 $ 1.27 $ 1.29

Diluted $ 0.66 $ 0.68 $ 1.26 $ 1.28

Weighted average common shares outstanding:

Basic 41,605 41,508 41,592 41,495

Diluted 41,696 41,580 41,704 41,573

X

- Definition

Aggregate dividends declared during the period for each share of common stock outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-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=6959260&loc=d3e187085-122770

+ Details

Name: us-gaap_CommonStockDividendsPerShareDeclared

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 2

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfRevenue

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 11, 12, 36
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_EarningsPerShareDiluted

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GrossProfit

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph h
-Subparagraph 1(i)

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_IncomeStatementAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Income Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6515339

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 7

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-BRD
-Chapter 4
-Paragraph 80
-Subparagraph Exhibit 4-4
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_OtherNonoperatingIncome

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 4
-Paragraph 5A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 30
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311

+ Details

Name: us-gaap_SellingGeneralAndAdministrativeExpense

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1505-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 39 FilingSummary.xml IDEA: XBRL DOCUMENT 2.3.0.11 Html 30 98 1 false 7 0 false 3 true false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.syntelinc.com/role/DocumentDocumentAndEntityInformation Document and Entity Information false false R2.htm 00100 - Statement - Condensed Consolidated Statements of Income Sheet http://www.syntelinc.com/role/StatementCondensedConsolidatedStatementsOfIncome Condensed Consolidated Statements of Income false false R3.htm 00200 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.syntelinc.com/role/StatementCondensedConsolidatedBalanceSheets Condensed Consolidated Balance Sheets false false R4.htm 00205 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://www.syntelinc.com/role/StatementCondensedConsolidatedBalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) false false R5.htm 00300 - Statement - Condensed Consolidated Statement of Shareholders' Equity Sheet http://www.syntelinc.com/role/StatementCondensedConsolidatedStatementOfShareholdersEquity Condensed Consolidated Statement of Shareholders' Equity false false R6.htm 00400 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://www.syntelinc.com/role/StatementCondensedConsolidatedStatementsOfCashFlows Condensed Consolidated Statements of Cash Flows false false R7.htm 10101 - Disclosure - Basis of Presentation Sheet http://www.syntelinc.com/role/DisclosureBasisOfPresentation Basis of Presentation false false R8.htm 10201 - Disclosure - Principles of Consolidation and Organization Sheet http://www.syntelinc.com/role/DisclosurePrinciplesOfConsolidationAndOrganization Principles of Consolidation and Organization false false R9.htm 10301 - Disclosure - Use of Estimates Sheet http://www.syntelinc.com/role/DisclosureUseOfEstimates Use of Estimates false false R10.htm 10401 - Disclosure - Revenue Recognition Sheet http://www.syntelinc.com/role/DisclosureRevenueRecognition Revenue Recognition false false R11.htm 10501 - Disclosure - Stock-Based Employee Compensation Plans Sheet http://www.syntelinc.com/role/DisclosureStockBasedEmployeeCompensationPlans Stock-Based Employee Compensation Plans false false R12.htm 10601 - Disclosure - Derivative Instruments and Hedging Activities Sheet http://www.syntelinc.com/role/DisclosureDerivativeInstrumentsAndHedgingActivities Derivative Instruments and Hedging Activities false false R13.htm 10701 - Disclosure - Cash and Cash Equivalents Sheet http://www.syntelinc.com/role/DisclosureCashAndCashEquivalents Cash and Cash Equivalents false false R14.htm 10801 - Disclosure - Comprehensive Income Sheet http://www.syntelinc.com/role/DisclosureComprehensiveIncome Comprehensive Income false false R15.htm 10901 - Disclosure - Earnings per Share Sheet http://www.syntelinc.com/role/DisclosureEarningsPerShare Earnings per Share false false R16.htm 11001 - Disclosure - Segment Reporting Sheet http://www.syntelinc.com/role/DisclosureSegmentReporting Segment Reporting false false R17.htm 11101 - Disclosure - Geographic Information Sheet http://www.syntelinc.com/role/DisclosureGeographicInformation Geographic Information false false R18.htm 11201 - Disclosure - Income Taxes Sheet http://www.syntelinc.com/role/DisclosureIncomeTaxes Income Taxes false false R19.htm 11301 - Disclosure - Stock Based Compensation Sheet http://www.syntelinc.com/role/DisclosureStockBasedCompensation Stock Based Compensation false false R20.htm 11401 - Disclosure - Vacation Pay Sheet http://www.syntelinc.com/role/DisclosureVacationPay Vacation Pay false false R21.htm 11501 - Disclosure - Consolidation of a Variable Interest Entity Sheet http://www.syntelinc.com/role/DisclosureConsolidationOfVariableInterestEntity Consolidation of a Variable Interest Entity false false R22.htm 11601 - Disclosure - Fair Value Measurements Sheet http://www.syntelinc.com/role/DisclosureFairValueMeasurements Fair Value Measurements false false R23.htm 11701 - Disclosure - Investment in Medivo Inc Sheet http://www.syntelinc.com/role/DisclosureInvestmentInMedivoInc Investment in Medivo Inc false false R24.htm 11801 - Disclosure - Recent Accounting Pronouncements Sheet http://www.syntelinc.com/role/DisclosureRecentAccountingPronouncements Recent Accounting Pronouncements false false All Reports Book All Reports Process Flow-Through: 00100 - Statement - Condensed Consolidated Statements of Income Process Flow-Through: 00200 - Statement - Condensed Consolidated Balance Sheets Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: 00205 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 00400 - Statement - Condensed Consolidated Statements of Cash Flows synt-20110630.xml synt-20110630.xsd synt-20110630_cal.xml synt-20110630_def.xml synt-20110630_lab.xml synt-20110630_pre.xml true true EXCEL 40 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]E83@U-31F.5]B,69C7S0S-3!?838X-%]A8C,X M-S1E9#0W9CDB#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;F1E;G-E9%]#;VYS;VQI9&%T961?4W1A=&5M M93$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/E)E=F5N=65?4F5C;V=N:71I;VX\ M+W@Z3F%M93X-"B`@("`\>#I7;W)K65E7T-O;7!E;G-A=&D\+W@Z3F%M93X-"B`@("`\>#I7;W)K M#I7;W)K#I%>&-E;%=O#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D=E;V=R87!H:6-?26YF;W)M871I;VX\+W@Z3F%M93X-"B`@("`\ M>#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/DEN=F5S=&UE;G1?:6Y?365D:79O7TEN8SPO>#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/E)E8V5N=%]!8V-O=6YT:6YG7U!R;VYO M=6YC96UE;CPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O6QE M#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T M#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\ M8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@ M36EC'1087)T7V5A.#4U-&8Y7V(Q9F-?-#,U M,%]A-C@T7V%B,S@W-&5D-#=F.0T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO M+R]#.B]E83@U-31F.5]B,69C7S0S-3!?838X-%]A8C,X-S1E9#0W9CDO5V]R M:W-H965T'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^4UE.5$5,($E.0SQS<&%N M/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'1087)T7V5A.#4U-&8Y7V(Q9F-?-#,U,%]A-C@T7V%B,S@W-&5D M-#=F.0T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B]E83@U-31F.5]B M,69C7S0S-3!?838X-%]A8C,X-S1E9#0W9CDO5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&-E<'0@4&5R(%-H87)E M(&1A=&$\+W-T'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$2!I;G1E"!E>'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XW+#(X-SQS<&%N/CPO3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%]E83@U-31F.5]B,69C7S0S-3!?838X-%]A8C,X M-S1E9#0W9CD-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO96$X-34T M9CE?8C%F8U\T,S4P7V$V.#1?86(S.#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R&5S(&%N9"!O M=&AE2!A;F0@97%U:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$;G5M<#XR,#0L.3DQ/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S7)O;&P@86YD(')E;&%T960@8V]S=',\+W1D/@T*("`@("`@("`\=&0@8VQA M&5S('!A>6%B;&4\ M+W1D/@T*("`@("`@("`\=&0@8VQA6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$3PO M=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA MF5D($EN=F5S=&UE;G0@1V%I;B!;365M8F5R73QBF5D(&%C='5A2!4'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]E83@U-31F.5]B M,69C7S0S-3!?838X-%]A8C,X-S1E9#0W9CD-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO96$X-34T9CE?8C%F8U\T,S4P7V$V.#1?86(S.#'0O:'1M;#L@8VAA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$F%T:6]N/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XX+#`X-SQS M<&%N/CPO&5S/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q+#DW-"D\'!E;G-E(')E;&%T960@=&\@'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!A;F0@97%U:7!M96YT M(&5X<&5N9&ET=7)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'0^/&9O;G0@F4],T0R/@T*/"]F M;VYT/@T*/&1I=CX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA#LG M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6EN9R!U;F%U9&ET960@8V]N M9&5N6YT96P@86YD(&ET"!M;VYT:',@96YD960@2G5N929N8G-P.S,P+"`R,#$Q(&%N9"`R,#$P+"!A M;F0@8V%S:"!F;&]W"!M;VYT:',@96YD960@2G5N929N M8G-P.S,P+"`R,#$Q(&%N9"`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`V<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D M97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2`H(E-Y;G1E;"!);F1I82(I.R`\+V9O;G0^/"]P/CPO=&0^/"]T M#L@9F]N="US:7IE.B`V<'@[)SXF;F)S<#L\+W`^ M#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6YT96P@175R;W!E($QI;6ET960L(&%N(%5N:71E9"!+:6YG9&]M M(&QI;6ET960@;&EA8FEL:71Y(&-O;7!A;GD@*")3>6YT96P@175R;W!E(BD[ M(#PO9F]N=#X\+W`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`V<'@[ M)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P M6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE2`H(E-Y;G1E;"!-875R M:71I=7,B*3L@/"]F;VYT/CPO<#X\+W1D/CPO='(^/"]T86)L93X-"@T*/'`@ M3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6YT96P@0V]N3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2!C;VUP86YY("@B4TA-3"(I.R`\+V9O;G0^/"]P/CPO=&0^/"]T M#L@9F]N="US:7IE.B`V<'@[)SXF;F)S<#L\+W`^ M#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O M;3H@,'!X.R!F;VYT+7-I>F4Z(#9P>#LG/B9N8G-P.SPO<#X-"@T*/'1A8FQE M('-T>6QE/3-$)V)OF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1'1O<"!A;&EG;CTS1&QE9G0^#0H-"CQP(&%L:6=N/3-$;&5F=#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2X@3'1D+BP@ M86X@075S=')A;&EA;B!L:6UI=&5D(&QI86)I;&ET>2!C;VUP86YY+B`\+V9O M;G0^/"]P/CPO=&0^/"]T3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!O=VYE9"!J;VEN="!V96YT=7)E M(&]F(%-Y;G1E;"!$96QA=V%R92!I3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE#L@;6%R9VEN+6)O='1O M;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H92!W:&]L;'D@;W=N M960@2!O9B!34U-334P@:7,Z(#PO9F]N=#X\+W`^#0H-"CQP M('-T>6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X M.R!F;VYT+7-I>F4Z(#9P>#LG/B9N8G-P.SPO<#X-"@T*/'1A8FQE('-T>6QE M/3-$)V)OF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1'1O<"!A M;&EG;CTS1&QE9G0^#0H-"CQP(&%L:6=N/3-$;&5F=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!C;VUP86YY M+B`\+V9O;G0^/"]P/CPO=&0^/"]T#L@9F]N="US M:7IE.B`Q,G!X.R<^/&9O;G0@8VQA6QE/3-$)VUA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H M92!W:&]L;'D@;W=N960@#L@9F]N="US:7IE.B`V<'@[)SXF M;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE#L@9F]N="US:7IE.B`V<'@[)SXF;F)S<#L\+W`^#0H- M"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M2X@ M/"]F;VYT/CPO<#X\+W1D/CPO='(^/"]T86)L93X-"@T*/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@ MF4],T0R/E1H92!W:&]L;'D@;W=N960@#L@9F]N="US:7IE.B`V M<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L M;&%P6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE2!C;VUP86YY.R!A;F0@/"]F;VYT/CPO<#X\+W1D/CPO='(^ M/"]T86)L93X-"@T*/'`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`\+V9O;G0^ M/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XM=&]P.B`P<'@[(&UA#L@9F]N="US:7IE.B`V<'@[)SXF;F)S<#L\+W`^#0H-"CQT M86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@'1087)T7V5A.#4U-&8Y M7V(Q9F-?-#,U,%]A-C@T7V%B,S@W-&5D-#=F.0T*0V]N=&5N="U,;V-A=&EO M;CH@9FEL93HO+R]#.B]E83@U-31F.5]B,69C7S0S-3!?838X-%]A8C,X-S1E M9#0W9CDO5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/&9O;G0@F4],T0R/@T* M/"]F;VYT/@T*/&1I=CX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$ M)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@ MF4],T0R/E1H92!#;VUP86YY(')E8V]G;FEZ97,@6QE M/3-$)VUA#LG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2!R97-U;'1S(&EN('-T2!O=F5R('1H92!T97)M(&]F('1H92!E;F=A9V5M96YT+B`\+V9O;G0^ M/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XM=&]P.B`Q,G!X.R!M87)G:6XM M8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA&5D+7!R:6-E9"P@87!P;&EC871I;VYS(&1E=F5L;W!M96YT(&%N M9"!I;G1E9W)A=&EO;B!P2=S(&%P<&QI M8V%T:6]N(&]U='-O=7)C:6YG(&%N9"!E+4)U2!C:&%N9V4@:6X@97-T:6UA=&5S(&]F('1H92!C;VYT&5D('!R:6-E(&-O;G1R86-T3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA65E($-O;7!E;G-A=&EO;B!0;&%N'0^/&9O;G0@F4],T0R M/@T*/"]F;VYT/@T*/&1I=CX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA65E M65E(&1I&-E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/&9O;G0@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@2!O<'1I M;VX@8V]N=')A8W1S('1O(&UI=&EG871E('1H92!R:7-K(&]F(&-H86YG97,@ M:6X@9F]R96EG;B!E>&-H86YG92!R871E6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE2!D:60@;F]T(&5N=&5R(&EN=&\@;F5W(&9O'!I7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@ MF4],T0R/D%T($IU;F4F;F)S<#LS,"P@,C`Q,2!A;F0@1&5C M96UB97(F;F)S<#LS,2P@,C`Q,"P@87!P2`F;F)S<#LD,3@N M-2!M:6QL:6]N(&%N9"`F;F)S<#LD,C,N,R!M:6QL:6]N+"!R97-P96-T:79E M;'DL(&%R92!I;B!A(&UO;F5Y(&UA2!O9B!T:')E92!M;VYT:',@;W(@;&5S M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'1A8FQE('-T>6QE/3-$)V)O6QE M/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O M;G0@F4],T0R/E1O=&%L($-O;7!R96AE;G-I=F4@26YC;VUE M(&9O"!M;VYT:',@96YD960@2G5N929N8G-P M.S,P+"`R,#$Q(&%N9"`R,#$P(&ES(&%S(&9O;&QO=W,Z(#PO9F]N=#X\+W`^ M#0H-"CQP('-T>6QE/3-$)VUA#L@;6%R9VEN+6)O='1O M;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`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`\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`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`],T1N;W=R87`^/&9O M;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO M='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#PO9F]N=#X\+W`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`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA2!T M:&4@=V5I9VAT960@879E6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2!D:6QU M=&EV92!T;R!T:&4@8F%S:6,@96%R;FEN9W,@<&5R('-H87)E+B!$:6QU=&5D M(&5A2!S=&]C:R!M971H;V0@9F]R('1H92!D:6QU=&EV92!E9F9E8W0@ M;V8@;W!T:6]N&5R8VES92!O9B!S=&]C:R!O<'1I;VYS(&ES(&-O;G-I9&5R960@87,@861D M:71I;VYA;"!P2!S=&]C:R!M971H M;V0N(#PO9F]N=#X\+W`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/D)A6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X- M"@T*/'`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/CQB/D1I;'5T960@96%R;FEN9W,@<&5R('-H M87)E/"]B/CPO9F]N=#X\+W`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`N M-C@\+V(^/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A M<#TS1&YO=W)A<#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA"!D M;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X-"@T*/'`@"!D M;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO M='(^/"]T86)L93X-"@T*/'`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G M:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/CQB/D1I;'5T M960@96%R;FEN9W,@<&5R('-H87)E/"]B/CPO9F]N=#X\+W`^/"]T9#X-"CQT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/CQB/B9N8G-P.R0\+V(^/"]F;VYT/CPO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT M9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S M<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X- M"CQT9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT M9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S M<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X- M"CQT9#XF;F)S<#L\+W1D/CPO='(^/"]T86)L93X\'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/&9O;G0@F4],T0R/@T*/"]F;VYT/@T*/&1I=CX\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@2!A M;F0@8GD@8G5S:6YE2!O#L@9F]N="US:7IE.B`V<'@[)SXF;F)S<#L\+W`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`V<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L M92!S='EL93TS1"=B;W)D97(M8V]L;&%PF4],T0R M/B8C,30Y.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1'1O<"!W:61T:#TS M1#$E/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1'1O<"!A;&EG;CTS1&QE9G0^#0H-"CQP(&%L M:6=N/3-$;&5F=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I M>F4Z(#9P>#LG/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B`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`\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT M9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`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`],T1N;W=R M87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`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`M,65M.R!M M87)G:6XM;&5F=#H@,V5M.R<^/&9O;G0@F4],T0R/E1E86U3 M;W5R8VEN9SPO9F]N=#X\+W`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#%P>"!S;VQI9#LG M/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@ M6QE/3-$)V)O6QE/3-$)V)O3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`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`],T1N;W=R87`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`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$ M)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N M8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS M1"=B;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C4Q M+#4V-CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`] M,T1N;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO='(^ M/"]T86)L93X-"@T*/'`@#L@;6%R M9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/D1U"!M;VYT:',@96YD960@2G5N929N8G-P.S,P M+"`R,#$Q+"!!;65R:6-A;B!%>'!R97-S($-O2P@9'5R:6YG('1H92!T:')E92!M;VYT M:',@96YD960@2G5N929N8G-P.S,P+"`R,#$Q+"!C;VYT2`R-BXX)2!A;F0@,32!O9B!T M;W1A;"!C;VYS;VQI9&%T960@&EM871E;'D@.3DE M(')E=F5N=64@9G)O;2!!;65R:6-A;B!%>'!R97-S($-O2`W-B4@;V8@=&AE(')E=F5N=64@9G)O;2!3=&%T92!3=')E970@ M0F%N:R!W87,@9V5N97)A=&5D(&EN('1H92!+4$\@'!R97-S M($-O'!R97-S($-O2`R-BXQ)2!A;F0@,32P@;V8@=&]T86P@8V]N2`W-B4@;V8@=&AE(')E=F5N=64@9G)O;2!3=&%T92!3=')E970@ M0F%N:R!W87,@9V5N97)A=&5D(&EN('1H92!+4$\@"!M;VYT:',@96YD M960@2G5N929N8G-P.S,P+"`R,#$P(&9R;VT@06UE2`R,BXV)2!A;F0@,32P@;V8@=&]T86P@8V]N7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!G96]G#L@9F]N="US:7IE.B`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`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/CQB/DYE="!2979E;G5E MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`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`M,65M M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/D5U MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C$Q+#4X.3PO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R M87`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X-"@T*/'`@"!D M;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO M='(^/"]T86)L93X-"@T*/'`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`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O M<#X-"@T*/'`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`@("`\ M=&%B;&4@8VQA&5S/"]S=')O M;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/&9O;G0@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2=S(&]V97)A;&P@969F96-T:79E('1A>"!R871E.B`\+V9O;G0^ M/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XM=&]P.B`P<'@[(&UA#L@9F]N="US:7IE.B`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`^#0H-"CQP('-T>6QE/3-$)W1E>'0M:6YD96YT.B`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`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`N M,#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N M;W=R87`^/&9O;G0@F4],T0R/B4F;F)S<#L\+V9O;G0^/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O M6QE/3-$)W1E>'0M:6YD96YT.B`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`^/"]T9#X-"CQT M9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF M;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S M<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\ M+W1D/CPO='(^/"]T86)L93X-"@T*/'`@#LG/CQF M;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B`\+V9O;G0^)FYB#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE"!R871E"!M;VYT:',@96YD M960@2G5N929N8G-P.S,P+"`R,#$Q(&%N9"`R,#$P+"!T:&4@969F96-T:79E M(&EN8V]M92!T87@@2X@5&AE('1A>"!R871E(&9O"!R871E(&EM<&%C="!F;W(@8V5R=&%I;B!O9F9S:&]R M92!F86-I;&ET:65S(&=O:6YG(&]U="!O9B!T87@@:&]L:61A>2!E9F9E8W1I M=F4@07!R:6PF;F)S<#LQ+"`R,#$Q+B`\+V9O;G0^/"]P/@T*#0H\<"!S='EL M93TS1"=M87)G:6XM=&]P.B`Q,G!X.R!M87)G:6XM8F]T=&]M.B`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`R,#`V+B!$=7)I;F<@,C`Q,"P@=&AE($E24R!H860@ M8V]M;65N8V5D(&%N(&5X86UI;F%T:6]N(&]F(%-Y;G1E;"!,:6UI=&5D)W,@ M52Y3+B!I;F-O;64@=&%X(')E='5R;B`H9F]R;2`Q,3(P1BD@9F]R('1H92!T M87@@>65A6YT96P@26YD:6$G6YT96PG6QE/3-$)VUA#LG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE65A65A"!S8W)U=&EN>2!B>2!T:&4@26YD:6%N('1A>"!A=71H;W)I=&EE M"!A=71H;W)I=&EE"!A3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA"!E>'!E;G-E+B!$=7)I;F<@ M=&AE('%U87)T97(@96YD960@2G5N929N8G-P.S,P+"`R,#$Q+"!T:&4@0V]M M<&%N>2!R96-O9VYI>F5D(&EN=&5R97-T(&]F(&%P<')O>&EM871E;'D@)FYB M2`F;F)S<#LD,"XU,2!M:6QL:6]N(&%N9"`F;F)S<#LD,"XS M.2!M:6QL:6]N(&9O3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA65A"!!<'!E;&QA=&4@5')I8G5N86P@*"))5$%4(BD@:&%S(&AE;&0@=&AE(&UA M='1E6YT96P@3&EM:71E9"X@5&AE($EN8V]M92!4 M87@@1&5P87)T;65N="!H87,@9FEL960@82!F=7)T:&5R(&%P<&5A;"!B969O M2!(:6=H($-O=7)T(&9O2!(:6=H($-O=7)T(&AA65A M6YT96P@3&EM:71E9"!H87,@2!O9B`F;F)S<#LD M,"XX-TTN(#PO9F]N=#X\+W`^#0H-"CQP('-T>6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE#L@9F]N="US:7IE.B`V<'@[)SX\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA&5S(&]F M("9N8G-P.R0Q.2XT-B!M:6QL:6]N(&%N9"`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`Q,"P@=&AE($-O;7!A;GD@'!I3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M2!&:6YA;F-E("A.;RX@,BD@06-T+"`R M,#`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`R,#`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`F;F)S<#LD,BXT(&UI;&QI M;VXN(%1H92!";VUB87D@2&EG:"!#;W5R="!H87,@9&ES;6ES2!I;B!F:6QI;F<@=&AE('1A>"!A<'!E86P@;VX@2G5L>29N8G-P.S(R M+"`R,#`Y+B!4:&4@26YC;VUE(%1A>"!$97!A#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@65A65A2!U<&AE;&0N(%-Y;G1E;"!,:6UI=&5D(&AA6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@2!W87,@9G5L;'D@86QL;W=E9"!B>2!# M250H02DN(%1H92!);F-O;64@5&%X($1E<&%R=&UE;G0@:&%S(&9I;&5D(&$@ M9G5R=&AE"!$97!A2!)5$%4 M+B!4:&4@26YC;VUE(%1A>"!$97!A2!H87,@2!(:6=H($-O=7)T M(&]N($%U9W5S="9N8G-P.S$P+"`R,#$Q+B!&;W(@=&AE(&9I;F%N8VEA;"!Y M96%R(#(P,#4M,#8L('1H92!);F1I86X@26YC;VUE(%1A>"!$97!A65A2=S(&%P<&5A;"!F;W(@=&AE(&9I;F%N8VEA;"!Y96%R('=A2!A;&QO=V5D(&)Y($-)5"A!*2X@5&AE($EN8V]M92!487@@1&5P87)T;65N M="!H87,@9FEL960@82!F=7)T:&5R(&%P<&5A;"!W:71H($E4050@9F]R('1H M92!A;6]U;G1S(&%L;&]W960@8GD@=&AE($-)5"A!*2X@1F]R('1H92!F:6YA M;F-I86P@>65A3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA"!L:6%B:6QI='D@86UO M=6YT:6YG('1O("9N8G-P.R0S+C$Q(&UI;&QI;VX@:6X@=&AE(&)O;VMS(&9O M65A65A2!O9B!T:&4@"!$97!A29N8G-P M.S(S+"`R,#`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`@,S,N.3DE(&EN8VQU9&EN M9R!S=7)C:&%R9V4L(&5D=6-A=&EO;B!C97-S(&%N9"!S96-O;F1A"!A;F0@:7,@ M<&%Y86)L92!E=F5N(&)Y(&$@8V]R<&]R871E('=H:6-H(&ES(&]T:&5R=VES M92!N;W0@;&EA8FQE('1O('!A>2!I;F-O;64@=&%X97,@87,@<&5R('1H92!# M;VUP=71A=&EO;B!O9B!);F-O;64N($%C8V]R9&EN9VQY+"!);F1I86X@96YT M:71I97,@:&%D('!R;W9I9&5D('1O=V%R9',@1D)4(&EN('EE87(@07!R:6PF M;F)S<#LQ+"`R,#`U('1O($UA"!O;B!E>'!E;F1I='5R92!T:&4@86UO=6YT3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA'!E;G-E6YT96P@3&EM:71E9"!C;VYT97-T960@=VET M:"!T:&4@26YC;VUE(%1A>"!$97!A65A'!E8W1S('1O M(')E8V5I=F4@82!&0E0@65A2P@4WEN=&5L(&AA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@'1E;F1E9"!P M97)I;V0@=&\@2=S M(&-O;G-O;&ED871E9"!F:6YA;F-I86P@<&]S:71I;VXN(#PO9F]N=#X\+W`^ M#0H-"CQP('-T>6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE65A"!M M;VYT:',@96YD960@2G5N929N8G-P.S,P+"`R,#$Q+"!R97-P96-T:79E;'DN M($%S('!E2P@4WEN=&5L($5U"!L;W-S97,@=VAI8V@@87)E M(&5X<&5C=&5D('1O(')E3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!O9B!B96EN9R!H96%R9"!B>2!T:&4@26YC;VUE(%1A>"!$97!A2!R96%S;VXN(%1H92!A9V=R96=A=&4@;&EA8FEL:71Y(&]F M(&YO;B!P87EM96YT(&]F('1A>&5S('=I=&AH96QD(&EN8VQU9&EN9R!T:&4@ M:6YT97)E3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA#L@9F]N="US:7IE.B`Q.'!X.R<^/&9O;G0@8VQA6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M"!A=61I="!W87,@8V]N9'5C=&5D(&9O"!A M;F0@87)E(&9O3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA2!W:6QL M(&)E(&EN(&$@<&]S:71I;VX@=&\@9&5F96YD('1H92!O8FIE8W1I;VYS(')A M:7-E9"P@86YD('1H97)E9F]R92!N;R!P6QE/3-$)VUA M#LG/CQF;VYT('-T M>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6YT96P@:7,@<&5R2`F M;F)S<#LD,"XX-2!M:6QL:6]N+CPO9F]N=#X\+W`^/"]D:78^/"]D:78^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@ M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]E83@U-31F M.5]B,69C7S0S-3!?838X-%]A8C,X-S1E9#0W9CD-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO96$X-34T9CE?8C%F8U\T,S4P7V$V.#1?86(S.#'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V)O M6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA2!E'1E;F1E9"!T:&4@,3DY-R!0;&%N+B!5;F1E2!V97-T(&]V97(@82!F;W5R+7EE87(@<&5R M:6]D(&9R;VT@=&AE(&1A=&4@;V8@9W)A;G0N(%1H92!T97)M(&]F(&%N>2!O M<'1I;VX@;6%Y(&YO="!E>&-E960@=&5N('EE87)S(&9R;VT@=&AE(&1A=&4@ M;V8@9W)A;G0N(#PO9F]N=#X\+W`^#0H-"CQP('-T>6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE&5R8VES92!PF5D(&]V97(@=&AE('9E6QE/3-$)VUA#LG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF5D(&%S(&5X M<&5N2=S(%-T871E;65N="!O9B!);F-O;64N(%-H87)E+6)A'!E;G-E(')E8V]G;FEZ960@87,@86)O=F4@9F]R M('1H92!T:')E92!M;VYT:',@96YD960@2G5N929N8G-P.S,P+"`R,#$Q(&%N M9"`R,#$P('=A'!E;G-E(')E8V]G;FEZ960@=V%S("9N8G-P.R0Q+C(U(&UI;&QI;VX@86YD M("9N8G-P.R0P+C4P(&UI;&QI;VXL(')E2P@:6YC;'5D:6YG M(&$@8VAA3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA2!N97<@3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$)VUA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/D]N M(&1I9F9E2!I6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z M(#9P>#LG/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B`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`^#0H-"CQP('-T>6QE/3-$)VUA#L@9F]N="US:7IE.B`Q<'@[)SXF;F)S<#L\+W`^#0H-"CQP M('-T>6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X M.R<^/&9O;G0@F4],T0R/D1U2!E>'!E;G-E9"`F;F)S<#LD,2XR-2!M:6QL:6]N M(&%N9"`F;F)S<#LD,"XU,B!M:6QL:6]N+"!R97-P96-T:79E;'DL(&%S(&-O M;7!E;G-A=&EO;B!O;B!A8V-O=6YT(&]F('1H92!A8F]V92!S=&]C:R!G6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE65A6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[ M)SXF;F)S<#L\+W`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`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`M,65M.R!M87)G:6XM M;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E-E;&QI;FF4],T0R/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQAF4],T0R M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\ M+W1D/@T*/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N M8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S M='EL93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P M.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`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`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C M;&%S6QE/3-$)W1E>'0M:6YD96YT.B`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`Q,2!A;F0@ M,C`Q,"!I&5R8VES960@;W!T:6]N2=S('-T;V-K+B!4:&4@ M0V]M<&%N>2=S(&-O;7!U=&%T:6]N(&]F(&5X<&5C=&5D(&QI9F4@=V%S(&1E M=&5R;6EN960@8F%S960@;VX@:&ES=&]R:6-A;"!E>'!E2!O=70@ M<&]L:6-Y+B`\+V9O;G0^/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XM=&]P M.B`Q.'!X.R!M87)G:6XM8F]T=&]M.B`P<'@[(&9O;G0M#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF5S(&%C=&EV:71Y('5N9&5R('1H M92!#;VUP86YY(&5Q=6ET>2!I;F-E;G1I=F4@<&QA;G,@9F]R('1H92!S:7@@ M;6]N=&AS(&5N9&5D($IU;F4F;F)S<#LS,"P@,C`Q,3H@/"]F;VYT/CPO<#X- M"@T*/'`@#LG/B9N8G-P.SPO<#X-"@T*/'1A8FQE M('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<@86QI9VX],T1C96YT97(^/&9O;G0@ MF4],T0Q/CQB/E=E:6=H=&5D/"]B/CPO9F]N=#X\+W`^#0H- M"CQP('-T>6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R<@86QI9VX],T1C96YT97(^/&9O;G0@F4],T0Q/CQB M/D%V97)A9V4\+V(^/"]F;VYT/CPO<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA#LG(&%L:6=N/3-$8V5N=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE#LG(&%L:6=N/3-$8V5N M=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN M+6)O='1O;3H@,'!X.R<@86QI9VX],T1C96YT97(^/&9O;G0@#LG(&%L M:6=N/3-$8V5N=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M#LG(&%L:6=N/3-$8V5N=&5R/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,7!X.R<@86QI9VX],T1C96YT97(^/&9O;G0@F4],T0Q/CQB M/BAI;B!Y96%R#LG(&%L:6=N/3-$8V5N=&5R/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\ M='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^ M/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`M,65M M.R!M87)G:6XM;&5F=#H@,V5M.R<^/&9O;G0@F4],T0R/D5X M97)C:7-E9#PO9F]N=#X\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@8VQA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UEF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@ M=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS M1'1O<#X-"@T*/'`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`\+W1D M/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!C;&%SF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\ M=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M=&]P.B`C,#`P M,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D/B9N8G-P.SPO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@ M=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M=&]P.B`C M,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`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`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`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO M='(^/"]T86)L93X-"@T*/'`@#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/DYO M(&]P=&EO;G,@=V5R92!G2X\+V9O;G0^/"]P/CPO9&EV/CPO9&EV/CQS<&%N/CPO7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R9VEN+6)O='1O M;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H92!A8V-R=6%L(&9O MF5D(&QE879E(&)A;&%N8V4@:7,@8F%S960@;VX@=&AE(&%V M86EL86)L92!L96%V92!B86QA;F-E(&]W960@=&\@=&AE(&5M<&QO>65E6QE/3-$ M)VUA#LG/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE"!M;VYT:',@96YD960@2G5N929N8G-P.S,P+"`R,#$Q(&%N M9"`R,#$P+"!R97-P96-T:79E;'DN(#PO9F]N=#X\+W`^#0H-"CQP('-T>6QE M/3-$)VUA#LG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2P@86YD(&%R92!I;F-L=61E9"!W:71H:6X@)T%C8W)U960@<&%Y'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3QB3PO=&0^#0H@("`@("`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`Q<'@[ M)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)VUA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H M92!F86ER('9A;'5E(&AI97)A2!C;VYS:7-T3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE#L@9F]N M="US:7IE.B`V<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL93TS1"=B M;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF M;F)S<#L\+W`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`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`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`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P M.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`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`],T1N;W=R87`^/&9O M;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO M='(^#0H\='(@6QE/3-$)V)O M6QE M/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P M.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL M93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO M<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$ M)V)O6QE/3-$)W1E>'0M:6YD96YT.B`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`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO M='(^/"]T86)L93X-"@T*/'`@#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E1H M92!V86QU92!O9B!E86-H(&9O2!U&-H86YG92!$96%L97)S)R!!2!T>7!E(&]F(&-O;G1R86-T(&%N9"!M871U M2X@/"]F;VYT/CPO<#X-"@T*/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@#LG/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B`\+V9O;G0^)FYB#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF5S M('1H92!T97)M(&1E<&]S:71S('=I=&@@=F%R:6]U6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R M<'@[)SXF;F)S<#L\+W`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`\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`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`M,65M.R!M M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/DYO;B!# M=7)R96YT($%S6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE6QE M/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D/B9N8G-P.SPO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\ M=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M=&]P M.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X-"@T*/'`@3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#-P M>"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/&9O;G0@F4],T0R/@T*/"]F;VYT/@T*/&1I=CX- M"@T*/'1A8FQE('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^ M/&9O;G0@F4],T0R/E1H92!#;VUP86YY(&AA29N M8G-P.S$L(#(P,3$N(%1H92!N;W1E('!A>7,@-B4@:6YT97)E6%B;&4@<75A65A'0@ M'0@ M65A2X@5&AE($-O;G9E2!.;W1E(&ES M('5N29N8G-P.S$L(#(P,3$L('1H M97)E('=E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`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` end

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company