EX-11 5 dex11.htm COMPUTATION OF NET INCOME PER ORDINARY SHARE Computation of Net Income Per Ordinary Share

EXHIBIT 11

 

COMPUTATION OF NET INCOME PER ORDINARY SHARE

 

     Year ended December 31,
  
     2003
     2002
     2001
  
     (in thousands except per share amounts)  

Number of ordinary shares

                         

Ordinary shares outstanding, beginning of year

      6,989       6,989       6,675  

Ordinary shares issued

      1,175       —         314  

Ordinary shares repurchased and cancelled

      (906 )     —         —    
    
 
 

Ordinary shares outstanding, end of year

      7,258       6,989       6,989  
    
 
 

Weighted average shares outstanding during the year

                         

Basic

      7,514       6,989       6,721  

Diluted

      7,652       6,989       6,721  
    
 
 

Loss from continuing operations

    $ (8,680 )   $ (355 )   $ (29,529 )

Income from discontinued operations

      —         17,600       1,966  
    
 
 

Net income (loss)

    $ (8,680 )   $ 17,245     $ (27,563 )
    
 
 

Income (loss) per share:

                         

Continuing operations

                         

Basic

    $ (1.16 )   $ (0.05 )   $ (4.39 )

Diluted(1)

      (1.16 )     (0.05 )     (4.39 )

Discontinued operations

      —         2.52       0.29  
    
 
 

Income (loss) per share

    $ (1.16 )   $ 2.47     $ (4.10 )
    
 
 

 

(1) The restricted shares and stock options outstanding at December 31, 2003 have not been included in the computation of diluted earnings per share because to do so would be anti-dilutive for the year ended December 31, 2003.