EXHIBIT 15.1
COMPUTATION OF NET INCOME PER ORDINARY SHARE
Year ended December 31, | |||||||||||
2004 | 2003 | 2002 | |||||||||
(in thousands except per share amounts) | |||||||||||
Number of ordinary shares | |||||||||||
Ordinary shares outstanding, beginning of year | 7,258 | 6,989 | 6,989 | ||||||||
Ordinary shares issued | — | 1,175 | — | ||||||||
Ordinary shares repurchased and cancelled | — | (906 | ) | — | |||||||
Ordinary shares outstanding, end of year | 7,258 | 7,258 | 6,989 | ||||||||
Weighted average shares outstanding during the year | |||||||||||
Basic | 7,258 | 7,514 | 6,989 | ||||||||
Diluted | 7,433 | 7,652 | 6,989 | ||||||||
Income (loss) from continuing operations | $ | 2,905 | $ | (8,680 | ) | $ | (355 | ) | |||
Income from discontinued operations | — | — | 17,600 | ||||||||
Net income (loss) | $ | 2,905 | $ | (8,680 | ) | $ | 17,245 | ||||
Net income (loss) per share of common stock : | |||||||||||
Basic | |||||||||||
Income (loss) from continuing operation | $ | 0.40 | $ | (1.16 | ) | $ | (0.05 | ) | |||
Income from discontinued operations | — | — | 2.52 | ||||||||
Net income (loss) per basic share of common stock | $ | 0.40 | $ | (1.16 | ) | $ | 2.47 | ||||
Diluted(1) | |||||||||||
Income (loss) from continuing operation | $ | 0.39 | (1.16 | ) | (0.05 | ) | |||||
Income from discontinued operations | — | — | 2.52 | ||||||||
Net income (loss) per diluted share of common stock | $ | 0.39 | $ | (1.16 | ) | $ | 2.47 | ||||
(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. |