EXHIBIT 11

                 COMPUTATION OF NET INCOME PER ORDINARY SHARE



                                                      Year ended December 31,
                                                      1998      1997     1996
                                                      ----      ----     ----
                                                  (in thousands except per share
                                                               amounts)
                                                                
Number of ordinary shares
     Ordinary shares outstanding, beginning of year    6,675     7,712    7,922
     Ordinary shares repurchased                           -
 5      240
     Ordinary shares tendered                              -        (1)   1,004
     Ordinary shares cancelled                             -     1,034      603
                                                       =====     =====    =====

Weighted average shares outstanding during the year    6,675     6,674    7,747
                                                       =====     =====   ======
Net income                                            $1,622     $ 974   $9,166
                                                      ======     =====   ======
Earnings per share                                     $0.24     $0.15   $ 1.18
                                                      ======     =====   ======


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