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EXHIBIT 11
COMPUTATION OF NET INCOME PER ORDINARY SHARE
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Year ended December 31,
1999 1998 1997
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<S> <C> <C> <C>
Number of ordinary shares
Ordinary shares outstanding, beginning of year ....... 6,675 6,675 7,712
Ordinary shares repurchased ........................... - - 5
Ordinary shares tendered .............................. - - (1)
Ordinary shares cancelled.............................. - - 1,034
Weighted average shares outstanding during the year..... 6,675 6,675 6,675
Net income.............................................. $4,435 $1,622 $ 974
Earnings per share...................................... $ 0.66 $ 0.24 $ 0.15
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