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(Expressed in thousands of United States dollars) 

## 15. Earnings per Share 

The Company calculates earnings per share on the weighted average number of Class A Ordinary Shares outstanding. The weighted average Class A Ordinary Shares outstanding were 28,523,127 and 28,351,734 for the years ended December 31, 2011 and December 31, 2010, respectively. The weighted average of Class A Ordinary Shares used for determining diluted earnings were 28,531,471 and 28,351,734 for the years ended December 31, 2011 and December 31, 2010, respectively. Diluted earnings per Class A Ordinary Share was calculated using the treasury stock method. 

As at December 31, 2011 the outstanding options are not materially dilutive as the market price of common shares is below or marginally higher than the exercise price. 

## Earnings per Share 

<img src='content_image/206214.jpg'>

<img src='content_image/206215.jpg'>

