TREASURY STOCK

3 Months Ended

Mar. 31, 2016

Treasury Stock

TREASURY STOCK

NOTE 10 –TREASURY STOCK

On March 17, 2016, the Company issued 233,402 of its ordinary shares held as treasury stock with a cost of $3.6 million, or $15.46 per shares, as part of the consideration given for the Broadsmart acquisition. Refer to Note 14 - “Acquisition of Business” for further details. In addition, in March 2016, the Company issued 2,016 of its ordinary shares held as treasury shares with a cost of $25 thousand, or $12.24 per share, to a Board member as a result of restricted stock units, that were issued in mid-2013, vesting.

The changes in treasury stock during the three months ended March 31, 2016 are as follows (in thousands, except for number of shares):

	Three Months Ended
	March 31, 2016
	Number			Amount
Balance, beginning of period		9,426,399		$	126,772
Ordinary shares issued for
Broadsmart acquisition		(233,402	)		(3,609	)
Ordinary shares issued due to
vesting of restricted stock units		(2,016	)		(25	)
Balance, end of period		9,190,981		$	123,138