2.2.0.25falsefalse12101 - Disclosure - Shareholders' Equitytruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010 USD ($) USD ($) / shares $Duration_1_1_2010_To_12_31_2010http://www.sec.gov/CIK0001027664duration2010-01-01T00:00:002010-12-31T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_StockholdersEquityNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseShareholders' Equity3false0us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> <div style="text-indent: 0pt; display: block;"> <div> <div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Note 21 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS' EQUITY</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A.&nbsp;</font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">SHARE CAPITAL</font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Ordinary shares confer upon their holders voting rights and the right to receive dividends.</font></div></div></td></tr></table></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">B.</font></div></td> <td align="left"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">2000 EMPLOYEE STOCK OPTION PLAN</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In 2000, Elbit Systems adopted an employee stock option plan for Company employees comprising options to purchase up to 2,500,000 ordinary shares. The exercise price approximates the market price of the shares at the grant date. The plan included an additional 2,500,000 options issuable as "phantom" share options that grant the option holders a number of shares reflecting the benefit component of the options exercised, as calculated at the exercise date, in consideration for their par value only. The options vest over a period of one to four years from the date of grant and expire no later than six years from the date of grant or 90 days after the employee's termination of employment with Elbit Systems or its subsidiaries.</font></div></div></td></tr></table></div></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">C.</font></div></td> <td align="left"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">2007 STOCK OPTION PLAN</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In January 2007, Elbit Systems' shareholders approved Elbit Systems' 2007 Option Plan (the "Plan"). The purpose of the Plan is to provide the benefits arising from ownership of share capital by Elbit Systems' and certain of its subsidiaries employees, who are expected to contribute to the Company's future growth and success. The options were allocated, subject to the required approvals, in two tracks as follows: (i) Regular Options - up to 1,250,000 options exercisable into 1,250,000 shares of Elbit Systems in consideration for the exercise price, all or any portion of which may be granted as Incentive Stock Options ("Regular Options") and (ii) Cashless Options - up to 1,250,000 options, which entitle the participant to exercise options for an amount reflecting only the benefit factor ("Cashless Options"). Each of the participants is granted an equal amount of Regular Options and Cashless Options. The exercise price for Israeli participants is the average closing price of Elbit Systems' share during 30 trading days preceding the options grant date. The exercise price of options granted to a non-Israeli participant residing in the United States is the fair market value of the share on the day the options were granted.</font></div></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><br /></div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">According to the Plan, the options granted on a certain date (the "Commencement Date") will become vested and exercisable in accordance with the following vesting schedule:</font></div></div></div></td></tr></table></div></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 81pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(1)&nbsp;</font></div></td> <td align="left"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Fifty percent (50%) of the options will be vested and exercisable from the second anniversary of the Commencement Date;</font></div></td></tr></table></div></div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 81pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(2)&nbsp;</font></div></td> <td align="left"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">An additional twenty-five percent (25%) of the options will be vested and exercisable from the third anniversary of the Commencement Date; and</font></div></td></tr></table></div></div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 81pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(3)&nbsp;</font></div></td> <td align="left"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The remaining twenty-five (25%) of the options will be vested and exercisable from the fourth anniversary of the Commencement Date.</font></div></td></tr></table></div></div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></div></td></tr> <tr><td> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The options expire no later than five years from the date of grant.</font></div></td></tr> <tr><td> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><br /></div></td></tr> <tr><td> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Elbit Systems granted options to Israeli participants in accordance with the provisions of Section 102 of the Israel Tax Ordinance related to the Capital Gains Tax Track.</font></div></td></tr> <tr><td> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><br /></div></td></tr> <tr><td> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2010, 105,676 Options are available for future grant under the Plan (regular and cashless).</font></div></td></tr> <tr><td> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font size="2" class="_mt"> </font>&nbsp;</div></td></tr></table> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">D.</font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A summary of Elbit Systems' share option activity under the plans is as follows:</font></div></td></tr></table></div></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="28%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -5.85pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -4.55pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2009</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -5.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2008</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="28%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="display: block; margin-left: 0pt; margin-right: -8.3pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Number</font></div> <div style="display: block; margin-left: 0pt; margin-right: -8.3pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></div> <div style="display: block; margin-left: 0pt; margin-right: -8.3pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">options</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">exercise</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -5.85pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">price</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Number</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">options</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">exercise</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">price</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Number</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">options</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="display: block; margin-left: 0pt; margin-right: -5.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></div> <div style="display: block; margin-left: 0pt; margin-right: -5.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></div> <div style="display: block; margin-left: 0pt; margin-right: -5.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">exercise</font></div> <div style="display: block; margin-left: 0pt; margin-right: -5.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">price</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="28%"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Outstanding &ndash;&nbsp;</font><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">beginning of&nbsp;&nbsp;the year</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,858,250</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">35.24</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,454,851</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">33.96</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;2,386,826</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">32.51</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td valign="bottom" width="28%"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;Granted</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">28,000</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">52.23</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">58,500</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">50.33</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">135,800</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">56.15</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="28%"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;Exercised</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(223,019</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">32.53</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(619,451</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">31.62</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(22,675</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">15.96</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="28%"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;Forfeited</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(27,926</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">31.91</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(35,650</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">34.53</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(45,100</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">33.12</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="28%"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Outstanding &ndash;&nbsp;</font><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">end of the year</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,635,305</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">35.96</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,858,250</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">35.24</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,454,851</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">33.96</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="28%"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Options exercisable at&nbsp;</font><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">the end of the year</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">963,289</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">34.70</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">586,626</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">32.55</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">82,951</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">16.84</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The aggregate intrinsic value represents the total intrinsic value (the difference between Elbit Systems' closing stock price on the last trading day of the fourth quarter of fiscal 2010 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2010. This amount changes based on the fair market value of the Company's stock. Aggregate intrinsic value of outstanding options as of December 31, 2010 and 2009 amounted to $24,811 and $55,393, respectively. In addition, the total intrinsic value of options exercised for the year ended December 31, 2010 was $4,147<font style="display: inline; font-family: Times New Roman;" class="_mt">. As of December 31, 2010, there was $1,641 of total unrecognized compensation cost related to share-based compensation arrangements granted under </font>Elbit Systems<font style="display: inline; font-family: Times New Roman;" class="_mt">' stock option plans. That cost is expected to be recognized over a weighted average period of two years.</font></font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2010, 1,631,541 options were vested and expected to be vested at a weighted average exercise price of $35.95 per share. The weighted average remaining contractual life of exercisable options as of December 31, 2010 is approximately one year and their aggregate intrinsic value is approximately $24,761.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 56.7pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 27pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">E.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The options outstanding as of December 31, 2010, have been separated into ranges of exercise prices, as follows:</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="34%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Options outstanding</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Options exercisable</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="10%"> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; text-decoration: underline;" class="_mt"><font style="display: inline;" class="_mt">Exercise price</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap">&nbsp; </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Number</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">options</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">remaining</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">contractual</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">life (years)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">exercise</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">price</font></div> <div style="text-indent: 9pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">per share</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Number</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">options</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">exercise</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">price</font></div> <div style="text-indent: 9pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">per share</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$14.76 - $19.36</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">14,500</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0.91</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">19.36</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">14,500</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">19.36</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$33.10 - $63.85</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,620,805</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.26</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">36.11</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">948,789</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">34.94</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr></table></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block;"> <div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block;"> <div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 81pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Compensation expense amounting to $5,211, $5,134 and $5,067 was recognized during the years ended December 31, 2010, 2009 and 2008, respectively. The expenses before tax were recorded as follows:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="64%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="34%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Year ended December 31,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="64%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2009</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2008</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="64%" align="left"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Cost of revenues</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,353</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,397</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,349</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td valign="bottom" width="64%" align="left"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">R&amp;D and marketing expenses</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">954</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,048</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">897</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">General and administration expenses</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,904</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,689</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,821</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="64%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,211</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,134</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,067</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">F.</font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The weighted average exercise price and fair value of options granted during the years ended December 31, 2010, 2009 and 2008 were:</font></div></td></tr></table></div></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="64%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="34%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Less than market price</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="64%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="34%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Year ended December 31,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="64%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -1.75pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2009</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2008</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="64%" align="left"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Weighted average&nbsp;&nbsp;exercise price&nbsp;</font><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">per share</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">52.23</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">50.33</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">56.15</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td valign="bottom" width="64%" align="left"> <div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Weighted average fair value on </font><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">grant date</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11.99</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">16.61</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">13.87</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">G.</font></font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">Computation of basic and diluted net earnings per share:</font></font></div></td></tr></table></div></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="10%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%" colspan="9"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Year ended</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">December 31, 2010</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%" colspan="9"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.25pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Year ended</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.25pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">December 31, 2009</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%" colspan="9"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Year ended</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">December 31, 2008</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="10%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Net income</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">to shareholders</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of ordinary</font></font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">shares</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">number</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 3.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></font></div> <div style="text-indent: 9pt; display: block; margin-left: 0pt; margin-right: 3.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">shares (*)</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 2.45pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Per</font></font></div> <div style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 2.45pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Share</font></font></div> <div style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 2.45pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">amount</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Net income</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">to shareholders</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of ordinary</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">shares</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">number of</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">shares (*)</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Per</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Share</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">amount</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Net income</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">to shareholders</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of ordinary</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">shares</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 7.1pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 7.1pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">average</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 7.1pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">number</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 7.1pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">of</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 7.1pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">shares (*)</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Per</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Share</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">amount</font></font></div></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="10%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Basic net earnings</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">183,498</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42,645</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4.30</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">214,947</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42,305</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5.08</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">204,176</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42,075</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4.85</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="10%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Effect of dilutive</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;securities:</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="10%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Employee stock</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;options</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">573</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">678</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">683</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="10%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Diluted net</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;earnings</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">183,498</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">43,218</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4.25</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">214,947</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42,983</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5.00</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">204,176</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42,758</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4.78</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr></table></div></div></div> <div>&nbsp;</div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(*) In thousands</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">H.</font></font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">In December 2007, Elbit Systems U.S. Corp ("ESC"), a wholly-owned U.S. subsidiary of Elbit Systems, adopted a Stock Appreciation Rights Plan for Non-Employee Directors of Elbit Systems of America, LLC (the "SAR Plan"). ESC owns the shares of ESA. The purpose of the SAR Plan is to facilitate the retention of qualified and experienced persons to serve as "Non-Employee Directors" of ESA by providing them additional financial incentives. A "Non-Employee Director" is a director of ESA who is not an officer or employee of ESA, or any of its affiliated companies. </font></font></div> <div><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Under the Plan, the Board of ESC may grant Stock Appreciation Rights ("SARs") from time to time to Non-Employee Directors of ESA.&nbsp;&nbsp;A SAR is a right that, in accordance with the terms of the SAR Plan, entitles the holder to receive, on the exercise date of the SAR, cash in an amount equal to the excess of the "Fair Market Value" of the "Stock" corresponding to the SAR at the time of exercise of the SAR over the "Initial Value of the Stock".&nbsp;&nbsp;"Stock" means Elbit Systems Ordinary Shares.&nbsp;&nbsp;Each SAR corresponds to a share of Stock.&nbsp;&nbsp;"Fair Market Value" with respect to the Stock means the closing price of the Stock on the Nasdaq on the applicable date.&nbsp;&nbsp;"Initial Value" of a SAR means the Fair Market Value of one share of Stock on the grant date of the SAR.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 84pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A SAR may only be exercised after it becomes vested. 25% of any SAR's granted are exercisable on the first anniversary from the grant date and an additional 25% on each of the three subsequent anniversaries. The maximum term of a SAR is five years from the grant date.SAR's do not provide any rights as a shareholder in the Stock.</font></div> <div align="justify">&nbsp;</div> <div align="justify"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">SARs are considered liabilities under ASC 718 and as such compensation cost for each period until settlement is based on the change (or a portion of the change, depending on the percentage of the requisite service that has been rendered) in the fair value of the SARs for each reporting period.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A summary of Elbit Systems' SAR activity under the plan is as follows:</font></div></div></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="90%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="76%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -5.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Year ended December 31, 2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="76%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="display: block; margin-left: 0pt; margin-right: -4.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Number of options</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Weighted average</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -4.05pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Exercise price per share</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="76%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Outstanding &ndash;&nbsp;&nbsp;beginning of&nbsp;&nbsp;the year</font></div></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">30,000</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">58.64</font> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="76%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;Granted</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font> </td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="76%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Outstanding &ndash;&nbsp;&nbsp;end of the year</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">30,000</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">58.64</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr> <tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="76%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -11.6pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Rights exercisable at the end of the year</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">12,750</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font> </td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">59.79</font> </td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font> </td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">I<font style="display: inline; font-family: Times New Roman;" class="_mt">.</font> </font></font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">TREASURY SHARES</font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Elbit Systems' shares held by Elbit Systems and its subsidiaries are presented at cost and deducted from shareholders' equity.</font></div></div></td></tr></table></div></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="center"> </div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 54pt;">&nbsp; </td> <td style="width: 27pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">J.</font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">DIVIDEND POLICY</font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Dividends declared by Elbit Systems are paid subject to statutory limitations. Elbit Systems' Board of Directors has determined not to declare dividends out of tax exempt earnings.</font></div></div></td></tr></table></div></div></div></div></div></div></div> </div>Note 21 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS' EQUITY &nbsp; A.&nbsp; SHARE CAPITAL &nbsp; Ordinary shares confer uponfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C, E Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 falsefalseShareholders' Equity12Shareholders' EquityUnKnownUnKnownUnKnownUnKnownfalsetrue