Incredimail 2011 Annual Report Download - page 124

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PERION NETWORK LTD. AND ITS SUBSIDIARIES
(Formerly: Incredimail Ltd.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
In order to reduce the impact of changes in foreign currency exchange rates on its results, the Company enters into foreign currency exchange forward
contracts and options contracts to purchase and sell foreign currencies to hedge a portion of its foreign currency net exposure resulting from payroll
expenses denominated in NIS.
The foreign currency exchange forward contracts and options contracts are not designated as hedging instruments under hedge accounting. These
instruments are generally short term in nature, with typical maturities of less than one year, and are subject to fluctuations in foreign exchange rates.
Gains or losses on these derivatives, which partially offset the foreign currency impact from the underlying exposures were classified into financial
income (expenses), net and amounted to $ (25), $ 69, and $ (2) for the years ended December 31, 2009, 2010 and 2011, respectively.
NOTE 12:
-
SUPPLEMENTARY DATA ON SELECTED CONSOLIDATED STATEMENTS OF INCOME ITEMS (Cont.)
c.
Net earnings per Ordinary share:
Computation of basic and diluted net earnings per share is as follows:
1.
Numerator:
Year ended December 31,
2009
2010
2011
Net income available to Ordinary shareholders
$
8,013
$
8,389
$
5,668
2.
Denominator:
Year ended December 31,
2009
2010
2011
Denominator for basic net earnings per share
-
Weighted average number of Ordinary shares, net of treasury stock
9,347,915
9,622,181
9,796,380
Effect of dilutive securities:
Add - stock options
214,806
209,447
205,791
Denominator for diluted net earnings per share - adjusted weighted average shares
9,562,721
9,831,628
10,002,171
NOTE 13:
-
DERIVATIVE FINANCIAL INSTRUMENTS
F
-
37