0000731859 us-gaap:TreasuryStockMember 2009-01-01 2009-12-31 0000731859 us-gaap:TreasuryStockMember 2011-12-31 0000731859 us-gaap:RetainedEarningsMember 2011-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2011-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-12-31 0000731859 us-gaap:TreasuryStockMember 2010-12-31 0000731859 us-gaap:RetainedEarningsMember 2010-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2010-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0000731859 us-gaap:TreasuryStockMember 2009-12-31 0000731859 us-gaap:RetainedEarningsMember 2009-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2009-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2009-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-31 0000731859 us-gaap:TreasuryStockMember 2008-12-31 0000731859 us-gaap:RetainedEarningsMember 2008-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2008-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2008-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-31 0000731859 us-gaap:RetainedEarningsMember 2011-01-01 2011-12-31 0000731859 us-gaap:RetainedEarningsMember 2010-01-01 2010-12-31 0000731859 us-gaap:RetainedEarningsMember 2009-01-01 2009-12-31 0000731859 ampl:AdpoAndAgroMember 2011-01-01 2011-12-31 0000731859 ampl:AceMember 2011-01-01 2011-12-31 0000731859 ampl:AdpoAndAgroMember 2010-01-01 2010-12-31 0000731859 ampl:AceMember 2010-01-01 2010-12-31 0000731859 ampl:AdpoAndAgroMember 2009-01-01 2009-12-31 0000731859 ampl:AceMember 2009-01-01 2009-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-01-01 2011-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2010-01-01 2010-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-01-01 2010-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2009-01-01 2009-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-01-01 2009-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2009-01-01 2009-12-31 0000731859 us-gaap:CommonClassAMember 2011-12-31 0000731859 us-gaap:CommonClassAMember 2010-12-31 0000731859 us-gaap:CommonClassAMember 2009-12-31 0000731859 us-gaap:CommonClassAMember 2008-12-31 0000731859 2008-12-31 0000731859 2011-06-30 0000731859 2012-03-20 0000731859 2011-12-31 0000731859 2010-12-31 0000731859 2009-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2011-01-01 2011-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2010-01-01 2010-12-31 0000731859 2011-01-01 2011-12-31 0000731859 2010-01-01 2010-12-31 0000731859 2009-01-01 2009-12-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD 0 3082000 3691000 0 0 594000 870000 870000 594000 -594000 71484000 33341000 54333000 11681000 2280000 28330000 <div> <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">Note 10 - Debentures</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 1, 2012, the Company held a meeting with the Holders where the Company proposed to restructure (the "Proposal") the Debentures to postpone all principal payments due thereunder for the next two years, while continuing to make the interest payments as scheduled. Under the Proposal, the principal amount of the Debentures would not be reduced, and after the two-year period the principal payment schedule for the Debentures would return to the original terms.&nbsp;&nbsp;The Company requested that the Holders appoint a delegation (a committee of representatives) of Holders to discuss the Proposal.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 18, 2012, the Company announced that two separate Holders' committees had been formed: one to represent the Series A and Series C Debenture holders and the other to represent the Series B Debenture holders (the "B Holders").</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 22, 2012, the Company announced that its Board of Directors decided to postpone making the principal payments currently coming due on the Debentures, but to continue making interest payments as scheduled. In accordance with the decision, on January 31, 2012, the Company made an interest payment on the Series B Debentures (the "Series B Debentures") to the B Holders on the scheduled payment date, and the Company did not request the return of the Company's funds held by the trustee for the B Holders.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 20, 2012, a meeting of the B Holders was held at the request of the B Holders' trustee and on March 6, 2012, the B Holders voted (the "Series B Resolution") to accelerate and set to immediate repayment the entire outstanding amounts under the Series B Debentures. The Series B Resolution provided that the acceleration would be effective two weeks after March 6, 2012, unless an additional two-week extension was granted by the committee, formed by the B Holders (the "Series B Committee") to represent the B Holders. Such extension was granted on March 20, 2012. Additional postponements of the effective date of the acceleration of the Series B Debentures are possible subject to the approval of the majority of the B Holders. As of March 12, 2012, due to the acceleration, the total amount outstanding (including interest) under the Series B Debentures (excluding the Series B Debentures held by the Company) is NIS 527,024,735 (approximately $138.4 million).</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For as long as the A and C Undertaking is in effect,</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">a.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">except in the ordinary course of their respective businesses, and only on arm's length terms and for consideration to be received solely by Ampal or the applicable subsidiary, neither the Company nor any of its subsidiaries will dispose of any of their respective material assets or shall voluntarily permit the creation of new liens on any of their respective properties; provided that the Company may take the actions described above upon giving at least seven days' prior notice to the A and C Debenture Representatives and the Trustees;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">b.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of its subsidiaries will be party to any new transactions with their respective controlling shareholders or any of their respective officers, or with any entity in which their respective controlling shareholders or officers have a personal interest; provided that the Company or a subsidiary may enter into any such transactions upon giving at least seven days' prior notice to the A and C Debenture Representatives and the Trustees;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">c.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not distribute any dividends without the prior written consent of the A and C Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">d.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company or any of its subsidiaries will not repurchase any of its debentures;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">e.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not make any payments (other than interest payments) on its debentures provided that the Company may make such payments upon giving at least seven days' prior notice to the A and C Debenture Representatives and the Trustees;</font></div></td></tr></table></div> <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;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company also agreed to bear certain expenses of the Trustees and the Debenture Representatives, and as security for the payment of such costs, the Company deposited NIS150,000 (approximately $40,400) with the Trustees.&nbsp;&nbsp;Additionally, the Company agreed to fully cooperate with the Trustees and the A and C Debenture Representatives and provide them with all reasonably required information regarding the Company and its subsidiaries, subject to the Trustees and the A and C Debenture Representatives entering into a non-disclosure agreement with the Company.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The A and C Undertaking provides that nothing contained in the A and C Undertaking limits any party's right to defend its interests and assert its legal rights as it may deem fit, including through the initiation of legal or similar proceedings.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Additionally, the B Holders voted to authorize the commencement of legal actions and other measures, at the discretion of Clal Finance Trusts 2007 Ltd., the trustee for the B Holders, and/or at the recommendation of the Series B Committee, to collect the principal payment which was due on January 31, 2012 and which the Company did not make. The B Holders also voted to empower the Series B Committee to continue negotiations with the Company to settle payments to the B Holders and/or to restructure the Series B Debentures, to protect the rights of the B Holders and to receive all required information from the Company regarding its financial status and its ability to meet its obligations. Accordingly, the Debentures have been classified as short-term obligations.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 23, 2012, the Company provided an undertaking (the "B Undertaking") to the representatives (collectively, the "B Debenture Representatives") of the B Holders.&nbsp;Through the B Undertaking, the Company has agreed to certain restrictions on its operations.&nbsp;&nbsp;The B Undertaking will remain in effect until the earlier of: (i) an agreement is reached with the Company's Series A, Series B and Series C debenture holders; (ii) seven days after the Company notifies the Series B Trustee that negotiations have ceased; (iii) upon the notification by any of the Series B Trustee, the B Holders or the B Debenture Representatives to the Company that negotiations have ceased; (iv) upon the initiation of legal proceedings against the Company (including, without limitation, a notice to the Company demanding acceleration of the debt); or (v) upon the initiation of legal proceedings against the Company by the Series B Trustee or anyone on its behalf in a proceeding not initiated by the Company.&nbsp;&nbsp;The Company has agreed to the following restrictions, including, without limitation:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For as long as the B Undertaking is in effect,</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">a.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">except in the ordinary course of their respective businesses, and only on arm's length terms and for consideration to be received by Ampal or by entities directly or indirectly controlled by Ampal ("Controlled Entities"), neither the Company nor any of the Controlled Entities will dispose of, provide options on or create liens on any of their respective material assets (including, without limitation, in its investments in East Mediterranean Gas Co. and the sugarcane ethanol production project in Colombia);</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div>&nbsp;</div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">b.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will be party to any new transactions with their respective controlling shareholders or any of their respective officers, or with any entity in which their respective controlling shareholders or officers have a personal interest (other than with respect to certain existing and ongoing transactions);</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">c.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not distribute any dividends and will not repay any shareholders' loan without the prior written consent of the B Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">d.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will make any payments to the controlling shareholder of the Company, his relatives or any entities owned or controlled by him and/or by his relatives (other than with respect to certain existing and ongoing transactions), without the prior written consent of the B Debenture Representatives;</font></div></td></tr></table></div> <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;" class="_mt">&nbsp; &nbsp;</font></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">e.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any the Controlled Entities will make any payments to any third party, if such payments are secured by a direct or indirect guaranty of the controlling shareholder of the Company, without the prior written consent of the B Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">f.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will make any payments to their respective financial creditors (other than with respect to certain payments to banks) without the prior written consent of the B Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">g.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will repurchase, resell, transfer or pledge any of its debentures, or take any actions related to any of its repurchased debentures, other than any actions required to deregister such debentures from trade; and</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">h.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not make any payments on its debentures (other than interest payments).</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company also agreed to bear certain expenses of the Series B Trustee and the B Debenture Representatives, and as security for the payment of such costs, the Company deposited NIS250,000 (approximately $66,500) with the Series B Trustee.&nbsp;&nbsp;Additionally, the Company agreed to fully cooperate with the Series B Trustee and the B Debenture Representatives and provide them with all required information regarding the Company, its assets and its subsidiaries, subject to the Series B Trustee and the B Debenture Representatives entering into a non-disclosure agreement with the Company.</font><br /></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The B Undertaking provides that nothing contained in the B Undertaking limits any party's right to defend its interests and assert its legal rights as it may deem fit, including through the initiation of legal or similar proceedings.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 5, 2012, the Company announced that its Board of Directors decided that the Company intended to make an interest payment which was due to be paid to the Series C Debenture holders on March 7, 2012 (the "Series C Interest Payment"), if the Series B Resolution was not approved. The Board further decided that if the Series B Resolution was approved (as it was on March 6, 2012, as described above), the Series C Interest Payment would be postponed until it was clear to the Company whether the Series B Resolution to accelerate the Company's entire debt owed to the B Holders and set it to immediate payment would be enforced.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 26, 2012, the Company announced that the Series C Interest Payment will be paid on March 29, 2012 by transferring funds that are deposited with the trustee for the Series C debenture holders, in favor of the Series C debenture holders, and in accordance with the resolution of the Series C debenture holders of March 22, 2012.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A meeting of the Series A and Series C Debenture holders is scheduled to be held on April 3, 2012, at the request of the Series A and Series C Debenture holders' trustees. On the agenda is a resolution to accelerate and set to immediate repayment the entire outstanding amounts under the Series A and Series C Debentures.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On September 13, 2010, Ampal completed a public offering in Israel of NIS 170.0 million (approximately $45.0 million) aggregate principal amount of its Series C debentures, due in 2019. The debentures are linked to the CPI and carry an annual interest rate of 6.95%. The Series C debentures rank <font style="font-style: italic; display: inline;" class="_mt">pari passu</font> with Ampal's unsecured indebtedness. The debentures will be repaid in six equal annual installments commencing on September 7, 2014, and the interest will be paid semi-annually. As of December 31, 201<font style="display: inline; font-size: 10pt;" class="_mt">1</font>, the outstanding debt under the debentures amounts to $44.2 million. Ampal deposited an amount equal to $12.5 million with Ziv Haft Trust Company Ltd. in accordance with a trust agreement dated August 31, 2010, to secure the first four years worth of payments of interest on the debentures. As of December 31, 2011, the outstanding amount of the deposit was $9.2 million. The debt offering was made solely to certain non-U.S. institutional investors in accordance with Regulation S under the U.S. Securities Act of 1933, as amended. The notes have not been and will not be registered under the U.S. securities laws, or any state securities laws, and may not be offered or sold in the United States or to United States persons without registration unless an exemption from such registration is available.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 3, 2011 Midroog Ltd. (an affiliate of Moody's Investors Service) ("Midroog") has downgraded Ampal's Series A, Series B and Series C Debentures' (the "Debentures") ratings by one notch, to BAA1 from A3 with a negative outlook. The Debentures remain on Midroog's "Watchlist".</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On May 26, 2011, Midroog downgraded the Debentures' ratings by two notches, to BAA3 from BAA1 with a negative outlook. The Debentures were removed from Midroog's "Watchlist".</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On August 11, 2011, Midroog downgraded the Debentures' ratings by three notches, to BA3 from BAA3 with a negative outlook.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On December 22, 2011 Midroog has downgraded the Debentures' ratings by three notches, to B3 from BA3 with a negative outlook.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 15, 2012, Midroog downgraded the Debentures' ratings by three notches, to Caa3 from B3 with a negative outlook.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Due to the above downgrading of the ratings of Ampal's Series C Debentures and according to the terms of the Series C debentures, the Series C debenture holders are entitled to additional interest payments which will be calculated as follows:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures since their issuance and until May 25, 2011 was 6.95%;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures from May 26, 2011 and until August 10, 2011 was 7.70%;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures from August 11, 2011 and thereafter will be 7.95%;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The weighted average interest that Ampal paid its Series C Debentures holders on September 7, 2011 was 7.41% and therefore the interest paid on September 7, 2011 was 3.705%;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures as reflected from the above weighted average interest is 7.50%;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures for the upcoming periods will be 7.95%; and</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The semi-annual interest on Ampal's Series C Debentures for the upcoming periods will be 3.975%.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On April 27, 2011 and May 8, 2011, Ampal announced that Ampal's Board of Directors approved a repurchase program of the Debentures that are traded on the Tel Aviv Stock Exchange ("TASE"). Under the program, Ampal is authorized to repurchase the Debentures in a total amount not in excess of the NIS equivalent of $30 million. The repurchases may be made in transactions in TASE or outside TASE, in block trades or otherwise.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The program was suspended at the Board of Directors' discretion at the beginning of 2012.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">During the year ended December 31, 2011, the Company repurchased 10,619,296 Series A Debentures, 38,778,155 Series B Debentures and 7,084,437 Series C Debentures for an aggregate amount of $12.1 million. The Company recorded a gain of $5.8 million due to the repurchase of the debentures.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On April 29, 2008, Ampal completed a public offering in Israel of NIS 577.8 million (approximately $166.8 million) aggregate principal amount of Series B Debentures due 2017. The debentures are linked to the CPI and carry an annual interest rate of 6.6%. The debentures rank <font style="font-style: italic; display: inline;" class="_mt">pari passu </font>with Ampal's unsecured indebtedness. The debentures will be repaid in five equal annual installments commencing on January 31, 2012, and the interest will be paid semi-annually. As of December 31, 2011, the outstanding debt under the debentures amounts to $136.9 million, due to the change in valuation of the NIS as compared to the U.S. dollar. Ampal deposited an amount of $44.6 million with Clal Finance Trusties 2007 Ltd. in accordance with a trust agreement dated April 6, 2008, to secure the first three years' worth of payments of interest on the debentures. As of December 31, 2011, the outstanding amount of the deposit was $5.0 million.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On November 20, 2006, the Company entered into a trust agreement with Hermetic Trust (1975) Ltd. pursuant to which the Company issued notes to institutional investors in Israel in the principal aggregate amount of NIS 250.0 million (approximately $58.0 million) with an interest rate of 5.75%, which is linked to the CPI. The Series A Debentures were registered for trading on the TASE in August 2007. The notes shall rank <font style="font-style: italic; display: inline;" class="_mt">pari passu</font> with the Company's unsecured indebtedness. The notes will be repaid in five equal annual installments commencing on November 20, 2011, and the interest will be paid semi-annually. As of December 31, 2011, the outstanding debt under the notes amounts to $53.6 million, due to the change in valuation of the NIS as compared to the U.S. dollar.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div>&nbsp;</div> <div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="2" width="100%"> <tr><td style="border-bottom: black 2px solid; border-left: black 2px solid; border-top: black 2px solid;" valign="top" width="16%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-top: black 2px solid;" valign="bottom" width="22%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Series A Debentures</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-top: black 2px solid;" valign="bottom" width="21%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Series B Debentures</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-top: black 2px solid; border-right: black 2px solid;" valign="bottom" width="21%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Series C Debentures</font></div></div></td></tr> <tr><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">par value in NIS in thousands</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">U.S. Dollars in thousands</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="bottom" width="10%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">par value in NIS in thousands</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">U.S. Dollars in thousands</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="bottom" width="10%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">par value in NIS in thousands</font></div></div></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">U.S. Dollars in thousands</font></div></div></td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Date of issuance</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="22%" 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;" class="_mt">November 20, 2006</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="21%" 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;" class="_mt">April 29, 2008</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="21%" 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;" class="_mt">September 13, 2010</font></div></td></tr> <tr bgcolor="white"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Linkage</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="22%" 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;" class="_mt">Israeli CPI</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="21%" 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;" class="_mt">Israeli CPI</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="21%" 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;" class="_mt">Israeli CPI</font></div></td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Interest</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="22%" 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;" class="_mt">5.75%</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="21%" 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;" class="_mt">6.60%</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="21%" 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;" class="_mt">6.95%+1.00%(*)</font></div></td></tr> <tr bgcolor="white"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Maturity date</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="22%" 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;" class="_mt">November 2015</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="21%" 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;" class="_mt">January 2016</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="21%" 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;" class="_mt">September 2019</font></div></td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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">Balance as of December 31, 2008</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">244,926</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">68,995</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">509,099</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">138,661</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr bgcolor="white"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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;" class="_mt">Purchased in 2009</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">15,039</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,795</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">7,929</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,936</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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">Balance as of December 31, 2009</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">229,887</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">67,772</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">501,170</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">143,167</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr bgcolor="white"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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;" class="_mt">Issuance</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">170,000</font></div></div></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">45,093</font></div></div></td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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">Balance as of December 31, 2010</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">229,887</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">73,747</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">501,170</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">155,787</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">170,000</font></div></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">48,425</font></div></td></tr> <tr bgcolor="white"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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;" class="_mt">Purchased in 2011</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">10,620</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,532</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">38,778</font></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">12,226</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">7,084</font></div></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,193</font></div></td></tr> <tr bgcolor="#cceeff"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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;" class="_mt">Paid (net)</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">43,853</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">13,743</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="top" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr bgcolor="white"><td style="border-bottom: black 2px solid; border-left: black 2px solid;" valign="top" width="16%" 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">Balance as of December 31, 2011</font></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">175,414</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">53,602</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="bottom" width="10%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">462,392</font></div></div></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">136,913</font></div></div></td> <td style="border-bottom: black 2px solid; border-left: black 2px solid; border-right: black 2px solid;" valign="bottom" width="10%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">162,916</font></div></div></td> <td style="border-bottom: black 2px solid; border-right: black 2px solid;" valign="bottom" width="11%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: right; text-indent: 0pt; display: block;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">44,205</font></div></div></td></tr></table></div></div> <div>&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(*) See the description above.</font></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2011, Gadot had $2.4 million outstanding under its debentures. These debentures are not convertible into shares and are repayable in five equal annual installments on September&nbsp;15, of each of the years 2008 through 2012. The unsettled balance of the principal of the debentures bears annual interest at the rate of 5.3%. The principal and interest of the debentures are linked to the CPI and the interest is payable in semi-annual installments on March&nbsp;15 and September&nbsp;15 of each of the years 2006 through 2012.</font></div> </div> <div> <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">Note 8 &#8211; Fixed assets</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <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;" class="_mt">The balance of fixed assets as of December 31, 2011 and 2010 is comprised as follows:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="80%"> <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: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">As of 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="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="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">2011</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">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%" 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">Cost:</font></div></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">(U.S. Dollars in thousands)</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 valign="bottom" width="76%"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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="76%" 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;" class="_mt">Vessels</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">47,513</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">44,341</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="76%" 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;" class="_mt">Payments on accounts of Vessels under construction</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">71,542</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">66,880</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="76%" 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;" class="_mt">Trailers</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">12,284</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">11,853</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="76%" 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;" class="_mt">Land</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">12,255</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">10,543</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="76%" 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;" class="_mt">Real estate</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">10,021</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">23,057</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="76%" 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;" class="_mt">Tankers</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">71,857</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">66,897</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 valign="bottom" width="76%" 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;" class="_mt">Motor vehicles</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">1,397</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">&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">748</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="76%" 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;" class="_mt">Equipment</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">8,893</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">4,965</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="76%" 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;" class="_mt">Leasehold improvement</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">4,318</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">4,281</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 valign="bottom" width="76%"><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">240,080</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">233,565</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="76%"><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="9%"><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="9%"><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="76%" 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;" class="_mt">Accumulated depreciation</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">49,556</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">32,633</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%" 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;" class="_mt">Fixed assets, net</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">190,524</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">200,932</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-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Depreciation expenses amounted to approximately $16,503, $10,123 and $10,177 (in thousands) for the years ended December 31, 2011, 2010 and 2009, respectively.</font></div> <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;" class="_mt"> </font>&nbsp;</div> <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;" class="_mt">During the year ended December 31, 2011, we had impairment of property, plant and equipment in the amount of $4.5 million.</font></div> </div> 3834000 2662000 6964000 0 0 5823000 135000 -457000 -507000 2700000 2980000 2935000 1066000 547000 561000 <div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Note 13 &#8211; Stock Options</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On October 15, 2010, the Company's Board of Directors adopted and approved, subject to the approval of the Company's shareholders, which was received on the annual meeting of shareholders held on May 5, 2011, the 2010 Incentive Plan (the "2010 Plan"). Upon shareholder approval, the Incentive Plan became effective as of October 5, 2010 and will remain in effect for a period of ten years.&nbsp;&nbsp;Stockholder approval of the 2010 Plan is intended to, among other things, (i) comply with the rules and regulations of the NASDAQ Stock Market, and (ii) permit the awards under the 2010 Plan to qualify for deductibility under Section 162(m) of the Internal Revenue Code of 1986, as amended.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The 2010 Plan permits grants of options (including incentive stock options), stock appreciation rights ("SARs"), restricted stock, performance awards, other stock unit awards and dividend equivalents.&nbsp;&nbsp;The maximum number of shares of the Company's common stock issuable under the Incentive Plan is 2,000,000, plus shares that remain available under the Company's shareholder-approved 2000 Incentive Plan, as amended (the "2000 Plan").&nbsp;&nbsp;As of December 31, 2011, 3,956,625 options under the 2000 Plan are outstanding.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Stock Option and Compensation Committee (the "Compensation Committee") may grant options (including incentive stock options) under the 2010 Plan either alone or in addition to other awards granted under the 2000 Plan.&nbsp;&nbsp;The exercise price for options cannot be less than the fair market value of the stock underlying such options on the date of grant, which shall be the closing price of the stock as reported on the NASDAQ Stock Market on the date of grant or the immediate preceding date if there is no closing price at the time of such grant.&nbsp;&nbsp;Under the 2010 Plan, the Compensation Committee may reprice options without obtaining shareholder approval.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The 2000 Plan imposes the following annual per-participant award limits: no participant may be granted options or SARs during any 12-month period with respect to more than 500,000 shares or (ii) restricted stock, performance awards or other stock unit awards that are denominated in stock in any 12-month period with respect to more than 500,000 shares.&nbsp;&nbsp;Additionally, the maximum dollar value payable to any participant in any 12-month period with respect to performance awards and/or other stock unit awards that are valued with reference to property other than stock is $1,000,000.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On October 5, 2010 and on May, 5 2011, the Company's Board of Directors approved grants pursuant to the 2010 Plan to Sabih Saylan and Revital Degani, directors of the Company, of options to purchase 180,000 shares of the Company's Class A Stock at an exercise price of $1.65 and $1.21, respectively, per share.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The weighted average grant date fair value of<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>options granted during 2011, 2010 and 2009 was $0.77, $1.25 and $1.07, respectively.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On December 8, 2008, Ampal's Compensation Committee and its Board approved the repricing of outstanding options to purchase, in the aggregate, 2,270,000 shares of Ampal's Class A Stock, which were previously granted to ten of the Company's current employees, executive officers and directors pursuant to the 2000 Plan. The outstanding options had been originally issued with exercise prices ranging from $3.12 to $5.35 per share, which represented the then current market prices of Class A Stock on the dates of the original grants. The repricing was effected by canceling the outstanding options, and granting to each holder of cancelled outstanding options a new option, with a 10-year term, to purchase the total number of shares of Class A Stock underlying such cancelled outstanding options, at an exercise price equal to $1.17 per share, the closing price of Class A Stock on NASDAQ on December 5, 2008, the most recent closing price prior to the approval by the Board of and the Committee. The repriced options maintain the vesting schedule of the cancelled outstanding options. The total expense for the repricing was approximately 199 thousand dollars and would amortize in a period of three years until 2011.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following table summarizes the activity of both Plans for the years 2011, 2010 and 2009, respectively:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Options</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">(in thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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: 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">(U.S. Dollars)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Term</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">(in years)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Aggregate</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">Intrinsic Value</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">(U.S. Dollars in</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">thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Outstanding at January 1, 2011</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,957</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.61</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Granted at fair value</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">180</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.21</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Forfeited</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" 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"><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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(420 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.17</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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="52%" 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;" class="_mt">Outstanding at December 31, 2011</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">3,717</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">1.56</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">5.96</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">4,601</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="52%"><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="9%"><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="9%"><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="9%"><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="9%"><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="52%" 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;" class="_mt">Exercisable at December 31, 2011</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">2,837</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">1.44</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">5.23</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">3,196</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: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* After repricing</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Options</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">(in thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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: 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">(U.S. Dollars)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Term</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">(in years)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Aggregate</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">Intrinsic Value</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">(U.S. Dollars in</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">thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Outstanding at January 1, 2010</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,053</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.29</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Granted at fair value</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">910</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2.69</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Forfeited</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" 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"><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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(6 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.17</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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="52%" 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;" class="_mt">Outstanding at December 31, 2010</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">3,957</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">1.61</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">&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">6.78</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">2,756</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="52%"><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="9%"><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="9%"><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="9%"><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="9%"><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="52%" 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;" class="_mt">Exercisable at December 31, 2010</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">2,759</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">1.35</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">5.88</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">2,658</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: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* After repricing</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <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" 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"><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" 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">Options</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">(in thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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: 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">(U.S. Dollars)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Term</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">(in years)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Aggregate</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">Intrinsic Value</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">(U.S. Dollars in</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">thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Outstanding at January 1, 2009</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,921</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.53</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Granted at fair value</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">180</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2.35</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Forfeited</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" 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"><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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(48 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1.17</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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="52%" 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;" class="_mt">Outstanding at December 31, 2009</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">3,053</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">1.29</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">7.03</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">4,303</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="52%"><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="9%"><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="9%"><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="9%"><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="9%"><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="52%" 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;" class="_mt">Exercisable at December 31, 2009</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">2,211</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">1.24</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">6.42</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">3,219</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: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* After repricing</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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">Valuation and Expenses</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted below. The Company developed an expected option term assumption based on<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>exercise patterns of the company. Expected volatility is based on the historical volatility of the Class&nbsp;A common stock. The risk free rate is based on the U.S. Treasury yield curve for a term consistent with the expected life of the award in effect at the date of grant.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The fair value of options granted during the years ended December 31, 2011, 2010 and 2009 were estimated using the following weighted average assumptions: (1) expected life of options of 5.03, 5.03 and 5 years, respectively; (2) dividend yield of 0%; (3) volatility of 77.41%, 53.37% and 49.84%, respectively; and (4) risk free interest of 1.88%, 2.13% and 2.31%, respectively.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Total stock-based compensation expense recognized was approximately $612,495 and $844,490 for the years 2011 and 2010, respectively. No share-based compensation was capitalized in the consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">At December 31, 2011, there was $1.19 million of total unrecognized, pre-tax compensation cost related to non-vested stock options. This cost is expected to be recognized over a weighted-average period of approximately four years. The Company settles employee stock options exercises primarily with newly issued common shares and occasionally with treasury shares.</font></div> </div> false --12-31 FY 2011 2011-12-31 10-K 0000731859 56133764 Yes Smaller Reporting Company 19923613 AMPAL-AMERICAN ISRAEL CORP No No 102104000 91900000 <div> <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">Note 11 &#8211; Accounts payable accrued expenses and others</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <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">(a)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The balance of accounts payable accrued expenses and others as of December 31, 2011 and 2010 is comprised as follows:</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="left"> <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: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">As of 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="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="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">2011</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">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="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">(U.S. Dollars in thousands)</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%" 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;" class="_mt">Short term:</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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="76%" 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;" class="_mt">Deferred income</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">2,331</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">2,135</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="76%" 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;" class="_mt">Accrued 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">11,666</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">31,319</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="76%" 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;" class="_mt">Trade</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">59,958</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">55,516</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="76%" 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;" class="_mt">Others</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">17,945</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">13,134</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: 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%" 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">91,900</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">102,104</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 valign="bottom" width="76%" 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;" class="_mt">Long term:</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="9%"><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="9%"><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="76%" 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;" class="_mt">Others</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">16,661</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">14,030</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%"><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">108,561</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">116,134</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></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></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: 36pt;"> <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">&nbsp;(b)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Accrued severance liabilities:</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Israeli labor laws and agreements require payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. The Company's severance pay liability in Israel, which reflects the undiscounted amount of the liability as if it was payable at each balance sheet date, is calculated based upon length of service and the latest monthly salary (one month's salary for each year worked).</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company's liability for severance pay pursuant to Israeli law is partly covered by insurance policies. The accrued severance pay liability of $14.6 million is included in accounts payable, accrued expenses and other liabilities &#8211; others, as of December 31, 2011.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company expects that the payments relating to future benefits to its employees upon their retirement at normal retirement age in the next 10 years will be immaterial. These payments are determined based on recent salary rates and do not include amounts that might be paid to employees who will cease working with the Company before their normal retirement age or amounts paid to employees whose retirement age extends beyond the year 2021.</font></div> </div> 113837000 111172000 32633000 49556000 103000 -11781000 182924000 182942000 2068000 2510000 1402246000 846609000 638453000 245033000 412239000 0 763793000 601576000 33341000 54333000 68718000 71484000 42192000 54333000 2766000 -29292000 12141000 0 204439000 -3973000 0 -350497000 174085000 0 49168000 -18124000 414468000 496551000 540426000 <div> <div style="text-indent: 0pt; display: block;"> <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">Note 19&#8211; Commitments and Contingencies</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(a)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The combined minimum annual lease payments on Ampal's corporate offices in New York and in Israel and its subsidiary in Kfar Saba in 2011 were $0.8 million. The lease of the corporate office in New York expires in 2012, the lease of the office in Herzelia Pituach expires in 2016 and the Kfar Saba lease expires in 2038. In the years 2012-2016, the combined annual lease payments on those premises will be in an aggregate amount of $3.5 million, and thereafter, an amount totaling $5.7 million.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">&nbsp;(b)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot leases seven vessels, with an aggregate loading capability of approximately 84,712 tons. The lease period for two of the vessels shall expire at the middle of 2012. The lease period for another three of the vessels shall expire at the end of 2013. The lease period for the remaining two vessels shall expire at the beginning of 2015 with an option to purchase.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 72pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The aggregate lease fees for the seven leased vessels in 2011 amounted to $25.0 million. In 2012, the lease payments are expected to amount to approximately $23.7 million. The combined minimum annual lease payments are expected to amount to approximately $53.0 million.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 72pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot has contracted a shipyard for the construction of four additional vessels built with a loading capability of 17,500 each, for a consideration of approximately $27 million per vessel. These vessels will be delivered during 2012 and 2013.(see also information on arbitration process in respect of such vessels).</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <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: 36pt;">&nbsp;</td> <td style="width: 36pt;"> <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">(c)</font></div></td> <td> <div align="justify"> <div align="justify"><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">The combined minimum annual lease payments for Gadot's offices and other land used in its operations is expected to amount to approximately $12.7 million.</font></font></div></div></td></tr></table></div> <div align="center"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <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: 36pt;">&nbsp;</td> <td style="width: 36pt;"> <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">(d)</font></div></td> <td> <div align="justify"> <div align="justify"><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">Gadot leases a 17,000 square meter storage tank facility located in the northern bank of the Kishon port in Haifa from the port authority. The lease expires in 2022. Gadot also leases an additional 56,000 square meter storage tank area from the port authority located in the southern terminal of the Kishon port in Haifa in connection with its storage and loading services. This lease expires in 2014. Gadot also owns an additional 20,000 square meters area adjacent to the northern terminal, serving as its Israeli logistics facility and analytical and quality assurance laboratory. The lease payments for the land utilized by the northern and southern terminals in 2011 were approximately $3.0 million. These lease fees are calculated according to the amount of space utilized by Gadot and by the amount and type of materials transported. Gadot has provided the port authority with bank guarantees in the amount of approximately $1.9 million, linked to the CPI, in order to secure payments under these leases.</font></font></div></div></td></tr></table></div> <div align="center"> </div> <div align="center">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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"> <div align="justify"><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">Gadot grants senior employees that are not interested parties performance bonuses in addition to their monthly salary. These bonuses are calculated as a percentage of profits, ranging between 5% and 8%.</font></font></div></div></td></tr></table></div></div> <div align="center">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(f)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company has issued guarantees on certain outstanding loans to its investees and suppliers in the aggregate principal amount of $39.3 million, as follows:</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(1)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company provided a $8.7 million guarantee on indebtedness incurred by Bay Heart.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <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: 72pt;">&nbsp;</td> <td style="width: 36pt;"> <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">(2)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">$30.6 million guarantees of Gadot for suppliers.</font></div></td></tr></table></div> <div align="center"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">&nbsp;(g)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Legal Proceedings:</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">1.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot has received third party notices in a number of lawsuits regarding pollution of the Kishon River in Israel. These lawsuits have been filed by various claimants who claim harm by the polluted water of the river, including soldiers from various units in the Israeli Defense Forces who trained in the river, fishermen who fished in the river, the Haifa rowing club and industrial companies that use the river. Some of the lawsuits are claims for monetary damages and some are for injunctions against further pollution of the river. The monetary claims are mostly unlimited in amount and one of them is for approximately $6 million, Therefore, the Company cannot currently estimate the range of possible loss. Gadot denies liability in all of these claims and has filed statements of defense for each claim. Part of Gadot's storage tank facility is leased from the Haifa port authority. In 2001 the port authority requested that Gadot participate in an offer to find a consultant to examine ground contamination in the area surrounding the facility. Gadot responded, denying the existence of ground contamination and, in any case, that it is the source of such contamination. Gadot believes that if there is contamination, its source is the contaminated waters of the Kishon River or the Mediterranean Sea.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">2.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot has contracted a shipyard for the construction of four additional vessels built with a loading capability of 16,600 tons each, in exchange for consideration of approximately $27 million per vessel. Construction on the first vessel commenced at the end of December 2010 but has not been delivered yet. Due to the fact that the construction of all vessels has not been completed on the contractual delivery dates and such construction was delayed beyond the permitted grace period, Gadot has cancelled all shipbuilding contracts (as per the right granted to Gadot, pursuant to the terms of the contracts) and has demanded the refund of all amounts paid to the builder on account of the purchase price of the vessels plus interest at the agreed annual rate of 6% pursuant to the terms of the contracts. These amounts are secured by refund guarantees issued by the Bank of China Ltd. The builder has disputed the cancellation of the contracts and has referred the matter to LMAA arbitration in London (in accordance with the terms of the contracts). In such cases the obligation of the Bank of China to make payments under its guarantees is suspended pending the arbitration award or judgment on appeal. Both parties have filed LMAA Questionnaires and buyers have filed Requests for Further Information which still remain unanswered (the deadline for replying to said requests has been set by the arbitration tribunal to be March 23, 2012). The next step is to set dates for hearings. Following an application by the buyers to set hearing dates, the arbitration tribunal has decided that the hearing dates will be November 5-17, 2012.</font></div></td></tr></table></div></div> </div> 1 1 100000000 100000000 63277000 63277000 63277321 63277000 63277321 63277000 56133764 56133764 63277000 63277000 -17165000 -36643000 -128960000 <div> <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">Note 2 &#8211; Investments</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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">a.&nbsp;&nbsp;Non-current investments</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The balance of investments as of December 31, 2011 and 2010, are composed of the following items:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&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: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">As of 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="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="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">2011</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">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="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">(U.S. Dollars in thousands)</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 valign="bottom" width="76%"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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="76%" 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;" class="_mt">EMG *</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">260,400</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">361,323</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="76%"><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="9%"><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="9%"><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="76%" 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;" class="_mt">Investment in Affiliates</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">9,040</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">9,771</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="76%"><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="9%"><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="9%"><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 style="padding-bottom: 2px;" valign="bottom" width="76%" 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;" class="_mt">Other Investments</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">431</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">657</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 valign="bottom" width="76%"><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="9%"><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="9%"><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 style="padding-bottom: 4px;" 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: 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">269,871</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">371,751</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; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* The Company's Financial Statements reflect a 16.8% interest in shares of EMG, with 8.2% held directly and 8.6% held through Merhav Ampal Energy Holdings, LP, an Israeli limited partnership (of which Ampal owns 50% and being consolidated due to effective control granted through the partnership's agreement<font style="display: inline; font-weight: bold;" class="_mt">).</font></font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company evaluates the carrying value amount of its interest in EMG&nbsp;annually in connection with&nbsp;the preparation of its financial statements.&nbsp; In light of&nbsp;the recent developments in Egypt, the Company obtained updated interim valuations from an independent third-party valuation firm for the years ended December 31, 2011 and 2010.&nbsp;These periodic independent valuations obtained&nbsp;by the&nbsp;Company to assist in its preparation of financial statements&nbsp;customarily&nbsp;indicate&nbsp;a range of values depending on underlying assumptions. The valuations are based on the discounted cash flow (DCF) method. Due to current uncertainties, the valuation firm used a wide range of scenarios, including deferent assumptions regarding the profitability and discount rates of EMG. An adverse change in any of these assumptions, such as the price, quantity, delivery dates and reliability of the gas and discount rates, might result in additional&nbsp;reduction in the value of EMG.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The valuation ranges determined by the independent valuation firm for the following periods and the carrying amount of Ampal's investment in EMG were:</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">At December 31, 2010, the valuation range was between $2,930 million and $3,280 million and the amount on which the carrying amount of Ampal's investment in EMG on a cost basis was based on a value of&nbsp;&nbsp;$2,151 million.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">At December 31, 2011, the valuation range was between $1,584 million and $1,856 million and the amount on which the carrying amount of Ampal's investment in EMG after impairment was based on a value of&nbsp;&nbsp;$1,550 million.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company recorded in the year ended December 31, 2011 charges of $100.9 million and decreased deferred income taxes in the amount of $14.1 million in connection with its investment in EMG.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The principal factors affecting valuation are the price, quantity, delivery dates and reliability of the gas, as well as the discount rate.&nbsp;In determining the carrying value as of December 31, 2011and in light of the current events in Egypt, the Company addressed the risk in a combined approach through the discount rate and reduced cash flow scenarios. The Company considered possible scenarios including reductions from the contracted amounts in the quantity of gas to be delivered, reductions in the gross margins under EMG's gas purchase and sale agreements, future interruptions in gas supply due to possible future attacks on the Egyptian gas infrastructure in Sinai and applied an average discount rate of 11.5% (based on the rate of 8% for the international CAPM and the impact of a project execution risk premium in the rate of 3.5%). The impact of 0.5% in the average discount rate will result in a change of $75 million in EMG's valuation. In the Company's management's judgment these assumptions and the adjustments based on these assumptions are reasonable.&nbsp;&nbsp;Any change in the assumptions or adverse change in any of these factors could result in a reduction of EMG's expected cash flow, in additional material&nbsp;reduction in the value of EMG and additional reduction in the carrying value amount of the asset on the Company's balance sheet.&nbsp; The Company will continue to evaluate&nbsp;developments with regard to&nbsp;EMG and will make determinations each fiscal period as to whether an impairment charge is appropriate.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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">b. Marketable securities</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's investments in marketable securities are mainly in government debentures<font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>and the Company classifies such investments as trading securities or available-for-sale securities.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(a)</font></font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Trading Securities</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 108pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The cost and market values of trading securities at December 31, 2011 and 2010 are as follows:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <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="30%"><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="22%"><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">Cost</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">Unrealized</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">Gains</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">Unrealized</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">(Loss)</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">Market</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">Value</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="30%"><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="22%"><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="46%" colspan="14"> <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">(U.S. Dollars in thousands)</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 valign="bottom" width="30%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="22%"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 style="padding-bottom: 2px;" valign="bottom" width="30%" 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;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures </font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="22%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2011</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">$</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">55</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">0</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">55</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="30%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="22%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">55</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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</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</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">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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="30%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="22%"><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="9%"><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="9%"><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="9%"><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="9%"><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 valign="bottom" width="30%" 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;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading stocks </font></div></td> <td valign="bottom" width="22%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2010</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">17</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">10</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(2</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">25</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="30%" 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;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures </font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="22%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2010</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">275</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">81</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">356</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="30%"><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="22%"><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">292</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">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">&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</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">)</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">381</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 style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(b)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Available-For-Sale Securities</font></div></td></tr></table></div> <div>&nbsp;</div> <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="30%"><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="22%"><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">Cost</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">Unrealized</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">Gains</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">Unrealized</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">&nbsp;(Loss)</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">Market</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">Value</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="30%"><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="22%"><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="46%" colspan="14"> <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">(U.S. Dollars in thousands)</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 valign="bottom" width="30%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="22%"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 style="padding-bottom: 2px;" valign="bottom" width="30%" 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;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="22%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2011</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">133</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">0</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(11 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">122</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="30%"><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="22%"><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">133</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</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">(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">)</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">122</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="#cceeff"><td valign="bottom" width="30%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="22%"><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="9%"><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="9%"><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="9%"><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="9%"><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="30%" 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;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="22%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2010</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">463</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">46</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">509</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="30%"><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="22%"><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">463</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">46</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">0</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">509</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> 373962000 451490000 495320000 769000 704000 621000 461464000 583285000 710684000 <div> <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">Note 9 - Notes and Loans Payable</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Notes issued to institutional investors in Israel (in the amount of $95.9 million), the note issued to MAG and other loans payable pursuant to bank borrowings are either in U.S. dollars, linked to the Consumer Price Index ("CPI") in Israel or in unlinked NIS, with interest rates varying depending upon their linkage provision and mature between 2009 and 2019.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company finances its general operations and other financial commitments through bank loans and institutional lenders. As of December 31, 2011, the outstanding indebtedness under these bank loans and notes issued to institutional investors totaled $433.3 million and the loans mature through 2011-2019.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2011, the Company has a $3.3 million loan with Union Bank of Israel that bears interest at the rate of LIBOR plus 2% to be repaid in six annual installments commencing on April 2, 2008.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company has a long-term loan from Bank Hapoalim in the aggregate amount of $3.5 million. The loan matures in 2018 and shall be paid in seven equal annual installments. As of December 31, 2011, the outstanding debt under the loan amounts to $3.5 million. Interest accrues at a floating rate equal to LIBOR plus 3.5% and is payable on a quarterly basis.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2011, Gadot, a wholly owned subsidiary of Ampal, has short term loans, including current maturities, payable in the amount of $129.3 million and long term loans payable in the amount of $123.9 million. The various short term loans payable are either unlinked or linked to the USD or Euro and bear interest at rates between 2.3% to 6.25%. The various long term loans payable are either unlinked or linked to the CPI in Israel or linked to the USD or Euro and bear interest at rates between 0.5% to 11.4%.&nbsp;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2011, the Company has two loans of approximately $43.7 million between MAG and Israel Discount Bank ("IDB"). The first loan is a revolving loan that has no principal payments and may be repaid in full or in part on December 31 of each year until 2019, when a single balloon payment will become due. The second loan also matures in 2019, has no principal payments for the first 1.5 years, and shall thereafter be paid in equal installments over the remaining 9.5 years of the term. Interest on both loans accrues at a floating rate equal to LIBOR plus 2% and is payable on a current basis. Ampal has guaranteed all the obligations of MAE under the Credit Facility and Ampal's interest in Gadot has also been pledged to IDB as a security for the Credit Facility. Mr. Yosef Maiman has agreed to maintain ownership of a certain amount of the Company's Class A Common Stock. The Credit Facility contains customary affirmative and negative covenants for credit facilities of this type. As of December 31, 2011, the outstanding indebtedness under these bank loans totaled approximately $79.5 million.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On December 19, 2011, the Company announced that due to the current political and security situation in Egypt, including the repeated interruptions of the gas supply to EMG, the Company requested that the Trustees of its Series A, Series B and Series C Debentures, which are listed on the Tel Aviv Stock Exchange (the "Debentures"), convene a&nbsp;&nbsp;meeting of the holders of the Debentures (the "Holders") on January 1, 2012 to appoint a Holders' committee to discuss a proposal to postpone the principal payments due on the Debentures for 24 months.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 20, 2012, a meeting of the B Holders was held at the request of the B Holders' trustee and on March 6, 2012, the B Holders voted (the "Series B Resolution") to accelerate and set to immediate repayment the entire outstanding amounts under the Series B Debentures. The Series B Resolution provided that the acceleration would be effective two weeks after March 6, 2012, unless an additional two-week extension was granted by the committee, formed by the B Holders (the "Series B Committee") to represent the B Holders. Such extension was granted on March 20, 2012. Additional postponements of the effective date of the acceleration of the Series B Debentures are possible subject to the approval of the majority of the B Holders. As of March 12, 2012, due to the acceleration, the total amount outstanding (including interest) under the Series B Debentures (excluding the Series B Debentures held by the Company) is NIS 527,024,735 (approximately $138.4 million). See also Note 1.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A meeting of the Series A and Series C Debenture holders is scheduled to be held on April 3, 2012, at the request of the Series A and Series C Debenture holders' trustees. On the agenda is a resolution to accelerate and set to immediate repayment the entire outstanding amounts under the Series A and Series C Debentures.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Accordingly, the company classified the debentures and the loan from IDB as a current liability.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The weighted average interest rates and the balances of these short-term borrowings at December 31, 2011 and December 31, 2010 were 4.3% on $134.9 million and 3.8% on $131.9 million, respectively.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Payments due as of December 31, 2011:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 36pt;" align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="80%"> <tr><td valign="bottom" width="64%"><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; font-weight: bold;" class="_mt">&nbsp;</font></td> <td 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">(U.S. Dollars in thousands)</font></div></td> <td style="text-align: left;" 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 valign="bottom" width="64%"><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 valign="bottom" width="34%" colspan="10"><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><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;" 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;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">Short-Term Notes and loans payable</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%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" 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;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">Long-Term Notes and loans payable</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%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" 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;" class="_mt">Total</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 bgcolor="#cceeff"><td valign="bottom" width="64%" 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;" class="_mt">2012</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">211,047</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">211,047</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: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2013</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="9%"><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%" 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">25,690</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">25,690</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="64%" 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;" class="_mt">2014</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="9%"><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%" 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">13,875</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">13,875</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: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2015</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="9%"><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%" 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">13,143</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">13,143</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="64%" 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;" class="_mt">2016</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="9%"><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%" 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">12,771</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">12,771</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="64%" 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;" class="_mt">After year 2016</font></div></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="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">&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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">160,770</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">160,770</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="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">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">211,047</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">226,249</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">437,296</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> 41422000 22086000 13775000 13702000 16303000 18373000 26056000 <div> <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">Note 4 &#8211; Derivatives and Other Financial Instruments</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company is exposed to certain risks relating to its ongoing business operations, including financial, market, political, and economic risks. The following discussion provides information regarding the Company's exposure to the risks of interest rates and foreign currency exchange rates.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company's derivative activities are subject to management's discretion.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The interest rate and foreign exchange contracts are held for purposes other than trading. They are used primarily to mitigate uncertainty and volatility, and in order to cover underlying exposures. On May 15, 2009, the Company entered into a swap contract to convert some of its New Israeli Shekel ("NIS") denominated debt in the amount of NIS 150 million ($43.9 million) into U.S. Dollar denominated debt and to convert Israeli interest rates into LIBOR interest rates.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On April 1, 2009, the Company signed an interest rate swap contract in order to convert some of the company's LIBOR interest rate denominated debt in the amount of $43.7 million into fixed interest rate debt, for a contractual term of 10 years.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">We use foreign currency forward contracts to mitigate fluctuations in foreign currency exchange rates due to variations in payment or receipt of currencies other than the Company's functional currency. We use contracts to purchase U.S. Dollars and sell Euros, contracts to purchase Euros and sell U.S. Dollars and contracts to purchase U.S. Dollars and sell New Israeli Shekels.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">We report the fair value of the derivatives on our balance sheet. The derivatives do not qualify for hedge accounting. Changes in fair value are recognized in earnings in the period of change.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following summarizes the gross fair market value of all derivative instruments and their location in our consolidated balance sheet, and indicates what instruments are in an asset or liability position.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&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">Asset Derivatives</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">________________________________________________________________________________</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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="31%"><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="padding-bottom: 2px;" valign="bottom" width="44%"><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; text-align: center;" valign="bottom" width="22%" colspan="6"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;" class="_mt">(U.S. Dollars in thousands)</font></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; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="31%"> <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">Derivative Instrument</font></div></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="44%"> <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">Location</font></div></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">December 31, 2011</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">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 bgcolor="#cceeff"><td valign="bottom" width="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">SWAP contracts</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 valign="bottom" width="44%" 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;" class="_mt">Other current assets</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,059</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,552</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; margin-left: 0pt; margin-right: 0pt;" align="justify">&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">Liability Derivatives</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">_________________________________________________________________________________</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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="31%"><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="padding-bottom: 2px;" valign="bottom" width="44%"><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; text-align: center;" valign="bottom" width="22%" colspan="6"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;" class="_mt">(U.S. Dollars in thousands)</font></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; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="31%"> <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">Derivative Instrument</font></div></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="44%"> <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">Location</font></div></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">December 31, 2011</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">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 bgcolor="#cceeff"><td valign="bottom" width="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">SWAP contracts</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 valign="bottom" width="44%" 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;" class="_mt">Other current liabilities</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,668</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</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="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Exchange rate contracts</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 valign="bottom" width="44%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Accounts payable, accrued expenses and others</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">79</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</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; margin-left: 0pt; margin-right: 0pt;" align="justify">&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">Statements of Operations</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">________________________________________________________________________________</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <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="32%"><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="padding-bottom: 2px;" valign="bottom" width="31%"><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; text-align: center;" valign="bottom" width="34%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;" class="_mt">(U.S. Dollars in thousands)</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; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="32%"><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="padding-bottom: 2px;" valign="bottom" width="31%"><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">Fiscal 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="border-bottom: black 2px solid;" valign="bottom" width="32%"> <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">Derivative Instrument</font></div></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="31%"> <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">Location</font></div></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">2011</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">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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="32%" 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;" class="_mt">SWAP contracts</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 valign="bottom" width="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Translation gain (loss)</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(3,445</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%"><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">(1,562</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%"><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">376</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="32%" 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;" class="_mt">Interest rate SWAP contracts</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 valign="bottom" width="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Interest gain (loss)</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,716</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%"><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">3,991</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,731</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="32%" 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;" class="_mt">Exchange rate contracts</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 valign="bottom" width="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Translation gain</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">400</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">728</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> 28891000 0 19903000 5175000 0 8851000 0 <div> <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">Note 16 &#8211; Discontinued operations</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 3, 2011, MAG completed its sale of all of the outstanding shares of 012 Smile, a wholly owned subsidiary of MAG, to Partner, in accordance with the Share Purchase Agreement between MAG, 012 Smile and Partner, signed on October 13, 2010.&nbsp;As part of the 012 Sale, Partner also assumed approximately NIS 800 million (approximately $225.4 million) of the total debt of 012 Smile. Accordingly, 012 Smile has been reported as discontinued operations since December 31, 2010.<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>The 012 Sale closed on March 3, 2011. Partner paid to Ampal approximately NIS 650 million (approximately $180 million) out of which Ampal recorded a gain of $28.9 million, net of an early repayment fee the Company paid in connection with the repayment of a loan received to finance the purchase of 012 Smile and net of tax, from the 012 Sale. In addition the Company recorded income from discontinued operations of $19.9 million in 2010 and $5.2 million in the period ended December 31, 2011.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">All the indirect interest expenses were recorded as a continuing operation.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Classification</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">We classified certain operations as discontinued using U.S. GAAP, as the associated operations and cash flows will be eliminated from our ongoing operations and we will not have any significant continuing involvement in their operations after the respective sale transactions. For all periods presented, all of the operating results for these operations were removed from continuing operations and are presented separately as discontinued operations, net of tax. The Notes to the Consolidated Financial Statements were adjusted to exclude discontinued operations unless otherwise noted.</font></div> </div> 858000 858000 1337000 1337000 838000 838000 -0.35 -0.80 -1.69 <div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Note 14 &#8211; Earnings (Loss) Per Class A Share</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Basic net earning (loss) per share is computed by dividing net income (loss) by the weighted-average number of common stock shares outstanding for the period. In 2011, 2010 and 2009, all outstanding stock options have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for these years presented. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share follows (in thousands, except per share amounts):</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Year Ended December 31,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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" 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"><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" 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" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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="64%" 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;" class="_mt">Net loss attributable to Ampal's shareholders from continuing operations</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(129,387</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">)</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">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(64,645</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(19,481</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">)</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="64%"><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="9%"><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="9%"><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="9%"><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 style="padding-bottom: 4px;" valign="bottom" width="64%" 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;" class="_mt">Net income from discontinued operations</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">34,066</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">19,903</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">--</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 valign="bottom" width="64%"><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="9%"><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="9%"><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="9%"><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="64%" 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;" class="_mt">Weighted average Class A shares outstanding</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">56,134</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">56,134</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">56,151</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%"><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="9%"><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="9%"><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="9%"><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="64%" 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;" class="_mt">Basic and diluted net income (loss) per share:</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="9%"><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="9%"><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="9%"><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 valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Loss from continuing operations</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">(2.30 </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">)</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">(1.15 </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">)</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">(0.35 </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></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Discontinued operations</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">0.61</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">0.35</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="white"><td style="padding-bottom: 4px;" valign="bottom" width="64%" 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;" class="_mt">Basic and diluted</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">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1.69</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(0.80</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">)</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">(0.35</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">)</font></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Options and rights that were not included in the calculations of diluted earnings per Class A shares for the years ended December 31, 2011, 2010 and 2009 because such options and rights are anti-dilutive are as follows:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Year ended December 31,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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" 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"><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" 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" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-size: 10pt;" class="_mt">(</font>Options and Rights<font style="display: inline; font-size: 10pt;" class="_mt"> in thousands)</font></font></div></td> <td style="text-align: left;" valign="bottom" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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="64%" 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;" class="_mt">Options and Rights</font></div></td> <td style="padding-bottom: 4px;" 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: 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">3,717</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%"><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">3,956</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%"><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">3,053</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> 6271000 4674000 -6825000 0 1781000 -901000 <div> <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">Note 5 &#8211; Fair value measurement</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Fair value is defined as the price that would be received to sell an asset or paid to transfer the liability (an exit price) in an orderly transaction between market participants. The accounting standard also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between three levels of inputs that may be utilized when measuring fair value including level 1 inputs (using quoted prices in active markets for identical assets or liabilities), level 2 inputs (using inputs other than level 1 prices such as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability) and level 3 inputs (unobservable inputs supported by little or no market activity based on the company's own assumptions used to measure assets and liabilities). A financial asset's or liability's classification within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Financial assets and liabilities measured at fair value on a recurring basis as of December&nbsp;31, 2011 and 2010 consisted of the following (in thousands):</font></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <div> <div> <div style="text-indent: -36pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Fair Value Measurements at:</font></div> <div style="text-indent: -36pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div></div> <div style="margin-left: 36pt;" align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="85%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="28%" 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="33%" 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">December 31, 2011</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="33%" 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">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></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="28%" 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="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">Level 1</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="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">Level 2</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="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">Total</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="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">Level 1</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="9%"> <div style="text-align: center; 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; font-weight: bold;" class="_mt">Level 2</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="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">Total</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 bgcolor="#cceeff"><td valign="bottom" width="28%" 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;" class="_mt">Trading securities *</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">55</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">55</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">381</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">0</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">381</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%" 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;" class="_mt">Available for sale securities *</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">122</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">0</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">122</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">509</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">0</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">509</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%" 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;" class="_mt">Derivative assets **</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">0</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">2,059</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">2,059</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">0</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">5,552</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">5,552</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%" 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;" class="_mt">Derivative liabilities **</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">0</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">(1,747</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">(1,747</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">0</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">0</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">0</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: 2px;" valign="bottom" width="28%" 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;" class="_mt">Total</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">$</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">177</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">312</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">489</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">890</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">5,552</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">$</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">6,442</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></table></div></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div></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: 36pt;">&nbsp;</td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Marketable securities that are classified in level 1 consist of available-for-sale and trading securities for which market prices are readily available. The fair value of derivative assets is determined based on inputs that can be derived from information available in publicly quoted markets. Unrealized gains or losses from available-for-sale securities are recorded in accumulated other comprehensive (loss)&nbsp;income.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* The trading securities and available for sale securities are mainly traded debentures.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">** See Note 4.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The fair value of notes and loans payable and deposits payable is estimated by discounting the future cash flows using the current rates offered by lenders for similar borrowings with similar credit ratings and for the same remaining maturities. The fair value of debentures outstanding is determined based market prices. Capital notes in the amount of $95.9 million that were issued to the limited partners, other than Ampal, in Merhav Ampal Energy Limited Partnership, have no maturity date, bear no interest and are not linked to any index.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Investment in EMG with a carrying amount of $361.3 million was written down to its fair value of $260.4 million, resulting in a loss of $100.9 million, which was included in loss for the period. The carrying value of EMG is based, among other things, on nonpublic information.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following table presents the carrying amount and fair value of financial assets and liabilities:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <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" 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"><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: center;" valign="bottom" colspan="14"><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">As of December 31,</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" 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"><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: center;" valign="bottom" colspan="6"><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">2011</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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: center;" valign="bottom" colspan="6"><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">2010</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" 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"><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: center;" valign="bottom" colspan="2"><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">Carrying</font> </font> <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" 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"><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: center;" valign="bottom" colspan="2"><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">Fair</font> </font> <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">Value</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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: center;" valign="bottom" colspan="2"><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">Carrying</font> </font> <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" 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"><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: center;" valign="bottom" colspan="2"><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">Fair</font> </font> <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">Value</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" align="left">&nbsp;</td> <td style="padding-bottom: 2px;" valign="bottom"><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: center;" valign="bottom" colspan="14"><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">(U.S. Dollars in thousands)</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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="52%" align="left"><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">Financial assets:</font></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;</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;</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;</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;</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="52%" 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;" class="_mt">Cash and cash equivalents</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">54,333</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">54,333</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">33,341</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">33,341</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="52%" 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;" class="_mt">Deposits, notes and loans receivable</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">44,789</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">44,789</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">57,391</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">57,391</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="52%" 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;" class="_mt">Investments</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">177</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">177</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">890</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">890</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: 2px;" valign="bottom" width="52%"><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">$</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">99,299</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">99,299</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">91,622</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">$</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">91,622</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 valign="bottom" width="52%" 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;" class="_mt">Financial liabilities:</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="9%"><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="9%"><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="9%"><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="9%"><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="52%" 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;" class="_mt">Notes and loans payable</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">437,296</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">435,739</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">516,639</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">543,606</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="52%" 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;" class="_mt">Debentures outstanding</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">237,084</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">78,594</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">280,339</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">301,114</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: 2px;" valign="bottom" width="52%"><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">$</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">674,380</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">514,333</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">796,978</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">$</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">844,720</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></table></div></div> </div> 5399000 0 21735000 0 20159000 0 -156000 43000 231000 1125000 1469000 -932000 -156000 43000 231000 70670000 67094000 <div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Note 7 &#8211; Goodwill</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <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;" class="_mt">The changes in the carrying amount of goodwill for the years ended December 31, 201<font style="display: inline; font-family: Times New Roman;" class="_mt">1</font> and 20<font style="display: inline; font-family: Times New Roman;" class="_mt">10</font> are as follows:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <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">(U.S. Dollars in thousands)</font></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block;" align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="80%"> <tr bgcolor="#cceeff"><td valign="bottom" width="88%" 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;" class="_mt">Balance as of January 1, 20<font style="display: inline; font-family: times new roman;" class="_mt">10</font></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">$</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"><font style="display: inline; font-family: times new roman;" class="_mt">6</font>7,056</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="88%" 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;" class="_mt">Changes during 20<font style="display: inline; font-family: times new roman;" class="_mt">10</font>:</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="9%"><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="88%" 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;" class="_mt">Goodwill acquired during the year</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">63,<font style="display: inline; font-family: times new roman;" class="_mt">832</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="88%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Goodwill classified as held for sale assets</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(<font style="display: inline; font-family: times new roman;" class="_mt">66</font>,<font style="display: inline; font-family: times new roman;" class="_mt">748</font></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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="88%" 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;" class="_mt">Translation differences </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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman;" class="_mt">&nbsp;</font> 6,<font style="display: inline; font-family: times new roman;" class="_mt">530</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="88%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance as of December 31, 2010 </font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">70,670</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="88%" 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;" class="_mt">Changes during 2011:</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="9%"><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 valign="bottom" width="88%" 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;" class="_mt">Goodwill acquired during the year</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">804</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="88%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Translation differences</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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"><font style="display: inline; font-family: times new roman;" class="_mt">&nbsp;</font>(4,380</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></tr> <tr bgcolor="white"><td valign="bottom" width="88%" 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;" class="_mt">Balance as of December 31, 2011 </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">$</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">67,094</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;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company recorded the goodwill as part of the purchase of Gadot and Gadot's subsidiaries.</font></div> </div> 447000 75000 101084000 -19906000 -71252000 -151110000 -30309000 -78323000 -135345000 -0.35 -1.15 -2.30 0 19903000 34066000 0.00 0.35 0.61 -1214000 -932000 -14000 <div> <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">Note 15 &#8211; Income Taxes</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <div> <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" 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"><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: center;" valign="bottom" colspan="10"><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 December 31,</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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" 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"><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: center;" valign="bottom" colspan="2"><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">2011</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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: center;" valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;<font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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: center;" valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="font-weight: bold;" class="_mt">2009</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr><td valign="bottom" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: center;" valign="bottom" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;<font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(U.S. Dollars in thousands)</font></font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">The components of income tax expense (benefit) are:</font></div></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2">&nbsp;</td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Continuing operations</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">15,765</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(7,071</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(10,403</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></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Discontinued operations</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">6,895</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> <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="white"><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%" 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">22,660</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">(7,071 </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="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">(10,403 </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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="64%" 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;" class="_mt">The components of current and deferred income tax expense (benefit) are:</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="9%"><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="9%"><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="9%"><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 valign="bottom" width="64%" 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;" class="_mt">Current:</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="9%"><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="9%"><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="9%"><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="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Federal</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">-</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">-</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">-</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: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign</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">3</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">-</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">-</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="64%" 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;" class="_mt">State and local</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">2</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">6</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">3</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: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred:</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="9%"><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="9%"><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="9%"><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="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">State and local</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">-</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">-</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">-</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: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Federal</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">20,652</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">(4,993 </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">(9,104 </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></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign</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">(4,892 </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="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">(2,084 </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="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">(1,299 </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></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total</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">$</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">15,765</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(7,071</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(10,403</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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="64%"><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="9%"><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="9%"><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="9%"><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 valign="bottom" width="64%" 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;" class="_mt">The domestic and foreign components of loss before income taxes and minority are:</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="9%"><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="9%"><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="9%"><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="64%"><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="9%"><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="9%"><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="9%"><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 valign="bottom" width="64%" 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;" class="_mt">Domestic</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(28,410</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(18,979</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">$</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">(23,508</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></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 2px;" valign="bottom" width="64%" 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;" class="_mt">Foreign</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">(106,935 </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="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">(50,105 </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="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">(6,801 </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></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total</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">$</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">(135,345</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="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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(69,084</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(30,309</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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="64%"><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="9%"><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="9%"><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="9%"><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 valign="bottom" width="64%" 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;" class="_mt">A reconciliation of income taxes between the statutory and effective tax is as follows:</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="9%"><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="9%"><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="9%"><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="64%"><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="9%"><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="9%"><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="9%"><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 valign="bottom" width="64%" 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;" class="_mt">Federal income tax (benefit) at 35%</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(47,371</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(24,179</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">$</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">(10,608</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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="64%" 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;" class="_mt">Taxes on foreign Gain (Loss) below U.S. rate</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">4,857</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">(14,793 </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">(4,438 </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></tr> <tr bgcolor="white"><td valign="bottom" width="64%" 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;" class="_mt">Change in unrecognized tax benefits (expense)</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,616</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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,050</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">-</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="64%" 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;" class="_mt">Changes in valuation allowance</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">53,309</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">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">&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">4,315</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="64%" 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;" class="_mt">Other</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">354</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">414</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">328</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: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 27pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total effective tax: 5.2%, 10.2% and 34.3%, respectively</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">$</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">15,765</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(7,071</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(10,403</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></tr></table></div></div></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div align="left"> <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: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">As of 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="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="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">2011</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">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 bgcolor="#cceeff"><td valign="bottom" width="76%" 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;" class="_mt">Deferred tax assets:</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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="76%" 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;" class="_mt">The components of deferred tax assets and liabilities are as follows:</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 valign="bottom" width="10%" colspan="2"><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 valign="bottom" width="10%" colspan="2"><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="76%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Net operating loss and capital loss carryforwards</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">76,712</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">68,121</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="76%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Unrealized losses on investments</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">26,082</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">700</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="76%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign tax credits carryforwards</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">4,180</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">4,180</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 valign="bottom" width="76%" 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;" class="_mt">Total deferred assets</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">106,974</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">73,001</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="76%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Valuation allowance</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">(84,888 </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="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">(31,579 </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></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="76%" 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;" class="_mt">Net deferred tax assets</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">22,086</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">41,422</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 valign="bottom" width="76%"><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="9%"><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="9%"><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 valign="bottom" width="76%" 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;" class="_mt">Deferred tax liabilities:</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="9%"><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="9%"><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="76%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Unrealized gain from securities</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">5,970</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">4,716</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%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Depreciation and amortization</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">7,732</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">9,059</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: 2px;" valign="bottom" width="76%" 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;" class="_mt">Total deferred tax liability</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">13,702</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">13,775</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 valign="bottom" width="76%"><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="9%"><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="9%"><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 style="padding-bottom: 4px;" valign="bottom" width="76%" 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;" class="_mt">Net deferred tax assets</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">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">8,384</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">27,647</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; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2010, the Company recognized an unrecognized tax benefit liability of $1,949,000. During 2011 the Company recognized an additional unrecognized tax benefit liability at the amount of $4,616,000 due to a change in unrecognized foreign expenses.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">The following table summarizes the activity</font> <font style="display: inline; font-size: 10pt;" class="_mt">related to the Company's unrecognized tax benefit liability:</font></font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <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" 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"><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" 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"><font style="display: inline;" class="_mt">U.S. dollars in thousands</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">2011</font></div></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance at the beginning of 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">$</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">1,949</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">582</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">607</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: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Increases related to previous years tax positions</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">--</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">--</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">--</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="64%" 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;" class="_mt">Unrecognized tax benefit liability</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">4,616</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">--</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">--</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="64%" 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;" class="_mt">Expiration of the statute of limitations for the assessment of taxes</font></div></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="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">&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;" 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">&nbsp;1,367</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="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">(25</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></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="64%" 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;" class="_mt">Balance at the end of the year</font></div></td> <td style="padding-bottom: 4px;" 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: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">6,565</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">1,949</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%"><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">582</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-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">All of the Company's unrecognized tax benefit<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>liability would affect the Company's effective tax rate if recognized. Because<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>of the existence of net operating loss carryforwards, the resulting unfavorable<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>resolution of any of the Company's uncertain tax positions would not result in<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>the imposition of interest or penalties. Accordingly, the Company did not record<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>any interest or penalties related to the unrecognized tax benefit liability. The<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>Company does not expect its unrecognized tax benefit liability to change significantly over the next 12&nbsp;months.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A summary of open tax years by major jurisdiction<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>is presented below:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="33%" 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"><font style="letter-spacing: 9pt;" class="_mt">&nbsp;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp; Years:</font></div></td> <td valign="top" width="67%" 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">Jurisdiction:</font></div></td></tr> <tr><td style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="top" width="33%"> <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="letter-spacing: 9pt;" class="_mt">&nbsp;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp; 2008-2011</font></div></td> <td valign="top" width="67%" 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;" class="_mt">Israel</font></div></td></tr> <tr><td valign="top" width="33%" 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;" class="_mt"><font style="letter-spacing: 9pt;" class="_mt">&nbsp;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp; 2007-2011</font></div></td> <td valign="top" width="67%" 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;" class="_mt">United States <font style="display: inline; font-size: 70%; vertical-align: text-top;" class="_mt">(1)</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">(1) Includes federal, state, and provincial (or</font> <font style="display: inline; font-size: 10pt;" class="_mt">similar local jurisdictions) tax positions.</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2011, valuation allowance is provided against tax benefits on foreign net operating loss carryforwards of $84.9 million.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2011, the Company has foreign tax credits of $4.2 million that will expire in the years 2014 through 2017.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2011, the Company has U.S. federal net operating loss carryforwards of approximately $94.2 million that will expire in the years 2025 through 2031. The utilization of net operating loss carryforwards may be subject to substantial annual limitations if there has been a significant "change in ownership." Such a "change in ownership," as described in Section 382 of the Internal Revenue Code, may substantially limit the Company's utilization of the net operating loss carryforwards.</font></div> </div> 30000 30000 6857000 -10403000 -7071000 15765000 -1929000 20712000 1717000 -9888000 117000 -4360000 -5591000 1093000 2597000 8073000 12302000 4288000 -2417000 -1760000 -10949000 <div> <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">Note 6 - Intangible assets</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <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;" class="_mt">The following table presents the components of the Company's acquired intangible assets with definite lives:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="left"> <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="52%"><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="padding-bottom: 2px;" valign="bottom" width="10%" colspan="2"><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="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">Original amount</font></div></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;"> <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">Amortized balance</font></div></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="52%"><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="padding-bottom: 2px;" valign="bottom" width="10%" colspan="2"><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;" 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;"> <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-size: 10pt; font-weight: bold;" class="_mt">December 31</font>,</font></div></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%"><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;"> <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">December 31,</font></div></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="52%"><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;"> <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 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">amortization</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">period</font></div></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;"> <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">2011</font></div></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;"> <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">2011</font></div></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;"> <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></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="52%"><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;"> <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">Years</font></div></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="34%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <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">U.S. Dollars in thousands</font></div></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="52%" 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;" class="_mt">Options to purchase ships</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: center;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; 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">At time of exercise</font></div></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">4,984</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">2,990</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="52%" 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;" class="_mt">Ships leasing</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: center;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2-4</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">8,872</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">356</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">1,646</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="52%" 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;" class="_mt">Supplier relation</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: center;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">8-9</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">6,599</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">1,586</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">2,317</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="52%" 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;" class="_mt">Brand name</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: center;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2</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">287</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">258</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="9%"><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="52%" 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;" class="_mt">Licenses Agro</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: center;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">10</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">4,787</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">3,612</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">4,588</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="52%" 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;" class="_mt">Software</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: center;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3-15</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> <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">3,799</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">1,506</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">1,985</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="52%" 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;" class="_mt">Customer relation</font></div></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;" 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: center; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">18-19</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="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">5,481</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="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">2,875</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="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">3,537</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="52%" 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;" class="_mt">Total identifiable intangible assets</font></div></td> <td style="padding-bottom: 4px;" 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; padding-bottom: 4px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</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%"><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">34,810</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%"><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">10,193</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%"><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">17,063</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-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Amortization expenses amounted to approximately $9,133, $8,250 and $6,126 (in thousands) for the years ended December 31, 2011, 2010 and 2009, respectively.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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;" class="_mt">The yearly estimated amortization expense relating to Ampal's amortizable intangible assets existing as of December 31, 2011, for the five years period ending December 31, 2017 is approximately $10.2 million.</font></div> </div> 17063000 10193000 33159000 44233000 43852000 28425000 26543000 40907000 34810000 37757000 3553000 925000 3535000 <div> <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">Note 17 &#8211; Investments in Affiliates</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The companies accounted for by the equity method and the Company's share of equity in those investees are:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div align="left"> <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: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">As of December 31</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; 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="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">2011</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">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="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">%</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">%</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%" 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;" class="_mt">Bay Heart Ltd.</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">37</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">37</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="76%" 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;" class="_mt">Conmart Ltd.</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">50</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</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="76%" 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;" class="_mt">Global Wind Energy</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">50</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</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="76%" 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;" class="_mt">Temco International Ltd.</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">50</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</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="76%" 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;" class="_mt">Gadko Logistics Ltd.</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">50</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</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="76%" 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;" class="_mt">Trinet Investment in High-Tech Ltd.</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">37.5</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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">37.5</font></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="76%" 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;" class="_mt">Trinet Venture Capital Ltd.</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">50</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</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; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Affiliates' assets and pre-tax income (loss) are not significant compared to the consolidated total assets and pre-tax loss, respectively.</font></div> </div> 1223698000 796643000 1402246000 846609000 604920000 540031000 618778000 256612000 292240000 0 14749000 237084000 265590000 0 371751000 269871000 222109000 130327000 890000 177000 250000 534000 -932000 6917000 6044000 10670000 <div> <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">Note 3 &#8211; Acquisitions and Dispositions</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <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">a)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">From 2009 to 2011, the Company made the following investments:</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">1.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Option Agreement for Sugarcane Ethanol Project in Colombia</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As summarized in the Company's previously filed annual and periodic reports, on December 31, 2009, Ampal signed an option exercise agreement (the "Exercise Agreement") with Merhav (M.N.F.) Ltd. ("Merhav") pursuant to which it exercised, subject to certain conditions, its option (the "Option") to convert Ampal's existing loan to Merhav (consisting of $20 million of principal plus accrued interest) (the "Loan") into a 25% equity interest in the sugarcane ethanol production project in Colombia (the "Project") being developed by Merhav.&nbsp;&nbsp;The Loan is secured by Merhav's pledge of its shares of Class A Stock of Ampal and guaranteed by Mr. Yosef A. Maiman's personal guaranty.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Pursuant to the Exercise Agreement, the conversion of the Loan into a 25% equity interest in the Project will take the form of the issuance to Ampal of 25% of all of the issued and outstanding equity interests in Merhav Renewable Energies Limited, a Cyprus corporation and subsidiary of Merhav ("Merhav Energies"). The purchase price for the 25% equity stake in Merhav Energies, to be paid at closing, is the outstanding balance of the Note on December 31, 2009, or approximately $22.3 million. The closing of the purchase of the 25% equity stake and the conversion of the Loan is subject to, among other things, (i) the initial disbursement of (or other evidence of) long-term debt financing for the Project obtained from a financing bank or any other unaffiliated third party lender (the date such financing is obtained, the "Qualified Financing Date"), (ii) the payment in full of all outstanding amounts due and payable under the Note, and (iii) the delivery at closing of the Shareholders' Agreement (as defined below) by Merhav and Ampal, setting forth certain agreements relating to the governance of Merhav Energies. Additionally, Merhav and Ampal have agreed that, under certain circumstances, each will arrange for loans to Merhav Energies from time to time through third parties, directly or indirectly, for up to $15 million. The Exercise Agreement contains other customary closing conditions, as well as customary representations and warranties.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The closing was to occur on the Qualified Financing Date or as soon as practicable thereafter, but no later than December 31, 2010 (the "Termination Date"). Since the Qualified Financing Date did not occur prior to December 31, 2010, on December 31, 2010, the parties amended the Exercise Agreement such that the Termination Date and the maturity date of the Note was extended to December 31, 2011. Additionally on December 31, 2010, all the rights and obligations of Ampal in the Project were assigned to MAG. Since the Qualified Financing Date was not likely occur prior to December 31, 2011, on November 12, 2011, the Special Committee of the Board of Directors of Ampal approved the amendment of the Exercise Agreement such that the Termination Date and the maturity date of the Note would be extended to December 31, 2012 and on December 8, 2011, the parties signed such amendment.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As stated above, as a condition to closing Ampal's purchase of a 25% equity stake in Merhav Energies, Merhav, Ampal and Merhav Energies will enter into a Shareholders' Agreement (the "Shareholders' Agreement"), to provide for, among other things, (i) restrictions on the transfer of shares of Merhav Energies, (ii) a right of first refusal on transfers of shares of Merhav Energies, (iii) tag-along and drag-along rights on the transfer of shares of Merhav Energies, (iv) preemptive rights on the issuance of new shares of capital stock (or other equity interest) by Merhav Energies, subject to the anti-dilution rights of Ampal, and (v) the right of Ampal to designate 25% of the directors of Merhav Energies. In addition to preemptive rights under the Shareholders' Agreement, Ampal has been granted anti-dilution protection, which may result in the issuance of additional shares of Merhav Energies to Ampal, in the event that, prior to end of the 180-day period following the commencement of the Project's operations, Merhav sells, or Merhav Energies issues, shares of Merhav Energies at a per share price that is less than the per share price paid by Ampal under the Exercise Agreement.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <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">Merhav is a multinational corporation with interests in a range of sectors, including energy, infrastructure projects and agriculture. Merhav is a controlling shareholder of Ampal and is wholly owned by Mr. Yosef A. Maiman, the President, CEO and member of the controlling shareholder group of Ampal. Because of the foregoing relationship, a special committee of the Board of Directors of Ampal composed of Ampal's independent directors negotiated and approved the transaction. Houlihan Lokey Financial Advisors, Inc., which has been retained as financial advisor to the special committee, advised the special committee on this transaction.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">2.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Global Wind Energy ("GWE")</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <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">Ampal invested in GWE $0.6 million, $1.5 million and $0.6 million in 2011, 2010 and 2009, respectively.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">3.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Bay Heart Ltd. ("Bay Heart")</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <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">Ampal loaned to Bay Heart $0.9 million and $1.2 million in 2010 and 2009, respectively.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">4.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">F.C.C. SHIPPING Ltd ("FCC")</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In March 2009 Gadot purchased a 39% stake in the shipping agency FCC for the amount of $0.4 million.&nbsp;&nbsp;FCC was nominated as the exclusive agent in Israel of Hanjin Shipping, a Korean shipping company.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">5.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Merhav Agro Ltd.</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On July 1, 2010, Gadot, through its subsidiary, completed the acquisition of all of the issued share capital of Merhav Agro Ltd. ("Agro"). Agro is a supplier of plant protection products, plant growth regulators and seeds in Israel.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;">&nbsp;</td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Upon closing, Gadot paid, as consideration, NIS 108 million (approximately $27.8 million). To fund the purchase price, Gadot obtained a long-term credit facility in the aggregate principal amount of NIS 108 million (approximately $27.8 million) from Israel Discount Bank Ltd.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The acquisition of Agro was accounted for as a combination of entities under common control, which is similar to the pooling of interests method of accounting for business combinations. Accordingly, the consolidated financial statements give retrospective effect to this transaction.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">FASB ASC 805, Business Combinations, excludes transfers of net assets or exchanges of equity interests between entities under common control. ASC 805 also states that transfers of net assets or exchanges of equity interests between entities under common control should be accounted for similar to the pooling-of-interests method (as-if pooling-of-interests) in that the entity that receives the net assets or the equity interests initially recognizes the assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of transfer. Because Gadot and Agro were under common control at the time of the acquisition, the transfer of assets and liabilities of Agro was accounted for at historical cost in a manner similar to a pooling-of-interests. For financial accounting purposes, the acquisition was viewed as a change in reporting entity and, as a result, required reclassification of the Company's financial statements for all periods subsequent to October 18, 2008, the date on which Agro was acquired. Accordingly, the Company's consolidated balance sheet as of December 31, 2009, the consolidated statements of operations for the year ended December 31, 2009 and the statements of changes in equity and consolidated statements of cash flows for the year ended December 31, 2009 were reclassified to include Agro. Agro's financial data has been included in the Chemicals segment.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In as-if pooling-of-interests accounting, financial statements of the previously separate companies for periods under common control prior to the combination are reclassified on a combined basis to furnish comparative information. At December 31, 2009, the Company added net liabilities of $5.4 million. For the year ended December 31, 2009, the Company added revenue and net profit of $20.7 million and $1.3 million, respectively. For the year ended December 31, 2010, the Company added revenue and net income of $12.7 million and $2.1 million, respectively, to the pre-acquisition period.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">6.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ADPO GHENT N.V.</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On August 20, 2010, Gadot, through its subsidiary, acquired 100% of the issued and outstanding share capital of ADPO Ghent N.V. ("ADPO") for a purchase price of &#128;30 million (approximately $38.5 million). Gadot's subsidiary obtained a long-term credit facility from Israel Discount Bank Ltd. for the financing of the purchase price.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">ADPO owns and operates a chemical storage terminal in Ghent, Belgium over an area of 25 hectares of land, with a storage capacity of approximately 100,000 cubic meters. The Company believes that the acquisition will allow Gadot to expand its global business and maximize its ability to deliver products and services worldwide.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following table summarizes the consideration paid for ADPO and the fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands):</font></div></td></tr></table></div> <div>&nbsp;</div> <div align="center"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="70%"> <tr><td valign="bottom" width="85%"><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 valign="bottom" width="13%" colspan="2"><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="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Current assets</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">8,826</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></tr> <tr bgcolor="white"><td valign="bottom" width="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Property, plant and equipment</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">47,125</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="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Goodwill</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">221</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="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Current liabilities</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(4,890</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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Deferred income taxes</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(4,858</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></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Other long-term liabilities</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(8,129</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></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="85%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total consideration paid</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="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">38,295</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; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Goodwill consists of assembled workforce, as well as synergistic opportunities created by combining the operations of ADPO and the other subsidiaries of the Company. All of the goodwill was assigned to the Company's Chemicals segment.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company expensed a total of $0.7&nbsp;million of acquisition-related costs during the year ended December 31, 2010, which was recorded as general and administrative expenses in the consolidated statements of operations. None of the goodwill recognized is expected to be deductible for income tax purposes.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">7.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ACE</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 72pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On November 17, 2011, Gadot, through its subsidiary, completed the purchase of 65% of the outstanding share capital of Agrinet Central Europe Ltd ("ACE"), an Israeli company which operates mainly in Eastern Europe in the agriculture field, for a purchase price of $2.67 million. Pursuant to the purchase agreement, Gadot was granted with a call option and the seller was granted with a put option for the remaining shares of ACE, and Gadot granted the seller an irrevocable option to choose one of ACE's real estate properties in exchange for consideration of $70,000 and certain priority in the distribution of dividends by Gadot, as described in the agreement. Part of the purchase price was financed by Gadot's own resources and the remainder by taking a long-term loan to a third party.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <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;" class="_mt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 2009 to 2011, Ampal made the following dispositions:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">1.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company received proceeds in the total amount of $0.2 million, $0.1 million and $0.3 million from the sales of certain investments by FIMI Opportunity Fund L.P. in 2011, 2010 and 2009, respectively.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">2.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company received $0.5 million in 2009, from the sale of its 50% holdings of Country Club Hod Hasharon Sport Center.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">3.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company received $171.6 million and $8.3 million in 2011 and 2010, respectively, from the sale of all of the outstanding shares of 012 Smile (see Note 16).</font></div></td></tr></table></div> </div> -6677000 -28676000 0 -95109000 151087000 1498000 134508000 -100369000 -7010000 -50585000 19019000 2007000 -22780000 -50771000 -19481000 -44742000 -95321000 -425000 -6607000 -21723000 195827000 211047000 17216000 12682000 50192000 32107000 103274000 95922000 26120000 28912000 11763000 9701000 1861000 2380000 -519000 14671000 14666000 5000 -11894000 -11862000 -32000 880000 880000 35000 35000 -22000 -22000 14030000 16661000 0 1399000 838000 1404000 0 0 0 0 0 62304000 -1692000 0 19314000 3836000 0 1906000 4049000 0 0 0 11638000 44324000 6567000 6628000 384000 17792000 0 0 476000 0 918000 2059000 0 1357000 938000 978000 0 45009000 0 31633000 114668000 21000 14484000 10500000 21987000 42512000 31398000 312000 869000 463000 2163000 -19906000 -425000 -19481000 -51349000 -6607000 -44742000 -117044000 -21723000 -95321000 200932000 190524000 237000 332000 346000 870000 935000 99000 <div> <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">Note 20 &#8211; Transactions with related parties</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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">a)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company entered into a management services agreement with Merhav, according to which Merhav provides the Company and its subsidiaries with management, marketing, financial, development and other administrative services for an annual consideration in the year ended December 31, 2011 of NIS 24.2 million ($6.6 million).</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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">b)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company entered into an Aircraft Sharing Agreement with Merhav, according to which the Company has a limited and non exclusive right to use the aircraft possessed and operated by Merhav. For the usage of the aircraft, the Company paid Merhav a pro rata share of the fixed costs related to the aircraft (calculated annually based on the flight hours of the aircraft used by the Company compared to the total flight hours of the aircraft, with a maximum amount of $500,000 per annum) and the direct costs and expenses of operating each flight for the Company.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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">c)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For information regarding Option Agreement with Merhav for Sugarcane Ethanol Project in Colombia, see Note 3a1.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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">d)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On July 1, 2010, Gadot completed the acquisition of all of the issued share capital of Merhav Agro Ltd. ("Agro") from Merhav. Agro is a supplier of plant protection products, plant growth regulators<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>and seeds in Israel. See also Note 3a5.</font></div></td></tr></table></div> </div> 17050000 21014000 71222000 -32316000 -127637000 431155000 504962000 575339000 <div> <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">Note 18 &#8211; Operating Segments Information</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Segment information presented below results primarily from operations in Israel.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The chemical segment consists of the investment in Gadot, an Israeli company, which operates mainly in distribution and marketing of liquid chemicals for raw materials used in the chemical industry.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The energy segment consists of the investment in EMG, an Egyptian joint stock company, which holds the right to supply natural gas to Israel through a pipeline from Egypt to Israel, and GWE, a joint venture that focuses on the new development and acquisition of controlling interests in renewable energy.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The real estate rental segment consistes of rental property owned in Israel and the United States leased to unrelated parties.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The leisure-time segment consists of Country Club Kfar Saba Ltd. ("Kfar Saba"), the Company's 51%-owned subsidiary located in Israel.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The finance segment consists of all other activity which is not part of the above segments.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="30"> <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">Ampal - Operating Segments Information</font></div></td> <td style="text-align: left;" valign="bottom" 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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="30"> <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">(U.S. Dollars in thousands)</font></div></td> <td style="text-align: left;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Chemical</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Finance</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Real Estate</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Energy</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Leisure-Time</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Inter-Company</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">Adj.</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Other Adj.</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Total (**)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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 valign="bottom"> <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">2011</font></div></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Revenues (*)</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">540,426</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">31,978</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,935</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">575,339</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Equity in Earnings (losses) of Affiliates</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,437</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,134</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(317</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(14</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" 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;" class="_mt">Interest Income</font></div></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,535</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,535</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Interest expense</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">10,747</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">32,970</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">136</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">43,852</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Pretax Operating Income (loss)</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(10,685</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(23,889</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(100,923</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">166</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(14</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(135,345</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="20%" 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;" class="_mt">Total Assets for year end</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">462,180</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">452,538</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%" 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">260,400</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">3,308</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">(331,817</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%"><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%" 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">846,609</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="20%" 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;" class="_mt">Investment in Affiliates for year end</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,541</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">19</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">5,409</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">2,071</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%" 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">9,040</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="20%" 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;" class="_mt">Capital Expenditures</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">6,518</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">9</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%" 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">101</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%" 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">6,628</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: 4px;" valign="bottom" width="20%" 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;" class="_mt">Depreciation and Amortization</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">24,686</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">1,357</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%"><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">&nbsp;</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">&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">100,923</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">174</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%"><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">&nbsp;</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%"><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">&nbsp;</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">127,140</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>&nbsp;</div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom" width="44%" colspan="3" 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;" class="_mt">(**) Excluding held for sale assets and discontinued operation</font></div></td> <td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="8%"><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 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Chemical</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Finance</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Real Estate</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Energy</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Leisure-Time</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Inter-Company</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">Adj.</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Other Adj.</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Total (**)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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 valign="bottom"> <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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Revenues (*)</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">496,551</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,431</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,980</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">504,962</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Equity in Earnings (losses) of Affiliates</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,257</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(972</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,217</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(932</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" 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;" class="_mt">Interest Income</font></div></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">925</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">925</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Interest expense</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">13,979</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">30,070</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">184</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">44,233</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Pretax Operating Income (loss)</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(10,623</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(67,003</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">235</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(932</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(78,323</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="20%" 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;" class="_mt">Total Assets for year end</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">469,056</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">508,998</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%" 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">361,323</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">3,714</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">(357,654</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%"><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%" 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">985,436</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="20%" 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;" class="_mt">Investment in Affiliates for year end</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,518</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">19</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">6,209</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">2,025</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%" 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">9,771</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="20%" 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;" class="_mt">Capital Expenditures</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">6,289</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">83</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%" 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">195</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%" 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">6,567</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: 4px;" valign="bottom" width="20%" 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;" class="_mt">Depreciation and Amortization</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">17,047</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">1,247</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%"><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">&nbsp;</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%"><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">&nbsp;</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">154</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%"><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">&nbsp;</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%"><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">&nbsp;</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">18,448</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>&nbsp;</div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom" width="44%" colspan="3" 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;" class="_mt">(**) Excluding held for sale assets and discontinued operation</font></div></td> <td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="8%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr></table></div> <div>&nbsp;</div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Chemical</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Finance</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Real Estate</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Energy</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Leisure-Time</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Inter-Company</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">Adj.</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Other Adj.</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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">Total</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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 valign="bottom"> <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 valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Revenues (*)</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">414,011</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">14,444</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,700</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(5,399</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">425,756</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Equity in Earnings (losses) of Affiliates</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,239</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(639</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,814</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,214</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" 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;" class="_mt">Interest Income</font></div></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,553</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,553</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Interest expense</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">7,041</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">25,924</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">194</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">33,159</font></td> <td style="text-align: left;" valign="bottom" 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" 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;" class="_mt">Pretax Operating Income (loss)</font></div></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">984</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(30,241</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">162</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,214</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(30,309</font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="20%" 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;" class="_mt">Total Assets for year end</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">421,844</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">509,237</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%" 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">361,323</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">3,396</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">(335,759</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%"><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%" 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">960,041</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="20%" 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;" class="_mt">Investment in Affiliates for year end</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,305</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">&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">19</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">5,894</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%" 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">9,218</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="20%" 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;" class="_mt">Capital Expenditures</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">43,490</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">363</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%" 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">471</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%" 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">44,324</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: 4px;" valign="bottom" width="20%" 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;" class="_mt">Depreciation and Amortization</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="7%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">15,126</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">1,003</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%"><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">&nbsp;</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%"><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">&nbsp;</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">174</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%"><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">&nbsp;</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%"><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">&nbsp;</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">16,303</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: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(*) Including additional revenues line items that are specific to the relevant segment.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Corporate office expense is principally applicable to the financing operation and has been charged to that segment above. Revenues and pretax operating gain above exclude equity in earnings of affiliates.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenues by Geographic Area:</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="center"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="80%"> <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;"> <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">2011</font></div></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;"> <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></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;"> <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></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: 0pt;"> <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">(U.S. Dollars in thousands)</font></div></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; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">Israel</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">297,223</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">236,383</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">211,539</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="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">Europe</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">223,089</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">238,666</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">197,429</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="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">America</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">49,268</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">23,988</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">17,329</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="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">Australia</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">192</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">282</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">--</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="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">Africa</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">2,123</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">2,901</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">4,118</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="text-align: left; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">Asia</font></div></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="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">3,444</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="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">2,742</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="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">740</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="text-align: left; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="64%"> <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">Total</font></div></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="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">575,339</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="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">504,962</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="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">425,756</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></table></div> </div> 44996000 59648000 59123000 721000 721000 844000 844000 612000 612000 <div> <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">Note 1 &#8211; Summary of Significant Accounting Policies</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(a)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">General</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(1)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Ampal-American Israel Corporation is a New York corporation founded in 1942. The Company primarily acquires interests in businesses located in the State of Israel or that are Israel-related.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(2)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As used in these financial statements, the term "the Company" refers to Ampal-American Israel Corporation ("Ampal") and its consolidated subsidiaries. See Note 18 for segment information.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(3)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(4)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></td></tr></table></div> <div>&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On December 19, 2011, the Company announced that due to the current political and security situation in Egypt, including the repeated interruptions of the gas supply to East Mediterranean Gas Company, S.A.E., an Egyptian joint stock company ("EMG"), the Company requested that the Trustees of its Series A, Series B and Series C Debentures, which are listed on the Tel Aviv Stock Exchange (the "Debentures"), convene a&nbsp;&nbsp;meeting of the holders of the Debentures (the "Holders") on January 1, 2012 to appoint a Holders' committee to discuss a proposal to postpone of the principal payments due on the Debentures for 24 months.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 1, 2012, the Company held a meeting with the Holders, where the Company proposed to restructure (the "Proposal") the Debentures to postpone all principal payments due thereunder for the next two years, while continuing to make the interest payments as scheduled. Under the Proposal, the principal amount of the Debentures would not be reduced, and after the two-year period the principal payment schedule for the Debentures would return to the original terms.&nbsp;&nbsp;The Company request that the Holders appoint a delegation (a committee of representatives) of Holders to discuss the Proposal.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 18, 2012, the Company announced that two separate Holders' committees had been formed: one to represent the Series A and Series C Debenture holders and the other to represent the Series B Debenture holders (the "B Holders").</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 22, 2012, the Company announced that its Board of Directors decided to postpone making the principal payments currently coming due on the Debentures, but to continue making interest payments as scheduled. In accordance with the decision, on January 31, 2012, the Company made an interest payment on the Series B Debentures (the "Series B Debentures") to the B Holders on the scheduled payment date, and the Company did not request the return of the Company's funds held by the trustee for the B Holders.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 20, 2012, a meeting of the B Holders was held at the request of the B Holders' trustee and on March 6, 2012, the B Holders voted (the "Series B Resolution") to accelerate and set to immediate repayment the entire outstanding amounts under the Series B Debentures. The Series B Resolution provided that the acceleration would be effective two weeks after March 6, 2012, unless an additional two-week extension was granted by the committee, formed by the B Holders (the "Series B Committee") to represent the B Holders. Such extension was granted on March 20, 2012. Additional postponements of the effective date of the acceleration of the Series B Debentures are possible subject to the approval of the majority of the B Holders. Accordingly, the Debentures have been classified as short-term obligations. As of March 12, 2012, due to the acceleration, the total amount outstanding (including interest) under the Series B Debentures (excluding the Series B Debentures held by the Company) is NIS 527,024,735 (approximately $138.4 million).</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Additionally, the B Holders voted to authorize the commencement of legal actions and other measures, at the discretion of Clal Finance Trusts 2007 Ltd., the trustee for the B Holders, and/or at the recommendation of the Series B Committee, to collect the principal payment which was due on January 31, 2012 and which the Company did not make. The B Holders also voted to empower the Series B Committee to continue negotiations with the Company to settle payments to the B Holders and/or to restructure the Series B Debentures, to protect the rights of the B Holders and to receive all required information from the Company regarding its financial status and its ability to meet its obligations.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 5, 2012, the Company announced that its Board of Directors decided that the Company intended to make an interest payment which was due to be paid to the Series C Debenture holders on March 7, 2012 (the "Series C Interest Payment"), if the Series B Resolution was not approved. The Board further decided that if the Series B Resolution was approved (as it was approved on March 6, 2012, as described above), the Series C Interest Payment would be postponed until it was clear to the Company whether the Series B Resolution to accelerate the Company's entire debt owed to the B Holders and set it to immediate payment would be enforced.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 26, 2012, the Company announced that the Series C Interest Payment will be paid on March 29, 2012 by transferring funds that are deposited with the trustee for the Series C debenture holders, in favor of the Series C debenture holders, and in accordance with the resolution of the Series C debenture holders of March 22, 2012.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A meeting of the Series A and Series C Debenture holders is scheduled to be held on April 3, 2012, at the request of the Series A and Series C Debenture holders' trustees. On the agenda is a resolution to accelerate and set to immediate repayment the entire outstanding amounts under the Series A and Series C Debentures.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Presently, the Company does not have sufficient cash and other resources to service its debt and finance its ongoing operations. This fact raises substantial doubts as to the Company's ability to continue as a going concern if the Company does not reach agreement with the debenture holders, obtain additional financing or otherwise raise capital through the sale of assets or otherwise. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Management is in the process of negotiations with the Holders' committees to restructure the debt to its Series A, Series B and Series C Debenture Holders, but there is no assurance that the negotiations will succeed.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These consolidated financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to restructure its debt or its ability to obtain additional financing as may be required.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(b)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Consolidation</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The consolidated financial statements include the accounts of Ampal and its controlled and majority-owned entities. Inter-company transactions and balances are eliminated in consolidation.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Once<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>a controlling interest has been acquired, any subsequent acquisitions<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>or dispositions of noncontrolling interests<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>that do not result in a change<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>of control are accounted for as equity transactions. Assets and liabilities acquired<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>are measured at fair value only once, at<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>the original acquisition date, i.e., the date on which the acquirer gained<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>control.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(c)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Translation of Financial Statements in Foreign Currencies</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For those subsidiaries and affiliates whose functional currency is other than the U.S. Dollar, assets and liabilities are translated using year-end rates of exchange. Revenues and expenses are translated at the average rates of exchange during the year. Translation differences of those foreign companies' financial statements are reflected in the cumulative translation adjustment accounts which are included in accumulated other comprehensive income (loss).</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In subsidiaries where the primary currency is the U.S. Dollar, accounts maintained in currencies other than the U.S. Dollar are remeasured into U.S. Dollars using the representative foreign exchange rate at the balance sheet date. Operational accounts and nonmonetary balance sheet accounts are measured and recorded at the rate in effect at the date of the transaction. The effects of foreign currency remeasurement are reported in current operations.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <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">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(d)</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Exchange Derivative</font> <font style="display: inline; font-weight: bold;" class="_mt">Contracts</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company's derivative financial instruments consist of foreign currency forward exchange contracts and SWAP contracts. These contracts are utilized by the Company, from time to time, to manage risk exposure to movements in foreign exchange rates. None of these contracts qualify for hedge accounting. These contracts are recognized as assets or liabilities on the balance sheet at their fair value, which is the estimated amount at which they could be settled, based on market prices or dealer quotes, where available, or based on pricing models. Changes in fair value are recognized currently in earnings.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On May 15, 2008, the Company entered into a SWAP agreement with respect to its Series B debentures, in the principal amount of $165.7 million, due 2016. As a result of this agreement the Company is currently paying an effective interest rate of LIBOR plus 5.12% on NIS 150 million (approximately $43.9 million) of these debentures, as compared to the original 6.6% fixed rate which is linked to the Israeli consumer price index.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On April 1, 2009, the Company signed a interest rate swap contract in order to convert some of the Company's LIBOR interest rate denominated debt in the amount of $43.7 million into fixed interest rate debt.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block;">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(e)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Investments</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(i)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Investments in Affiliates</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Investments in which the Company exercises significant influence, generally 20% to 50% owned companies ("affiliates"), are accounted for by the equity method, whereby the Company recognizes its proportionate share of such companies' net income or loss and in other comprehensive income its proportional share in translation difference on net investments and in other comprehensive income (loss). The Company reduces the carrying value of its investment in an affiliate if an impairment in value of that investment is deemed to be other than temporary.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(ii)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Cost Basis Investments</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Equity investments of less than 20% in non-publicly traded companies are carried at cost net of impairment.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 36pt;"> <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">(iii)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Investments in Marketable Securities</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Marketable securities are reported based upon quoted market prices of the securities. For those securities, which are classified as trading securities, realized and unrealized gains and losses are reported in the statements of operations. Unrealized gains and losses net of taxes from those securities that are classified as available-for-sale, are reported as a separate component of equity and are included in accumulated other comprehensive income (loss) until realized. Decreases in value determined to be other than temporary on available-for-sale securities are included in the statements of operations.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(f)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Inventories</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Inventories &#8211; mainly chemicals and other materials intended for sale are valued at the lower of cost or market. Cost is determined based on the moving average basis.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(g)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Risk Factors and Concentrations</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Financial instruments that subject the Company to credit risk consist primarily of cash, cash equivalents, bank deposits, marketable securities and notes and loans receivable. The Company invests cash equivalents and short-term investments through high-quality financial institutions. The Company's management believes that the credit risk in respect of these balances is not material.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company evaluates its allowance for doubtful accounts by analyzing specifically identified receivables whose collection is doubtful.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(h)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Fixed assets</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(i) These assets are stated at cost. Fixed assets of subsidiaries, which existed at the time of the subsidiary's acquisition by the Company, are included at their fair value as of that date.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(ii) Depreciation is computed by the straight-line method, on the basis of the estimated useful life of the assets.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Annual rates of depreciation are as follows:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="center"> </div> <div style="margin-left: 36pt;" align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="60%"> <tr><td valign="bottom" width="26%" 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;" class="_mt"> </font>&nbsp;</div></td> <td style="border-bottom: black 2px solid;" valign="top" 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">&nbsp;&nbsp;&nbsp;&nbsp;%</font></div></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="26%" 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;" class="_mt">Vessels</font></div></td> <td valign="top" 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">7</font></div></td></tr> <tr bgcolor="white"><td valign="bottom" width="26%" 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;" class="_mt">Trailers</font></div></td> <td valign="top" 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">10 - 33.3</font></div></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="26%" 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;" class="_mt">Land</font></div></td> <td valign="top" 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></div></td></tr> <tr bgcolor="white"><td valign="bottom" width="26%" 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;" class="_mt">Real estate</font></div></td> <td valign="top" 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">6.5</font></div></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="26%" 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;" class="_mt">Storage tankers</font></div></td> <td valign="top" 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">4 - 10</font></div></td></tr> <tr bgcolor="white"><td valign="bottom" width="26%" 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;" class="_mt">Vehicles</font></div></td> <td valign="top" 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">15</font></div></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="26%" 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;" class="_mt">Equipment</font></div></td> <td valign="top" 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">4-33</font></div></td></tr> <tr bgcolor="white"><td style="padding-bottom: 4px;" valign="bottom" width="26%" 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;" class="_mt">Leasehold&nbsp;&nbsp;improvement</font></div></td> <td style="border-bottom: black 3px double;" valign="top" 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></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">*</font>Leasehold improvements are amortized by the straight-line method over the remaining term of the lease, which is shorter than the estimated useful life of the improvements.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(iii) Vessels are depreciated over their estimated useful lives. For the purpose of computing the depreciation, an estimation of the salvage value was deducted from the depreciable base of the ships.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(iv) Vehicles leased by the companies under capital leases are presented as the companies' assets and are recorded, at the inception of the lease, at the lower of the asset's fair value or the present value of the minimum lease payments (not including the financial component).</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(v) Long-lived assets, to be held and<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>used by the Company, are reviewed for impairment whenever events or changes<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>in circumstances indicate that the carrying amount of the assets may not<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>be recoverable. If the sum of the expected future cash flows (undiscounted<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>and without interest charges) of the long-lived assets is less than the<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>carrying amount of such assets, an impairment loss is recognized, and the<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>assets are written down to their estimated fair values.<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;(i)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Goodwill and Other Intangible Assets</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Goodwill represents<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>the excess of the purchase price over the fair value of the net tangible<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>and intangible assets acquired in a business combination. Goodwill is not<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>amortized, but is tested for impairment on an annual basis at the end of each year and between<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>annual tests in certain circumstances. The performance of the goodwill<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>impairment test involves a two-step process. The first step involves comparing<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>the fair value of the Company's reporting units to their carrying values, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed by comparing<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>the carrying value of the goodwill in the reporting unit to its implied<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>fair value. An impairment charge is recognized for the excess of the carrying<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>value of goodwill over its implied fair value. See Note 7-"Goodwill" for additional information.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In December 2010, the Financial Accounting Standards Board ("FASB")<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>issued Accounting Standards Upadte ("ASU") No. 2010-28<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>for Intangibles - Goodwill and Other (Topic 350): <font style="display: inline; font-size: 10pt;" class="_mt">"</font>Intangibles - Goodwill<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>and Other: When to Perform Step 2 of the Goodwill Impairment Test for<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>Reporting Units with Zero or Negative Carrying Amounts.<font style="display: inline; font-size: 10pt;" class="_mt">"</font> ASU 2010-28<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>impacted reporting units with zero or negative carrying amounts and required<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>an additional test to be performed to determine whether goodwill has been<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>impaired and to calculate the amount of that impairment.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;(j)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Income Taxes</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company applies the asset and liability method of accounting for income taxes, whereby deferred taxes are recognized for the tax consequences of "temporary differences" by applying estimated future tax effects of differences between financial statements carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets are created to the extent management believes that it is more likely than not that it will be utilized, otherwise a valuation is provided for those assets that do not qualify under this term.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company does not record deferred income taxes on undistributed earnings of foreign subsidiaries adjusted for translation effect since such earnings are currently expected to be permanently reinvested outside the United States.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Income taxes are provided on equity in earnings of affiliates, gains on issuance of shares by affiliates and unrealized gains on investments. Ampal's foreign subsidiaries file separate tax returns and provide for taxes accordingly.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In certain circumstances, sales under short-term fixed-price production type contracts or sale of products are accounted for in accordance with SAB No. 104 "Revenue Recognition in Financial Statements" ("SAB 104"), and recognized when all the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the seller's price to the buyer is fixed or determinable, no further obligation exists and collectability is reasonably assured.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Chemical income derives from the following activities: sales of a wide range of liquid chemicals, providing maritime shipping services of chemicals by ships and providing other services which include logistics and storage services for chemicals.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenue for services is recognized as follows:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 54pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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"><font style="display: inline; font-family: Symbol, serif;" class="_mt">&#183;</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenues arising from the provision of marine transport services proportionally over the period of the marine transport services. As to voyages uncompleted in which a loss is expected, a full provision is made in the amount of the expected loss.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 54pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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"><font style="display: inline; font-family: Symbol, serif;" class="_mt">&#183;</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenues from chemical brokerage commissions are recognized when the right to receive them is created.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 54pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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"><font style="display: inline; font-family: Symbol, serif;" class="_mt">&#183;</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Rental income is recorded over the rental period. Revenues from services provided to tenants and country-club subscribers are recognized ratably over the contractual period or as services are performed.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 54pt;"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="width: 18pt;"> <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"><font style="display: inline; font-family: Symbol, serif;" class="_mt">&#183;</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Income from other services is recognized over the period during which those services are performed.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(l)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Cash and Cash Equivalents</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Cash equivalents are short-term, highly liquid investments (bank accounts and bank deposits) that have original maturity dates of three months or less and that are readily convertible into cash.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Cash equal to $1 million has been placed as a compensating balance for various loans provided to the Company.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <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">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(m)</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Earning (loss) per share (EPS)</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In 2011, 2010 and 2009, all outstanding stock options have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for these periods presented.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Basic and diluted loss per share ("LPS") are computed by dividing net loss by the weighted average number of shares of Common Stock outstanding for each period. Shares Common Stock underlying outstanding options of the Company were not included in the computation of diluted LPS because of the anti-dilutive effect of doing so.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <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">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(n)</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Comprehensive Income</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company's components of comprehensive income (loss) are net income (losses), net unrealized gains or losses on available for sale investments, foreign currency translation adjustments, which are presented net of income taxes.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <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">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(o)</font></font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Employee Stock Based Compensation</font></font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company accounts for stock based<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>compensation to employees in accordance with "Share-Based Payment" accounting<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>standard. The Company measures<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>and recognizes compensation expense for share-based awards based on estimated<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>fair values on the date of grant using the Black-Scholes option-pricing<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>model. This option pricing model requires that we make several estimates,<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>including the option's expected life and the price volatility of the underlying<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>stock.<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>The Company recognizes the estimated fair value of option-based<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>awards, net of estimated forfeitures, as stock-based compensation costs<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>using the graded vesting attribution method.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;(p)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Treasury stock</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These shares are presented as a reduction of shareholders' equity at their cost to the Company. Gains, net of losses and of the related tax, on the sale of these shares are carried to "other capital surplus." Losses, net of gains, on the sale of these shares, are deducted from retained earnings.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company records treasury shares repurchased at cost.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(q)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Discontinued Operations</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 3, 2011, Merhav-Ampal Group Ltd (former known as Merhav Ampal Energy Ltd.) ("MAG") completed its sale of all of the outstanding shares of 012 Smile Telecom Ltd., a wholly owned subsidiary of MAG ("012 Smile"), to Partner Communications Company Ltd. ("Partner"), in accordance with the Share Purchase Agreement between MAG, 012 Smile and Partner, signed on October 13, 2010 (the "012 Sale").&nbsp;Accordingly, 012 Smile has been reported as discontinued operations since December 31, 2010.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">All the indirect interest expenses were recorded as a continuing operation.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(i) Classification</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">We classified certain<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>operations as discontinued using U.S. GAAP, as the associated operations and cash<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>flows will be eliminated from our ongoing operations and we will not have<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>any significant continuing involvement in their operations after the respective<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>sale transactions. For all periods presented, all of the operating results<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>for these operations were removed from continuing operations and are presented<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>separately as discontinued operations, net of tax. The Notes to the Consolidated<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>Financial Statements were adjusted to exclude discontinued operations unless<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>otherwise noted.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(ii) Impairment Test</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">An impairment test on<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>an asset group to be discontinued, held-for-sale, or otherwise disposed<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>of is performed upon occurrence of a triggering event or when certain criteria<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>are met (e.g., the asset can be disposed of within twelve months, appropriate<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>levels of authority have approved the sale, and there is an active program<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>to locate a buyer). Long-lived assets held-for-sale are recorded at the<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>lower of their carrying amount or estimated fair value less cost to sell. If the carrying value of the assets held-for-sale exceeds the fair value<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>less cost to sell, we recognize an impairment loss based on the excess<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>of the carrying amount over the fair value of the assets less cost to sell.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(iii) Revenue Recognition from Telecommunications</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenue derived from usage of 012 Smile's networks, including business, residential and carrier long distance traffic, data and Internet traffic services revenues, is recognized when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed or product delivered and collectability of the resulting receivable is reasonably assured.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For traditional voice services, revenue is earned based on the number of minutes of a call and is recorded upon completion of a call. Revenue for a period is calculated based on information received through 012 Smile's network switches. Revenue on prepaid calling cards is recognized as service is provided until expiration when all unused minutes, which are no longer available to customers, are recognized as revenue.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For broadband and data services, revenue is earned on a fixed monthly fee basis for the provision of services. Broadband and data services include monthly fees collected for the provision of dedicated and dial-up access at various speeds and bandwidths, and also web and server hosting. These fees are recognized as services are provided. 012 Smile records payments received in advance for services and services to be provided under contractual agreements, such as Internet broadband, as deferred revenue until such related services are provided.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">012 Smile also offers value-added services including web faxing services, anti-spam and anti-virus protection. Generally, these enhanced features and data applications generate additional service revenues through monthly subscription fees or increased usage through utilization of the features and applications. Revenues from enhanced features and optional services are recognized when earned.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Revenues from sales of equipment such as routers, that are not contingent upon the delivery of additional products or services are recognized when products are delivered to and accepted by customers. Pursuant to Accounting Standards Codification ("ASC") 605-25, "Multiple-Element Arrangements", the Company determined that the sale of equipment with accompanying services constitutes a revenue arrangement with multiple deliverables. Accordingly, consideration received for equipment, that is not contingent upon the delivery of additional items (such as the services), is recognized as equipment revenue, based on their relative fair value, upon the delivery of the equipment to the subscriber and when all other revenue recognition criteria are met. Consideration for services is recognized as services revenue when earned.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">012 Smile reports any taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction between 012 Smile and a customer on a net basis (excluded from revenues).</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">(r)</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Classification</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Certain comparative figures have<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>been reclassified to conform to the current year presentation.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</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: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;(s)</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Recently Issued Accounting Pronouncements</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">ASU 2011-12 &#8211; update to ASU 2011-05</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In December 2011, the FASB issued ASU No. 2011-12 ("ASU 2011-12") which amended the comprehensive income presentation guidance. The adjustments in this Update supersede changes to those paragraphs in Update No. 2011-05 ("ASU 2011-05") that pertain to how, when and where reclassification adjustments are presented. Entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05. The amendments are effective for public entities for annual and interim reporting periods beginning after December 15, 2011. The Company will adopt this amendment on January 1, 2012. The adoption will change the way the Company presents comprehensive income as under current guidance, the Company presents comprehensive income within the statement of changes in equity in annual periods, and within the footnotes to the financial statements in interim periods.</font><br /></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">ASU 2011-11</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In December 2011, the FASB issued ASU No. 2011-11 ("ASU 2011-11") which amended the disclosure information requirements regarding offsetting (netting) assets and liabilities. The amendment enhances disclosures regarding financial instruments and derivative instruments that are either (1) offset in accordance with GAAP or (2) subject to an enforceable master netting arrangement. This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. The amendments in ASU 2011-11 are effective for annual and interim reporting periods beginning after January 1, 2013. According to ASU 2011-11 the entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The Company does not expect ASU 2011-11, which relates to disclosure matters only, to have an impact on the Company's consolidated financial position, results of operations or cash flows.</font></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">ASU 2011-08</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In September 2011, the FASB issued ASU No. 2011-08 ("ASU 2011-08") which amended the guidance for goodwill impairment testing. The amendment provides entities testing goodwill for impairment the option of performing a qualitative assessment before calculating the fair value of the reporting unit. If, on the basis of qualitative factors, it is not more likely than not that the fair value of the reporting unit is less than the carrying amount, further testing of goodwill for impairment would not be required. The amendment also removes the carry forward option of the reporting unit fair value from one year to the next. The amendment is effective for annual and interim goodwill impairment tests performed in fiscal years beginning after December 15, 2011. Early adoption is permitted.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">ASU 2011-05</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In June 2011, the FASB issued ASU No. 2011-05 ("ASU 2011-05") which amended the comprehensive income presentation guidance. The amendment requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. The guidance is effective for interim and annual periods beginning after December 15, 2011.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.3pt;" align="left"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">ASU 2011-04</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In May 2011, the FASB issued ASU No. 2011-04 ("ASU 2011-04") for Fair Value Measurements and Disclosures (Topic 820). The amendment clarifies the existing guidance and adds new disclosure requirements. The guidance is effective for interim and annual periods beginning after December 15, 2011. The Company is currently evaluating the potential impact of ASU 2011-04 on its financial statements.</font></div> </div> 185225000 78038000 234119000 -17858000 184424000 63277000 869000 31907000 -28500000 216554000 -14598000 184287000 63277000 -75000 12426000 -28763000 178548000 103000 182924000 63277000 -6677000 -32316000 -28763000 49362000 -11781000 182942000 63277000 -28676000 -127637000 -28763000 <div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Note 12 &#8211; Shareholders' Equity</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Set forth below is our treasury stock as of December 31, 2011, 2010 and 2009:</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">Fiscal Year Ended December 31,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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"><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" 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" 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"><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" 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" 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"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom"><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" 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">(U.S. Dollars in thousands)</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" 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: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">CLASS A STOCK</font></font></div> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance, beginning of year - 7,143,557, 7,143,557 and 6,851,454 shares, respectively, at cost</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">$</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">(28,763</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">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(28,763</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)&nbsp;</font></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(28,500</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></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="64%" align="left"><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">Shares purchased 0, 0 and 292,103, respectively</font></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="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">0</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="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">&nbsp;0</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="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">(263)</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: 2px;" valign="bottom" width="64%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance, end of year - 7,143,557, 7,143,557 and 7,143,557 shares, respectively, at cost</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">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(28,763</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</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">(28,763</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="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">$</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">(28,763</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></table><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font></div></div> </div> 292103 -263000 -263000 <div> <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">Note 21 - Subsequent Events</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Debt</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 1, 2012, the Company held a meeting with the Holders. During this meeting, the&nbsp;<font class="_mt">Companyl</font> proposed to restructure (the "Proposal") the Debentures to postpone all principal payments due thereunder for the next two years, during which period Ampal would continue to make the interest payments as scheduled. Under the Proposal, the principal amount of the Debentures would not be reduced, and after the two-year period the principal payment schedule for the Debentures would return to the original terms.&nbsp;&nbsp;The Company requested that the Holders appoint a delegation (a committee of representatives) of Holders to discuss the proposal.&nbsp;&nbsp;On January 18, 2012, the Company announced that two separate Holders' Committees had been formed: one to represent the Series A and Series C Debenture holders and the other to represent the Series B&nbsp;<font class="_mt">Debentres</font> holders (the "B Holders") The Company is negotiating with the two delegations.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 22, 2012, the Company announced that its Board of Directors decided to postpone making the principal payments currently coming due on the Debentures, but to continue making interest payments as scheduled. In accordance with the decision, on January 31, 2012, the Company made an interest payment on the Series B Debentures (the "Series B Debentures") to the B Holders on the scheduled payment date, and the Company did not request the return of the Company's funds held by the trustee for the B Holders.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 2, 2012, in connection with the previously announced negotiations by the Company regarding the restructuring of the Company's debentures, the Company provided an undertaking (the "A and C Undertaking") to the holders (collectively, the "A and C Holders") of the Company's Series A and Series C Debentures (collectively, the "A and C Series Debentures"), the joint representatives of the Holders (collectively, the "A and C Debenture Representatives") and the A and C Series Debentures' trustees (collectively, the "Trustees," and together with the A and C Holders and the A and C Debenture Representatives, collectively, the "A and C Debenture Parties").&nbsp; Through the A and C Undertaking, the Company has agreed to certain restrictions on its operations. The A and C Undertaking will remain in effect until the earlier of: (i) an agreement is reached with the Company's Series A, Series B and Series C debenture holders; (ii) seven days after the Company notifies the Trustees that negotiations have ceased; (iii) upon the notification by any of the A and C Debenture Parties to the Company that negotiations have ceased; (iv) upon the initiation of legal proceedings by any of the A and C Debenture Parties; or (v) seven days after the Company initiates legal proceedings in connection with demands of the Company's debenture holders. The Company has agreed to the following restrictions, including, without limitation:</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For as long as the A and C Undertaking is in effect,</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">a.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">except in the ordinary course of their respective businesses, and only on arm's length terms and for consideration to be received solely by Ampal or the applicable subsidiary, neither the Company nor any of its subsidiaries will dispose of any of their respective material assets or shall voluntarily permit the creation of new liens on any of their respective properties; provided that the Company may take the actions described above upon giving at least seven days' prior notice to the A and C Debenture Representatives and the Trustees;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">b.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of its subsidiaries will be party to any new transactions with their respective controlling shareholders or any of their respective officers, or with any entity in which their respective controlling shareholders or officers have a personal interest; provided that the Company or a subsidiary may enter into any such transactions upon giving at least seven days' prior notice to the A and C Debenture Representatives and the Trustees;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">c.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not distribute any dividends without the prior written consent of the A and C Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">d.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company or any of its subsidiaries will not repurchase any of its debentures;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">e.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not make any payments (other than interest payments) on its debentures provided that the Company may make such payments upon giving at least seven days' prior notice to the A and C Debenture Representatives and the Trustees;</font></div></td></tr></table></div> <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;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company also agreed to bear certain expenses of the Trustees and the Debenture Representatives, and as security for the payment of such costs, the Company deposited NIS150,000 (approximately $40,400) with the Trustees.&nbsp;&nbsp;Additionally, the Company agreed to fully cooperate with the Trustees and the A and C Debenture Representatives and provide them with all reasonably required information regarding the Company and its subsidiaries, subject to the Trustees and the A and C Debenture Representatives entering into a non-disclosure agreement with the Company.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The A and C Undertaking provides that nothing contained in the A and C Undertaking limits any party's right to defend its interests and assert its legal rights as it may deem fit, including through the initiation of legal or similar proceedings.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 20, 2012, a meeting of the B Holders was held at the request of the B Holders' trustee and on March 6, 2012, the B holders&nbsp;&nbsp;voted (the "Series B Resolution"), to accelerate and set to immediate repayment the entire outstanding amounts under the Series B Debentures. The Series B Resolution provided that the acceleration would be effective two weeks after March 6, 2012, unless an additional two-week extension was granted by the committee, formed by the B Holders (the "Series B Committee") to represent the B Holders. Such extension was granted on March 20, 2012, and currently the acceleration will be effective on April 3, 2012. Additional postponements of the effective date of the acceleration of the Series B Debentures are possible subject to the approval of the majority of the B Holders. As of March 12, 2012, due to the acceleration, the total amount outstanding (including interest) under the Series B Debentures (excluding the Series B Debentures held by the Company) is NIS 527,024,735 (approximately $138.4 million).</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Additionally, the B Holders voted to authorize the commencement of legal actions and other measures, at the discretion of Clal Finance Trusts 2007 Ltd., the trustee for the B Holders, and/or at the recommendation of the Series B Committee, to collect the principal payment which was due on January 31, 2012 and which the Company did not make. The B Holders also voted to empower the Series B Committee to continue negotiations with the Company to settle payments to the B Holders and/or to restructure the Series B Debentures, to protect the rights of the B Holders and to receive all required information from the Company regarding its financial status and its ability to meet its obligations.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On February 23, 2012, the Company provided an undertaking (the "B Undertaking") to the representatives (collectively, the "B Debenture Representatives") of the B Holders.&nbsp;Through the B Undertaking, the Company has agreed to certain restrictions on its operations.&nbsp;&nbsp;The B Undertaking will remain in effect until the earlier of: (i) an agreement is reached with the Company's Series A, Series B and Series C debenture holders; (ii) seven days after the Company notifies the Series B Trustee that negotiations have ceased; (iii) upon the notification by any of the Series B Trustee, the B Holders or the B Debenture Representatives to the Company that negotiations have ceased; (iv) upon the initiation of legal proceedings against the Company (including, without limitation, a notice to the Company demanding acceleration of the debt); or (v) upon the initiation of legal proceedings against the Company by the Series B Trustee or anyone on its behalf in a proceeding not initiated by the Company.&nbsp;&nbsp;The Company has agreed to the following restrictions, including, without limitation:</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For as long as the B Undertaking is in effect,</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">a.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">except in the ordinary course of their respective businesses, and only on arm's length terms and for consideration to be received by Ampal or by entities directly or indirectly controlled by Ampal ("Controlled Entities"), neither the Company nor any of the Controlled Entities will dispose of, provide options on or create liens on any of their respective material assets (including, without limitation, in its investments in East Mediterranean Gas Co. and the sugarcane ethanol production project in Colombia);</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">b.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will be party to any new transactions with their respective controlling shareholders or any of their respective officers, or with any entity in which their respective controlling shareholders or officers have a personal interest (other than with respect to certain existing and ongoing transactions);</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">c.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not distribute any dividends and will not repay any shareholders' loan without the prior written consent of the B Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">d.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will make any payments to the controlling shareholder of the Company, his relatives or any entities owned or controlled by him and/or by his relatives (other than with respect to certain existing and ongoing transactions), without the prior written consent of the B Debenture Representatives;</font></div></td></tr></table></div> <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;" class="_mt">&nbsp; &nbsp;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">&nbsp;</div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">e.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any the Controlled Entities will make any payments to any third party, if such payments are secured by a direct or indirect guaranty of the controlling shareholder of the Company, without the prior written consent of the B Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">f.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will make any payments to their respective financial creditors (other than with respect to certain payments to banks) without the prior written consent of the B Debenture Representatives;</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">g.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">neither the Company nor any of the Controlled Entities will repurchase, resell, transfer or pledge any of its debentures, or take any actions related to any of its repurchased debentures, other than any actions required to deregister such debentures from trade; and</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;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="9%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="3%" 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;" class="_mt">h.</font></div></td> <td valign="top" width="77%" 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;" class="_mt">the Company will not make any payments on its debentures (other than interest payments).</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company also agreed to bear certain expenses of the Series B Trustee and the B Debenture Representatives, and as security for the payment of such costs, the Company deposited NIS250,000 (approximately $66,500) with the Series B Trustee.&nbsp;&nbsp;Additionally, the Company agreed to fully cooperate with the Series B Trustee and the B Debenture Representatives and provide them with all required information regarding the Company, its assets and its subsidiaries, subject to the Series B Trustee and the B Debenture Representatives entering into a non-disclosure agreement with the Company.</font></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The B Undertaking provides that nothing contained in the B Undertaking limits any party's right to defend its interests and assert its legal rights as it may deem fit, including through the initiation of legal or similar </font> <div class="MetaData"> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">proceedings.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 5</font></div></div> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">, 2012, the Company announced that its Board of Directors decided that Ampal intends to make an interest payment which was due to be paid to the Series C Debenture holders on March 7, 2012 (the "Series C Interest Payment"), if the Series B Resolution is not approved. The Board further decided that if the Series B Resolution is approved (which was approved on March 6, 2012, as described above), the Series C Interest Payment will be postponed until it is clear to Ampal whether the Series B Resolution to accelerate the entire debt to the B Holders and set it to immediate payment will be implemented or not.</font></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 26, 2012, the Company announced that the Series C Interest Payment will be paid on March 29, 2012 by transferring funds that are deposited with the trustee for the Series C debenture holders, in favor of the Series C debenture holders, and in accordance with the resolution of the Series C debenture holders of March 22, 2012.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A meeting of the Series A and Series C Debenture holders is scheduled to be held on April 3, 2012, at the request of the Series A and Series C Debenture holders' trustees. On the agenda is a resolution to accelerate and set to immediate repayment the entire outstanding amounts under the Series A and Series C Debentures.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 15, 2012, Midroog downgraded the Debentures' ratings by three notches, to Caa3 from B3 with a negative outlook.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">EMG</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the alleged terror attack of March 5, 2012 on GASCO's pipeline, gas to EMG and its Israeli clients has not been supplied. Between November 28, 2011 and March 28, 2012, there were several explosions along the Egyptian gas pipeline owned and operated by GASCO (the Egyptian gas transport company) due to alleged terror attacks, which effected gas supply to the site near El-Arish of EMG, an Egyptian joint stock company in which the Company holds a 16.8% interest, as indicated on the Company's financial statements. Neither EMG's site nor EMG's pipeline were damaged in the attacks.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Due to the alleged terror attacks, from February 5, 2011 through March 28, 2012, the supply of gas to EMG, and therefore to EMG's Israeli clients, was interrupted several times. During 2012, gas was not supplied for an aggregate of 64 days between January 1, 2012 and March 28, 2012.&nbsp;</font></div> </div> 0 604000 5399000 -20159000 21735000 7143557 7143557 28763000 28763000 56151000 56134000 56134000 In thousands In thousands Assets and liabilities purchased in acquisitions of ADPO and Agro - see Note 3