Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income

(In thousands, except per share data)
 
Three Months Ended
Twelve Months Ended
   
December 31,
 
December 31,
      2010     2009       2010     2009  
   
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Audited)
                 
Operating revenue   $ 35,097     $ 31,304     $ 132,188     $ 97,685  
                 
Operating expenses:                
Cost of services provided     7,691       7,976       29,599       21,274  
Product development     3,379       3,104       13,607       11,362  
Sales and marketing     1,613       1,487       6,372       5,040  
General and administrative     7,151       5,442       24,065       16,798  
Amortization and depreciation     1,605       1,439       6,038       3,955  
Total operating expenses     21,439       19,448       79,681       58,429  
                 
Operating income     13,658       11,856       52,507       39,256  
Interest income     141       52       519       199  
Interest expense     (152)       (279)       (902)       (1,070)  
Other non-operating income     641       89       6,319       89  
Foreign currency exchange gain     352       464       1,211       1,358  
                 
Income before income taxes     14,640       12,182       59,654       39,832  
Income tax expense (benefit)     1,304       (85       (635)       (1,010)  
Net income   $ 15,944     $ 12,097     $ 59,019     $ 38,822  
                 
Basic earnings per common share*   $ 0.45     $ 0.36     $ 1.69     $ 1.24  
                 
Diluted earnings per common share*   $ 0.42     $ 0.31     $ 1.51     $ 1.03  
                 
Basic weighted average shares                                
outstanding*     35,083       33,990       34,845       31,398  
                 
Diluted weighted average shares                                
outstanding*     38,417       39,594       39,018       38,014  
* Adjusted for all periods presented to reflect the effect of the 3-for-1 stock split dated January 4, 2010