Year ended December 31,

2010

2011

2012

Numerator for basic and diluted earnings per share - net income available to Magic shareholders

$

9,375

$

15,044

$

16,183

Weighted average ordinary shares outstanding:

Denominator for basic net earnings per share

32,139,686

36,267,739

36,502,264

Effect of dilutive securities

591,360

777,968

605,406

Denominator for diluted net earnings per share

32,731,046

37,045,707

37,107,670

Basic and diluted earnings per share

$

0.29

$

0.41

$

0.44