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EXHIBIT 11.1
COMPUTATION OF EARNINGS PER SHARE
The following is a reconciliation of the numerators and denominators of the
basic and diluted earnings per share computations for income from continuing
operations:
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<CAPTION>
U.S. dollars in thousands except Income Shares Per Share
share and per share data (Numerator) (Denominator) Amount
------------------------------------- ----------- ------------- -----------
<S> <C> <C> <C>
THREE MONTHS ENDED SEPTEMBER 30, 2000
BASIC LOSS PER SHARE
Loss available to common shareholders $ (35,048) 11,817,349 $ (2.97)
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options --
Class B Warrants --
---------- ---------- --------
DILUTED LOSS PER SHARE
Loss available to common shareholders $ (35,048) 11,817,349 $ (2.97)
========== ========== ========
THREE MONTHS ENDED SEPTEMBER 30, 1999
BASIC EARNINGS PER SHARE
Income available to common shareholders $ (14,160) 13,792,450 $ (1.03)
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options --
Class B Warrants --
---------- ---------- --------
DILUTED EARNINGS PER SHARE
Income available to common shareholders $ (14,160) 13,792,450 $ (1.03)
========== ========== ========
NINE MONTHS ENDED SEPTEMBER 30, 2000
BASIC LOSS PER SHARE
Loss available to common shareholders $ (48,667) 11,746,066 $ (4.14)
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options --
Class B Warrants --
---------- ---------- --------
DILUTED LOSS PER SHARE
Loss available to common shareholders $ (48,667) 11,746,066 $ (4.14)
========== ========== ========
NINE MONTHS ENDED SEPTEMBER 30, 1999
BASIC EARNINGS PER SHARE
Income available to common shareholders $ (6,963) 13,879,235 $ (0.50)
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options --
Class B Warrants --
---------- ---------- --------
DILUTED EARNINGS PER SHARE
Income available to common shareholders $ (6,963) 13,879,235 $ (0.50)
========== ========== ========
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