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:
<TABLE>
<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 June 30, 2000
Basic loss per share
Loss available to common shareholders $ (6,313) 11,836,585 $ (0.53)
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options --
Class B Warrants --
------------------------------------------
Diluted loss per share
Loss available to common shareholders $ (6,313) 11,836,585 $ (0.53)
==========================================
Three Months Ended June 30, 1999
Basic earnings per share
Income available to common shareholders $ 3,206 13,922,898 $ 0.23
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options 932
Class B Warrants --
------------------------------------------
Diluted earnings per share
Income available to common shareholders $ 3,206 13,923,830 $ 0.23
==========================================
Six Months Ended June 30, 2000
Basic loss per share
Loss available to common shareholders $ (13,619) 11,706,242 $ (1.16)
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options --
Class B Warrants --
------------------------------------------
Diluted loss per share
Loss available to common shareholders $ (13,619) 11,706,242 $ (1.16)
==========================================
Six Months Ended June 30, 1999
Basic earnings per share
Income available to common shareholders $ 7,197 13,923,346 $ 0.52
Effect of Dilutive Securities:
Class A Warrants --
Director and Employee Options 13,444
Class B Warrants --
------------------------------------------
Diluted earnings per share
Income available to common shareholders $ 7,197 13,936,790 $ 0.52
==========================================
</TABLE>
