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EXHIBIT 11.01 COMPUTATION OF PER SHARE EARNINGS.
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Three Months Ended Six Months Ended
June 30 June 30
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(U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA) 2000 1999 2000 1999
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(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
I. CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
(A) BASIC EARNINGS PER SHARE
Net earnings (loss) $ (755) $ (4,491) $ (917) $ (7,536)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
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Basic earnings per share $ (0.01) $ (0.05) $ (0.01) $ (0.08)
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(B) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) $ (755) $ (4,491) $ (917) $ (7,536)
Interest income from cash from stock options - 2 - 4
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Adjusted net earnings (loss) $ (755) $ (4,489) $ (917) $ (7,532)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
Stock options deemed exercised - 2,175,000 - 2,175,000
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Adjusted weighted average shares outstanding 90,715,040 92,890,040 90,715,040 92,890,040
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Fully diluted earnings per share $ (0.01) $ (0.05) $ (0.01) $ (0.08)
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II. UNITED STATES GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES
(A) BASIC EARNINGS PER SHARE
Net earnings (loss) per U.S. GAAP $ (738) $ (4,154) $ (818) $ (7,016)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
Common stock equivalents - stock options - 2,175,000 - 2,175,000
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Adjusted weighted average shares outstanding 90,715,040 92,890,040 90,715,040 92,890,040
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Basic earnings per share $ (0.01) $ (0.04) $ (0.01) $ (0.08)
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(B) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) per U.S. GAAP $ (738) $ (4,154) $ (818) $ (7,016)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
Stock options deemed exercised - 2,175,000 - 2,175,000
Shares deemed repurchased - (2,159,683) - (2,175,000)
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Adjusted weighted average shares outstanding 90,715,040 90,730,357 90,715,040 90,715,040
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Fully diluted earnings per share $ (0.01) $ (0.05) $ (0.01) $ (0.08)
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