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EXHIBIT 11.01 COMPUTATION OF PER SHARE EARNINGS.
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Three Months Ended Nine Months Ended
September 30 September 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) $ (590) $ (1,788) $ (1,507) $ (9,324)
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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) $ (0.02) $ (0.02) $ (0.10)
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(b) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) $ (590) $ (1,788) $ (1,507) $ (9,324)
Interest income from cash from stock options - 2 - 6
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Adjusted net earnings (loss) $ (590) $ (1,786) $ (1,507) $ (9,318)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
Stock options deemed exercised - 1,983,333 - 1,983,333
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Adjusted weighted average shares outstanding 90,715,040 92,698,373 90,715,040 92,698,373
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Fully diluted earnings per share $ (0.01) $ (0.02) $ (0.02) $ (0.10)
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II. UNITED STATES GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES
(a) BASIC EARNINGS PER SHARE
Net earnings (loss) per U.S. GAAP $ (590) $ (1,653) $ (1,408) $ (8,669)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
Common stock equivalents - stock options - 1,983,333 - 1,983,333
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Adjusted weighted average shares outstanding 90,715,040 92,698,373 90,715,040 92,698,373
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Basic earnings per share $ (0.01) $ (0.02) $ (0.02) $ (0.09)
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(b) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) per U.S. GAAP $ (590) $ (1,653) $ (1,408) $ (8,669)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
Stock options deemed exercised - 1,983,333 - 1,983,333
Shares deemed repurchased - (1,864,333) - (1,864,333)
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Adjusted weighted average shares outstanding 90,715,040 90,834,040 90,715,040 90,834,040
Fully diluted earnings per share $ (0.01) $ (0.02) $ (0.02) $ (0.10)
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