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<TABLE>
<CAPTION>
Goran Capital, Inc. -
Consolidated Exhibit 11
Analysis of Earnings Per Share
US GAAP - Treasury Method
Nine Months Nine Months
Ended Ended
See Note (1) below September 30, September 30,
2000 1999
<S> <C> <C> <C>
Average Price (US $) N/A (A) N/A
Proceeds from Exercise of Warrants and Options (US $) Nil (B) Nil
Shares Repurchased - Treasury Method Nil (B) / (A) Nil
Shares Outstanding - Weighted Average 5,837,509 5,876,398
Add: Options and Warrants Outstanding (1) Nil Nil
Less: Treasury Method - Shares Repurchased Nil Nil
Shares Outstanding for US GAAP Purposes 5,837,509 (C ) 5,876,398
Net Earnings in Accordance with US GAAP $(34,649,000) (D) $(19,623,000)
Earnings (loss) Per Share - US GAAP - Basic $(5.94) $(3.34)
Earnings (loss) Per Share - US GAAP - Fully Diluted $(5.94) (D) / (C ) $(3.34)
Note 1: There were no options with a dilutive effect for the nine months ended
September 30, 2000 or 1999.
</TABLE>
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