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Exhibit 11

AMPAL-AMERICAN ISRAEL CORPORATION
AND SUBSIDIARIES

SCHEDULE SETTING FORTH COMPUTATION 
OF
EARNINGS PER SHARE OF CLASS A STOCK

(Amounts in thousands, except per
share data)

|                                                 |  |                                |        |      |   |        |   |   |         |  
|------------------------------------------------ |  | ------------------------------ | ------ | ---- | - | ------ | - | - | ------- | -
|                                                 |  | Fiscal Year Ended December 31, |       
|                                                 |  |                                |        |      |   |        |  
|                                                 |  | 2006                           |        | 2005 |   | 2004   |  
|                                                 |  |                                |        |      |   |        |  
|                                                 |  | (U.S. Dollars in thousands)    |       
|                                                 |  |                                |       
|                                                
|Weighted average number of shares
  outstanding: |  |                                |        |      |   |        |   |   |         |  
|4%
Preferred                                     |  |                                | -      |      |   | 116    |   |   | 125     |  
|6-1/2%
Preferred                                 |  |                                | -      |      |   | 522    |   |   | 547     |  
|Class A                                          |  |                                | 24,109 |      |   | 19,967 |   |   | 19,841  |  
|                                                 |  |                                |        |      |   |        |   |   |         |  
|                                                 |  |                                |        |      |   |        |   |   |         |  
|BASIC EPS                                        |  |                                |        |      |   |        |   |   |         |  
|Net (Loss)
income(1)                             |  | $                              | (9,525 | )    | $ | (6,149 | ) | $ | (18,585 | )
|                                                 |  |                                |        |      |   |        |   |   |         |  
|Earnings per Class A share                       |  | $                              | (0.40  | )    | $ | (0.31  | ) | $ | (0.94   | )
|                                                 |  |                                |        |      |   |        |   |   |         |  
|Shares used in calculation                       |  |                                | 24,109 |      |   | 19,967 |   |   | 19,841  |  
|                                                 |  |                                |        |      |   |        |   |   |         |  
|                                                 |  |                                |        |      |   |        |   |   |         |  
|DILUTED EPS                                      |  |                                |        |      |   |        |   |   |         |  
|Net (Loss) income                                |  | $                              | (9,525 | )    | $ | (6,149 | ) | $ | (18,585 | )
|                                                 |  |                                |        |      |   |        |   |   |         |  
|Earnings per Class A share                       |  | $                              | (0.40  | )    | $ | (0.31  | ) | $ | (0.94   | )
|                                                 |  |                                |        |      |   |        |   |   |         |  
|Share used in calculation:                       |  |                                |        |      |   |        |   |   |         |  
|Basic                                            |  |                                | 24,109 |      |   | 19,967 |   |   | 19,841  |  
|4% Preferred                                     |  |                                | -      |      |   | -      |   |   | -       |  
|6% Preferred                                     |  |                                | -      |      |   | -      |   |   | -       |  
|Option                                           |  |                                | -      |      |   | -      |   |   | -       |  
|                                                 |  |                                |        |      |   |        |   |   |         |  
|T o t a l                                        |  |                                | 24,109 |      |   | 19,967 |   |   | 19,841  |  
|                                                 |  |                                |        |      |   |        |   |   |         |  

|    |                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------
|(1) | After deduction of
  preferred stock dividends (in thousands) of $2,438, $191, and $200 for the
  years 2006, 2005 and 2004, respectively.



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