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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,
|---------------------------------------------- | ------------------------------
|
|
|
|
|Weighted average number of shares outstanding: |                               
|4% Preferred                                   |                               
|6-1/2% Preferred                               |                               
|Class A                                        |                               
|                                               |                               
|                                               |                               
|BASIC EPS                                      |                               
|Net (Loss) income(1)                           |                               
|                                               |                               
|Earnings per Class A share                     |                               
|                                               |                               
|Shares used in calculation                     |                               
|                                               |                               
|                                               |                               
|DILUTED EPS                                    |                               
|Net (Loss) income                              |                               
|                                               |                               
|Earnings per Class A share                     |                               
|                                               |                               
|Share used in calculation:                     |                               
|Basic                                          |                               
|4% Preferred                                   |                               
|6% Preferred                                   |                               
|Option                                         |                               
|                                               |                               
|Total                                          |                               
|                                               |                               

|(1) | After
deduction of preferred stock dividends (in thousands) of 191, $200                and
$213 for the years 2005, 2004 and 2003, respectively.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | After
allocation of net income to the participating 4% Cumulative Convertible
               Preferred Stock.
|--- | -------------------------------------------------------------------------------------------------------------

|(3) | Restated
in order to reflect the implementation of the two-class method instead                of
the if converted method implemented in the past.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------



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