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

|(1) | After deduction of preferred
      stock dividends of $213, $218 and $227, respectively.                                                                        
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | In 2002 and 2001, the
      conversion of the 4% and 6-1/2% Preferred Stocks was excluded from the diluted
      EPS calculation due to the antidilutive effect.
|    |                                                                                                                                                                 

84

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