GORAN CAPITAL INC. - Consolidated                                 Exhibit 11.01
Analysis of Earnings Per Share
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<CAPTION>


                                                                                      Nine                           Nine
                                                                                  Months Ended                   Months Ended
                                                                                  September 30,                 September 30,
                                                                                      1999                           1998

<S>                                                                                   <C>          <C>              <C>
Average Price (US $)                                                                  $6.53         (A)             $27.88

Proceeds from Exercise of Warrants and Options (US $)                             $6,583,261        (B)         $15,031,886
                                                                                   =========                     ==========
Shares Repurchased - Treasury Method                                               1,008,620      (B)/(A)           562,477
                                                                                   =========                        =======
Shares Outstanding - Weighted Average                                              5,876,398                      5,825,930
Add:  Options and Warrants Outstanding                                               682,572                        802,304
Less:  Treasury Method - Shares Repurchased                                       (1,008,620)                      (562,477)
                                                                                   ---------                      ---------
Shares Outstanding for US GAAP Purposes                                            5,550,350        (C)           6,065,757
                                                                                   =========                      =========
Net Earnings (loss) in Accordance with US GAAP                                  $(19,623,000)       (D)         $(1,941,000)
                                                                                  ==========                      =========
Earnings (loss)Per Share - US GAAP - Basic                                            $(3.34)                         $(.33)
                                                                                        ====                            ===
Earnings (loss) Per Share - US GAAP - Fully Diluted                                   $(3.34)     (D)/(C)             $(.33)
                                                                                        ====                            ===
</TABLE>

The Company has 683,000 stock options  outstanding as of September 30, 1999. All
of the stock options are  antidilutive  because the exercise  price is below the
average market price during the period. Additionally due to the net loss in 1998
and 1999,  stock  options are  antidilutive  and therefore are excluded from the
calculation of average  common shares  outstanding  assuming  dilution and fully
diluted earnings per share is the same as basic earnings per share.

                                      -37-

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