**Exhibit11.1**

 

Computationof Earnings Per Share

 

Thefollowing is a reconciliation of the numerators and denominators of the basicand diluted earnings per share computations for income from continuingoperations:

 
| **U.S. dollars in thousands except  share and per share data** |   | **Income  (Numerator)** |   | **Shares  (Denominator)** |       | **Per  Share  Amount** |   |
|----------------------------------------------------------------|--------|-------------------------|--------|---------------------------|------------|------------------------|--------|
|                                                           |   |                    |   |                      |       |                   |   |
| **Three Months Ended September 30,  2002**                     |   |                    |   |                      |       |                   |   |
| *Basic loss per share*                                         |   |                    |   |                      |       |                   |   |
| Loss available to common shareholders                          |   | $                       | (1,695 | )                         | 11,884,173 |                   | $      | (0.14 | ) |
|                                                           |   |                    |   |                      |       |                   |   |
| Effect of Dilutive Securities:                                 |   |                    |   |                      |       |                   |   |
| Class A Warrants                                               |   |                    |   | —                    |       |                   |   |
| Director and Employee Options                                  |   |                    |   | —                    |       |                   |   |
| Class B Warrants                                               |   |                    |   | —                    |       |                   |   |
|                                                           |   |                    |   |                      |       |                   |   |
| *Diluted loss per share*                                       |   |                    |   |                      |       |                   |   |
| Loss available to common shareholders                          |   | $                       | (1,695 | )                         | 11,884,173 |                   | $      | (0.14 | ) |
|                                                           |   |                    |   |                      |       |                   |   |
| **Three Months Ended September 30,  2001**                     |   |                    |   |                      |       |                   |   |
| *Basic profit per share*                                       |   |                    |   |                      |       |                   |   |
| Profit available to common shareholders                        |   | $                       | 97     |                      | 11,787,725 |                   | $      | 0.01 |   |
|                                                           |   |                    |   |                      |       |                   |   |
| Effect of Dilutive Securities:                                 |   |                    |   |                      |       |                   |   |
| Class A Warrants                                               |   |                    |   | —                    |       |                   |   |
| Director and Employee Options                                  |   |                    |   | —                    |       |                   |   |
| Class B Warrants                                               |   |                    |   | —                    |       |                   |   |
|                                                           |   |                    |   |                      |       |                   |   |
| *Diluted loss per share*                                       |   |                    |   |                      |       |                   |   |
| Income available to common shareholders                        |   | $                       | 97     |                      | 11,787,725 |                   | $      | 0.01 |   |

 

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