**Exhibit 11.1**

 

# **Computation ofEarnings Per Share**

 

The following is areconciliation of the numerators and denominators of the basic and dilutedearnings per share computations for income from continuing operations:

 
|                                                          |   | **Income**      |    | **Shares**        |       | **Per Share** |   |
|---------------------------------------------------------------|--------|-----------------|---------|-------------------|------------|---------------|--------|
| **U.S. dollars in thousands except share and per share data** |   | **(Numerator)** |    | **(Denominator)** |       | **Amount**    |   |
| Three Months Ended September 30, 2001                         |   |            |    |              |       |          |   |
| *Basic earnings per share*                                    |   |            |    |              |       |          |   |
| Income 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 earnings per share*                                  |   |            |    |              |       |          |   |
| Income available to common shareholders                       |   | $               | 97      |              | 11,787,725 |          | $      | 0.01 |   |
|                                                          |   |            |    |              |       |          |   |
| Three Months Ended September 30, 2000                         |   |            |    |              |       |          |   |
| *Basic loss per share*                                        |   |            |    |              |       |          |   |
| Loss available to common shareholders                         |   | $               | (35,048 | )                 | 11,817,349 |          | $      | (2.97 | ) |
|                                                          |   |            |    |              |       |          |   |
| Effect of Dilutive Securities:                                |   |            |    |              |       |          |   |
| Class A Warrants                                              |   |            |    | --                |       |          |   |
| Director and Employee Options                                 |   |            |    | --                |       |          |   |
| Class B Warrants                                              |   |            |    | --                |       |          |   |
| *Diluted loss per share*                                      |   |            |    |              |       |          |   |
| Loss available to common shareholders                         |   | $               | (35,048 | )                 | 11,817,349 |          | $      | (2.97 | ) |
|                                                          |   |            |    |              |       |          |   |
| Nine Months Ended September 30, 2001                          |   |            |    |              |       |          |   |
| *Basic loss per share*                                        |   |            |    |              |       |          |   |
| Loss available to common shareholders                         |   | $               | (9,762  | )                 | 11,786,000 |          | $      | (0.83 | ) |
|                                                          |   |            |    |              |       |          |   |
| Effect of Dilutive Securities:                                |   |            |    |              |       |          |   |
| Class A Warrants                                              |   |            |    | --                |       |          |   |
| Director and Employee Options                                 |   |            |    | --                |       |          |   |
| Class B Warrants                                              |   |            |    | --                |       |          |   |
| *Diluted loss per share*                                      |   |            |    |              |       |          |   |
| Loss available to common shareholders                         |   | $               | (9,762  | )                 | 11,786,000 |          | $      | (0.83 | ) |
|                                                          |   |            |    |              |       |          |   |
| Nine Months Ended September 30, 2000                          |   |            |    |              |       |          |   |
| *Basic loss per share*                                        |   |            |    |              |       |          |   |
| Loss available to common shareholders                         |   | $               | (48,667 | )                 | 11,746,066 |          | $      | (4.14 | ) |
|                                                          |   |            |    |              |       |          |   |
| Effect of Dilutive Securities:                                |   |            |    |              |       |          |   |
| Class A Warrants                                              |   |            |    | --                |       |          |   |
| Director and Employee Options                                 |   |            |    | --                |       |          |   |
| Class B Warrants                                              |   |            |    | --                |       |          |   |
|                                                          |   |            |    |              |       |          |   |
| *Diluted loss per share*                                      |   |            |    |              |       |          |   |
| Loss available to common shareholders                         |   | $               | (48,667 | )                 | 11,746,066 |          | $      | (4.14 | ) |