**Exhibit 11.1**

# ** **

# **Computation of Earnings Per Share**

 

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

 
| **U.S. dollars in thousands except share and  per share data** |   | **Income  (Numerator)** |       | **Shares  (Denominator)** |       | **Per Share  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                          |   | $                       | (39,119    | )                         | 11,817,349 |                  | $          | (3.31 | ) |
|                                                           |   |                    |       |                      |       |                  |       |
| Effect of Dilutive Securities:                                 |   |                    |       |                      |       |                  |       |
| Class A Warrants                                               |   |                    |       | —                    |       |                  |       |
| Director and Employee Options                                  |   |                    |       | —                    |       |                  |       |
| Class B Warrants                                               |   |                    |       | —                    |       |                  |       |
| *Diluted loss per share*                                       |   |                    |       |                      |       |                  |       |
| Loss available to common shareholders                          |   | $                       | (39,119    | )                         | 11,817,349 |                  | $          | (3.31 | ) |
|                                                           |   |                    |       |                      |       |                  |       |
| 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                          |   | $                       | (52,738    | )                         | 11,746,066 |                  | $          | (4.49 | ) |
|                                                           |   |                    |       |                      |       |                  |       |
| Effect of Dilutive Securities:                                 |   |                    |       |                      |       |                  |       |
| Class A Warrants                                               |   |                    |       | —                    |       |                  |       |
| Director and Employee Options                                  |   |                    |       | —                    |       |                  |       |
| Class B Warrants                                               |   |                    |       | —                    |       |                  |       |
|                                                           |   |                    |       |                      |       |                  |       |
| *Diluted loss per share*                                       |   |                    |       |                      |       |                  |       |
| Loss available to common shareholders                          |   | $                       | (52,738    | )                         | 11,746,066 |                  | $          | (4.49 | ) |

 

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