**Exhibit 11.1**

# II.                                     Computation of 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** |   | **Income**      |   | **Shares**        |       | **Per Share** |   |
|-----------------------------------------------------|--------|-----------------|--------|-------------------|------------|---------------|--------|
| **share data**                                      |   | **(Numerator)** |   | **(Denominator)** |       | **Amount**    |   |
|                                                |   |            |   |              |       |          |   |
| Three Months Ended March 31, 2002                   |   |            |   |              |       |          |   |
| *Basic  loss per share*                             |   |            |   |              |       |          |   |
| Loss available to common shareholders               |   | $               | (5,529 | )                 | 11,831,063 |          | $      | (0.47 | ) |
|                                                |   |            |   |              |       |          |   |
| Effect of Dilutive Securities:                      |   |            |   |              |       |          |   |
| Class A Warrants                                    |   |            |   | —            |       |          |   |
| Director and Employee Options                       |   |            |   | —            |       |          |   |
| Class B Warrants                                    |   |            |   | —            |       |          |   |
|                                                |   |            |   |              |       |          |   |
| *Diluted  loss per share*                           |   |            |   |              |       |          |   |
| Loss available to common shareholders               |   | $               | (5,529 | )                 | 11,831,063 |          | $      | (0.47 | ) |
|                                                |   |            |   |              |       |          |   |
| Three Months Ended March 31, 2000                   |   |            |   |              |       |          |   |
| *Basic  loss per share*                             |   |            |   |              |       |          |   |
| Loss available to common shareholders               |   | $               | (3,943 | )                 | 11,782,500 |          | $      | (0.33 | ) |
|                                                |   |            |   |              |       |          |   |
| Effect of Dilutive Securities:                      |   |            |   |              |       |          |   |
| Class A Warrants                                    |   |            |   | —            |       |          |   |
| Director and Employee Options                       |   |            |   | —            |       |          |   |
| Class B Warrants                                    |   |            |   | —            |       |          |   |
|                                                |   |            |   |              |       |          |   |
| *Diluted  loss per share*                           |   |            |   |              |       |          |   |
| Loss available to common shareholders               |   | $               | (3,943 | )                 | 11,782,500 |          | $      | (0.33 | ) |

 

 

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