**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 share data** |   | **Income  (Numerator)** |    | **Shares  (Denominator)** |       | **Per Share  Amount** |   |
|----------------------------------------------------------------|--------|-------------------------|---------|---------------------------|------------|-----------------------|--------|
|                                                           |   |                    |    |                      |       |                  |   |
| Three Months Ended June 30, 2002                               |   |                    |    |                      |       |                  |   |
| *Basic  loss per share*                                        |   |                    |    |                      |       |                  |   |
| Loss available to common shareholders                          |   | $                       | (19,241 | )                         | 11,857,618 |                  | $      | (1.62 | ) |
|                                                           |   |                    |    |                      |       |                  |   |
| Effect of Dilutive Securities:                                 |   |                    |    |                      |       |                  |   |
| Class A Warrants                                               |   |                    |    | —                    |       |                  |   |
| Director and Employee Options                                  |   |                    |    | —                    |       |                  |   |
| Class B Warrants                                               |   |                    |    | —                    |       |                  |   |
|                                                           |   |                    |    |                      |       |                  |   |
| *Diluted  loss per share*                                      |   | $                       | (19,241 | )                         | 11,857,618 |                  | $      | (1.62 | ) |
| Loss available to common shareholders                          |   | $                       | (19,241 | )                         | 11,857,618 |                  | $      | (1.62 | ) |
|                                                           |   |                    |    |                      |       |                  |   |
| Three Months Ended June 30, 2001                               |   |                    |    |                      |       |                  |   |
| *Basic  loss per share*                                        |   |                    |    |                      |       |                  |   |
| Loss available to common shareholders                          |   | $                       | (5,915  | )                         | 11,787,725 |                  | $      | (0.50 | ) |
|                                                           |   |                    |    |                      |       |                  |   |
| Effect of Dilutive Securities:                                 |   |                    |    |                      |       |                  |   |
| Class A Warrants                                               |   |                    |    | —                    |       |                  |   |
| Director and Employee Options                                  |   |                    |    | —                    |       |                  |   |
| Class B Warrants                                               |   |                    |    | —                    |       |                  |   |
|                                                           |   |                    |    |                      |       |                  |   |
| *Diluted  loss per share*                                      |   | $                       | (5,915  | )                         | 11,787,725 |                  | $      | (0.50 | ) |
| Loss available to common shareholders                          |   | $                       | (5,915  | )                         | 11,787,725 |                  | $      | (0.50 | ) |

 

 

 

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