Ampal-american Israel 10-Q 2004 Q3 Quarterly report

Exhibit 11.1

AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES

SCHEDULE SETTING FORTH COMPUTATION OF LOSS PER SHARE OF CLASS A STOCK

NINE MONTHS ENDED SEPTEMBER 30,	2004			2003
(Dollars in thousands, except per share amounts)	(Unaudited)			(Unaudited)
BASIC EPS
Net Gain (loss)(1)	$	(3,232	)	$	9,420
Gain (Loss) per Class A Share	$	(0.16	)	$	0.48
Shares used in calculation		19,829			19,706
DILUTED EPS
Net Gain (loss)	$	(3,232	)	$	9,584
Gain (loss) per Class A Share	$	(0.16	)	$	0.43
Shares used in calculation(2)		19,829			22,103

(1) After deduction of accrued preferred stock dividends of $160 and $164 respectively.

(2) In 2004, the conversion of the 4% and 6-1/2% Preferred Stock and the exercise of stock options were excluded from the diluted EPS calculation due to the antidilutive effect.

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