Ampal-american Israel 10-Q 2005 Q1 Quarterly report

Exhibit 11.1

AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES

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

THREE MONTHS ENDED MARCH 31,	2005		2004
(Dollars in thousands, except per share amounts)	(Unaudited)		(Unaudited)
BASIC EPS
Net Gain (loss)(1)	$	6,678	$	(864	)
Gain (Loss) per Class A Share	$	0.33	$	(0.04	)
Shares used in calculation(2)		19,925		19,793
DILUTED EPS
Net Gain (loss)	$	6,728	$	(864	)(2)
Gain (loss) per Class A Share	$	0.30	$	(0.04	)
Shares used in calculation(2)		22,342		19,793

⁽¹⁾ After deduction of accrued preferred stock dividends of $50 and $53 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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