Exhibit 11 GORAN CAPITAL INC. - Consolidated Analysis of Earnings Per Share As At December 31, (In Thousands U.S. Dollars) 1996 1997 1998 NASDAQ Trading Activity Average Price $13.98 $28.04 $21.86 Proceeds from Exercise of Warrants and Options (US$) $3,789,130 $9,753,456 $13,596,852 Shares Repurchased - Treasury Method 270,943 347,841 621,997 Shares Outstanding - Weighted Average Basic 5,286,270 5,590,576 5,841,329 Add Options and Warrants Outstanding 709,149 546,856 696,572 Less Treasury Method - Shares Repurchased (207,943) (295,635) (621,997) Shares Outstanding - Fully Diluted 5,724,476 5,886,211 5,915,904 Net Earnings in Accordance with U.S. GAAP $31,294,636 $12,218,000 $(11,936,000) Earnings Per Share - GAAP $5.92 $2.19 $(2.04) Basic - Fully Diluted $5.47 $2.08 $(2.04)