NOTE 15

LOSS PER SHARE

The loss and the weighted average number of shares used in computing basic and diluted loss per share for the years ended December 31, 2011, 2010 and 2009, are as follows:

	US dollars
	Year ended December 31,
	2011		2010		2009

Loss for the year		2,364,339		2,788,446		1,202,296

	Number of shares
	Year ended December 31,
	2011		2010		2009

Weighted average number of shares used in the computation of basic and diluted earnings per share		5,091,330		4,034,706		3,995,805

Total weighted average number of ordinary shares related to outstanding options and warrants excluded from the calculations of diluted loss per share (*)		582,732		511,648		109,197

(*)

All stock issuable upon the exercise of all outstanding stock options and warrants and conversion of convertible notes (with respect to fiscal year 2010 calculation of EPS) have been excluded from the calculation of the diluted net loss per share for all the reported periods, since the effect of the shares issuable with respect of these instruments was anti-dilutive.