EXHIBIT 11
ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Statements re Computation of Per Share Earnings
(Reference to common shares includes Class A and Class B shares)
| | Year ended December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| | 2000 | 1999 | 1998 | ||||||
| | (Dollars in thousands, except per share amounts) | ||||||||
| Net earnings: | |||||||||
| Earnings on common shares before cumulative effect of change in accounting principle—basic | $ | 39,965 | $ | 37,995 | $ | 26,696 | |||
| Cumulative effect of change in accounting principle | $ | — | $ | (2,987 | ) | $ | — | ||
| Shares used to compute basic earnings per common share (weighted average number of shares outstanding) | 27,813,000 | 25,900,000 | 25,900,000 | ||||||
| Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options) | 27,854,000 | — | — | ||||||
Earnings per common share before cumulative effect of change in accounting principle: | |||||||||
| Basic | $ | 1.43 | $ | 1.47 | $ | 1.03 | |||
| Diluted | $ | 1.43 | $ | 1.47 | $ | 1.03 | |||
| Cumulative effect of change in accounting principle: | |||||||||
| Basic | $ | — | $ | (0.12 | ) | $ | — | ||
| Diluted | $ | — | $ | (0.12 | ) | $ | — | ||
| Net earnings per common share: | |||||||||
| Basic | $ | 1.43 | $ | 1.35 | $ | 1.03 | |||
| Diluted | $ | 1.43 | $ | 1.35 | $ | 1.03 | |||
