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, | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
| 2001 | 2000 | 1999 | |||||||
| (Dollars in thousands, except per share amounts) | |||||||||
Net earnings: | ||||||||||
Earnings on common shares before cumulative effect of change in accounting principle—basic | $ | 29,850 | $ | 39,965 | $ | 37,995 | ||||
Cumulative effect of change in accounting principle | — | — | $ | (2,987 | ) | |||||
Shares used to compute basic earnings per common share (weighted average number of shares outstanding) | 30,874,000 | 27,813,000 | 25,900,000 | |||||||
Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options) | 30,874,000 | 27,854,000 | — | |||||||
Earnings per common share before cumulative effect of change in accounting principle: | ||||||||||
Basic | $ | 0.97 | $ | 1.43 | $ | 1.47 | ||||
Diluted | $ | 0.97 | $ | 1.43 | $ | 1.47 | ||||
Cumulative effect of change in accounting principle: | ||||||||||
Basic | — | — | $ | (0.12 | ) | |||||
Diluted | — | — | $ | (0.12 | ) | |||||
Net earnings per common share: | ||||||||||
Basic | $ | 0.97 | $ | 1.43 | $ | 1.35 | ||||
Diluted | $ | 0.97 | $ | 1.43 | $ | 1.35 | ||||