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Exhibit 11
ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Statements re Computation of Per Share Earnings
(Common shares means both Class A and Class B)
| Year ended December 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2001 | ||||||
Net earnings: | |||||||||
Earnings on common shares—basic | $ | 23,609,000 | $ | 25,294,000 | $ | 29,850,000 | |||
Shares used to compute basic earnings per common share (weighted average number of shares outstanding) | 31,139,000 | 30,800,000 | 30,874,000 | ||||||
Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options) | 31,152,000 | 30,858,000 | 30,874,000 | ||||||
Net earnings per common share: | |||||||||
Basic | $ | 0.76 | $ | 0.82 | $ | 0.97 | |||
Diluted | $ | 0.76 | $ | 0.82 | $ | 0.97 | |||
79
ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES Statements re Computation of Per Share Earnings (Common shares means both Class A and Class B)