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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)
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| Year ended December 31, |
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| 2007 |
| 2006 |
| 2005 |
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Net earnings from continuing operations |
| $ | 50,263,000 |
| $ | 36,665,000 |
| $ | 41,293,000 |
|
(Loss)/earnings from discontinued operations, net of tax |
| (16,621,000 | ) | 3,102,000 |
| 246,000 |
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Net earnings |
| $ | 33,642,000 |
| $ | 39,767,000 |
| $ | 41,539,000 |
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Shares used to compute basic earnings per common share (weighted average number of shares outstanding) |
| 42,390,000 |
| 40,692,000 |
| 38,214,000 |
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Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options) |
| 42,574,000 |
| 40,960,000 |
| 38,534,000 |
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Basic earnings per common share: |
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Net earnings from continuing operations |
| $ | 1.19 |
| $ | 0.90 |
| $ | 1.08 |
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Net (loss)/earnings from discontinued operations |
| (0.40 | ) | 0.08 |
| 0.01 |
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Net earnings |
| $ | 0.79 |
| $ | 0.98 |
| $ | 1.09 |
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Diluted earnings per common share: |
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Net earnings from continuing operations |
| $ | 1.19 |
| $ | 0.89 |
| $ | 1.07 |
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Net (loss)/earnings from discontinued operations |
| (0.40 | ) | 0.08 |
| 0.01 |
| |||
Net earnings |
| $ | 0.79 |
| $ | 0.97 |
| $ | 1.08 |
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