International Coal 10-K 2006 FY Annual report

Exhibit 11.1

INTERNATIONAL COAL GROUP, INC.

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

Basic Earnings Per Share	Year ended December 31, 2006			Year ended December 31, 2005		Period May 13, 2004 to December 31, 2004
Net Income (Loss) Available to Common Stockholders	$	(9,275	)	$	31,825	$	4,249
Weighted Average Shares of Common Stock		152,028,165			111,120,211		106,605,999
Basic Earnings Per Share	$	(0.06	)	$	0.29	$	0.04
Diluted Earnings Per Share
Net Income (Loss) Available to Common Stockholders	$	(9,275	)	$	31,825	$	4,249
Weighted Average Shares of Common Stock and Other Potentially Dilutive Securities Outstanding:
Common Stock		152,028,165			111,120,211		106,605,999
Incremental Shares Under Stock Compensation Plans(1)					41,076
Total		152,028,165			111,161,287		106,605,999
Diluted Earnings Per Share	$	(0.06	)	$	0.29	$	0.04

(1) Includes the incremental effect of stock options outstanding computed under the treasury stock method.