International Coal 10-K/A 2008 FY Annual report (amended)

Exhibit 11.1

INTERNATIONAL COAL GROUP, INC.

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	Year ended December 31,
	2008			2007			2006
Basic Earnings Per Share
Net Loss Available to Common Stockholders	$	(26,227	)	$	(147,562	)	$	(9,320	)
Weighted-Average Shares of Common Stock		152,632,586			152,304,461			152,028,165
Basic Earnings Per Share	$	(0.17	)	$	(0.97	)	$	(0.06	)
Diluted Earnings Per Share
Net Loss Available to Common Stockholders	$	(26,227	)	$	(147,562	)	$	(9,320	)
Weighted-Average Shares of Common Stock and Other Potentially Dilutive Securities Outstanding:
Common Stock		152,632,586			152,304,461			152,028,165
Incremental Shares Under Stock Compensation Plans and Issuable Upon Conversion of Convertible Notes (1)		—			—			—
Total		152,632,586			152,304,461			152,028,165
Diluted Earnings Per Share	$	(0.17	)	$	(0.97	)	$	(0.06	)

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