Exhibit 11.1

                         CONTINENTAL AIRLINES, INC.
        STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (LOSS)
              (in thousands of dollars, except for share data)


                                     Three Months   Nine Months  Three Months
                                        Ended          Ended         Ended
                                     September 30, September 30, September 30,
                                         1994          1994          1993     
                                                         
Primary and fully diluted:

Average shares outstanding-Class A .     6,301         6,301        6,013
Average shares outstanding-Class B .    19,253        19,253       11,423
                                        25,523        25,523       17,436

Add:  Assumed exercise of certain 
 Class A warrants using the 
 treasury stock method . . . . . . .       704             -          862

Add:  Assumed exercise of certain 
 Class B warrants using the 
 treasury stock method . . . . . . .     1,604             -        3,164

Add:  Assumed exercise of certain 
 Class B stock options using the 
 treasury stock method . . . . . . .        26             -            -

Add:  Assumed issuance of certain 
 Class B restricted stock using the 
 treasury stock method . . . . . . .     1,132             -            -

    Total adjusted shares. . . . . .    28,989        25,523       21,462

Net income (loss) applicable to 
 common shares . . . . . . . . . . .   $29,188      $(94,124)     $11,136

Add:  Interest savings (net of tax) 
 due to assumed reduction of 
 borrowings (1). . . . . . . . . . .       588             -          336

Adjusted net income (loss) 
 applicable to common shares . . . .   $29,776      $(94,124)     $11,472

Earnings (loss) per share amount . .   $  1.03      $  (3.69)     $  0.53


(1)  Since the number of shares of common stock obtainable on exercise of
     outstanding warrants and options, in the aggregate, exceeds 20 percent of
     each class of common stock outstanding at the end of the period, the
     treasury stock method for determining the dilutive effect of the warrants
     and options assumes such excess proceeds were used to repurchase a portion
     of the Company's outstanding debt obligations.

NOTE:  Earnings (loss) per share data for the nine months ended September 30,
       1993 is not meaningful since the Company was recapitalized and adopted
       fresh start reporting as of April 27, 1993.