CINEPLEX ODEON CORPORATION							 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS							 (Calculated in accordance with United States generally accepted accounting principles)							 (In U.S. dollars, except number of shares)							 							 							 		 Year ended	 Year ended	 Year ended	 		 December 31, 1996	 December 31, 1995 December 31, 1994	 				 ----------------- ----------------- ----------------- 			 Primary						 - ------- Loss from continuing operations (G) ($31,082,000)	 ($32,907,000)	($14,173,000)	 							 Net loss (H)		 ($31,082,000)	 ($32,907,000)	($14,173,000)	 							 Weighted average outstanding common and							 subordinate restricted voting shares 	 163,473,000 	 114,764,000 	 110,175,000 							 Add: incremental shares based on treasury stock method, calculated using average stock price for the year	 0 (2)	 0 (2)	 0 (2) 							 Adjusted weighted average outstanding shares (I)		 163,473,000 	 114,764,000 	 110,175,000 	 							 Loss per share from continuing operations (G/I)		 ($0.19)		 ($0.29)	 ($0.13)	 							 Loss per share (H/I)		 ($0.19)		 ($0.29)	 ($0.13)	 							 Fully Diluted 							 - -------------							 Loss from continuing operations ($31,082,000)	 ($32,907,000)	($14,173,000)	 							 Imputed interest savings on convertible debt 		 N/A (1)		 N/A	(1)	 0 	(1) 							 Adjusted net loss from continuing operations (J)		 ($31,082,000) ($32,907,000) ($14,173,000)	 							 Net loss 		 ($31,082,000)	 ($32,907,000) ($14,173,000)	 							 Imputed interest savings on convertible debt 		 N/A (1)		 N/A	(1)	 0 	(1) 							 Adjusted net loss (K)		 ($31,082,000) ($32,907,000) ($14,173,000)	 							 Weighted average outstanding common and							 subordinate restricted voting shares 	 163,473,000 	 114,764,000 110,175,000 	 							 Add: incremental shares based on treasury stock method, calculated using ending stock price for the year		0 (2)	 0 (2)	 0 (2) 							 Add: Incremental shares on convertible debt 		 N/A (2)		 N/A (2)	 0 (2) 	 						 Adjusted weighted average outstanding shares (L)		 163,473,000 		114,764,000 	110,175,000 							 Loss per share from continuing operations (J/L)		 ($0.19)		 ($0.29)	 ($0.13)	 							 Loss per share (K/L)		 ($0.19)		 ($0.29)	 ($0.13)	 							 							 (1) Imputed interest calculation would be anti-dilutive and therefore has been excluded in calculations. (2) Inclusion of conversions would be anti-dilutive and therefore are excluded in calculations.