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.