EXHIBIT 11.1									 											 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, 1997 December 31, 1996 December 31, 1995					 ----------------- ----------------- ----------------- 											 Primary											 - -------- Loss from continuing operations (G)	 ($64,347,000)	 	($31,082,000)	 ($32,907,000)					 						 -------------- -------------- ------------- 					 Net loss (H) 	 	($64,347,000) 		($31,082,000)	 	($32,907,000)					 -------------- -------------- ------------- 											 Weighted average outstanding common and								 subordinate restricted voting shares (I) 	176,795,000 163,473,000 		114,764,000 												 ------------- ------------ ------------ 																		 Loss per share from continuing operations (G/I)	 ($0.36) 	 	($0.19)	 	($0.29)														 -------- -------- -------- Loss per share (H/I)	 	($0.36)	 	($0.19)	 	($0.29) 												 -------- -------- -------- 																		 Fully Diluted 																		 - ------------- Loss from continuing operations 	 	($64,347,000)		 ($31,082,000) 	($32,907,000)												 Imputed interest savings on convertible debt 	N/A	(1) 	N/A	(1)	 N/A	(1)											 Adjusted net loss from continuing -------------- ------------- ------------ operations (J) 	 ($64,347,000) 	 ($31,082,000) 	($32,907,000)												 -------------- ------------- ------------- Net loss 	 	($64,347,000)	 	($31,082,000)	 	($32,907,000)												 																	 ------------- ------------- -------------	 Imputed interest savings on convertible debt 	N/A	(1) 	 N/A	(1)	 N/A	(1)											 ------------- ------------- ------------- Adjusted net loss(K) ($64,347,000) 		($31,082,000)	 	($32,907,000)												 ------------- ------------- ------------- Weighted average outstanding common and						 subordinate restricted voting shares 	 	176,795,000 	163,473,000 	114,764,000 												 Add: Incremental shares on convertible debt 	N/A	(2) 	N/A	(2)	 N/A(2)											 Adjusted weighted average outstanding ----------- ------------ ----------- shares (L) 	176,795,000 	163,473,000 	 114,764,000 												 ----------- ------------ ----------- Loss per share from continuing operations (J/L) 	($0.36) 		($0.19)	 	($0.29)												 -------- -------- -------- Loss per share (K/L)	 	($0.36) 		($0.19) 		($0.29)												 -------- -------- -------- (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.