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.