1 Exhibit 11 American Classic Voyages Co. Computation of Earnings Per Share For the Three Months For the Nine Months Ended September 30, Ended September 30, ------------------------ ------------------------ (In thousands, except per share data) 1997 1996 1997 1996 ------- -------- -------- -------- Net earnings per common and common equivalent share: Weighted average number of shares of common stock outstanding.................................................. 13,962 13,805 13,938 13,783 Additional shares assuming exercise of dilutive stock options based on treasury stock method using average market price......................................................... 372 - 288 - Additional shares assuming immediate vesting of common stock units................................................... 15 - 6 - Average common and common equivalent shares ------ ------ ------ -------- outstanding.......................................................... 14,349 13,805 14,232 13,783 ====== ====== ====== ======== Net income (loss).................................................... $2,770 $2,851 $1,959 $(40,039) Earnings (loss) per common and common equivalent ====== ====== ====== ======== share................................................................ $ 0.19 $ 0.21 $0.14 $ (2.90) ====== ====== ====== ======== Net earnings per common share assuming full dilution: Weighted average number of shares of common stock outstanding.................................................. 13,962 13,805 13,938 13,783 Additional shares assuming exercise of dilutive stock options based on treasury stock method using the quarter- end price if higher than the average market price.................... 663 199 666 - Additional shares assuming immediate vesting of common stock units................................................... 15 - 15 - Average common and common equivalent shares ------ ------ ------ -------- outstanding.......................................................... 14,640 14,004 14,619 13,783 ====== ====== ====== ======== Net income (loss).................................................... $2,770 $2,851 $1,959 $(40,039) ====== ====== ====== ======== Earnings (loss) per share assuming full dilution..................... $ 0.19 $ 0.20 $ 0.13 $ (2.90) ====== ====== ====== ========