Exhibit 11.1

INTERNATIONAL COAL GROUP, INC.

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)



|                                                                                               |  |                             |             |   |                             |   |                                         |  |   |            
|---------------------------------------------------------------------------------------------- |  | --------------------------- | ----------- | - | --------------------------- | - | --------------------------------------- |  | - | -----------
|Basic Earnings Per Share                                                                       |  | Year endedDecember 31, 2006 |             |   | Year endedDecember 31, 2005 |   | Period May 13, 2004 toDecember 31, 2004
|Net Income (Loss) Available to Common Stockholders                                             |  | $                           | (9,275      | ) |                             | $ | 31,825                                  |  | $ | 4,249      
|Weighted Average Shares of Common Stock                                                        |  |                             | 152,028,165 |   |                             |   | 111,120,211                             |  |   | 106,605,999
|Basic Earnings Per Share                                                                       |  | $                           | (0.06       | ) |                             | $ | 0.29                                    |  | $ | 0.04       
|                                                                                               |  |                             |            
|Diluted Earnings Per Share                                                                     |  |                             |             |   |                             |   |                                        
|Net Income (Loss) Available to Common Stockholders                                             |  | $                           | (9,275      | ) |                             | $ | 31,825                                  |  | $ | 4,249      
|Weighted Average Shares of Common Stock and Other Potentially Dilutive Securities Outstanding: |  |                             |             |   |                             |   |                                         |  |   |            
|Common Stock                                                                                   |  |                             | 152,028,165 |   |                             |   | 111,120,211                             |  |   | 106,605,999
|Incremental Shares Under Stock Compensation Plans(1)                                           |  |                             |             |   |                             |   | 41,076                                  |  |   |            
|Total                                                                                          |  |                             | 152,028,165 |   |                             |   | 111,161,287                             |  |   | 106,605,999
|Diluted Earnings Per Share                                                                     |  | $                           | (0.06       | ) |                             | $ | 0.29                                    |  | $ | 0.04       

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|(1) | Includes the incremental effect of stock options outstanding computed under the treasury stock method.
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