Exhibit 11.1

INTERNATIONAL COAL GROUP, INC.

STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)



|                                                                                               |  |                                         |             |                                      |   |            
|---------------------------------------------------------------------------------------------- |  | --------------------------------------- | ----------- | ------------------------------------ | - | -----------
|Basic Earnings Per Share                                                                       |  | Period May 13, 2004 toDecember 31, 2004 |             | For the year ended December 31, 2005
|Net Income Available to Common Stockholders                                                    |  | $                                       | 4,249       |                                      | $ | 31,825     
|Weighted Average Shares of Common Stock                                                        |  |                                         | 106,605,999 |                                      |   | 111,120,211
|Basic Earnings Per Share                                                                       |  | $                                       | 0.04        |                                      |   | 0.29       
|                                                                                               |  |                                        
|Diluted Earnings Per Share                                                                     |  |                                         |             |                                     
|Net Income Available to Common Stockholders                                                    |  | $                                       | 4,249       |                                      | $ | 31,825     
|Weighted Average Shares of Common Stock and Other Potentially Dilutive Securities Outstanding: |  |                                         |             |                                      |   |            
|Common Stock                                                                                   |  |                                         | 106,605,999 |                                      |   | 111,120,211
|Incremental Shares Under Stock Compensation Plans (1)                                          |  |                                         |             |                                      |   | 41,076     
|                                                                                               |  |                                        
|Total                                                                                          |  |                                         | 106,605,999 |                                      |   | 111,161,287
|                                                                                               |  |                                        
|Diluted Earnings Per Share                                                                     |  | $                                       | 0.04        |                                      | $ | 0.29       



---

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