Exhibit 11.1

INTERNATIONAL COAL GROUP, INC.

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)



|                                                                                                       |  |                             |             |   |                             |   |             |                             |  |   |            
|------------------------------------------------------------------------------------------------------ |  | --------------------------- | ----------- | - | --------------------------- | - | ----------- | --------------------------- |  | - | -----------
|                                                                                                       |  | Year endedDecember 31, 2007 |             |   | Year endedDecember 31, 2006 |   |             | Year endedDecember 31, 2005
|Basic Earnings Per Share                                                                               |  |                             |             |   |                             |   |             |                             |  |   |            
|Net Income (Loss) Available to Common Stockholders                                                     |  | $                           | (147,034    | ) |                             | $ | (9,275      | )                           |  | $ | 31,825     
|Weighted-Average Shares of Common Stock                                                                |  |                             | 152,304,461 |   |                             |   | 152,028,165 |                             |  |   | 111,120,211
|Basic Earnings Per Share                                                                               |  | $                           | (0.97       | ) |                             | $ | (0.06       | )                           |  | $ | 0.29       
|                                                                                                       |  |                             |            
|Diluted Earnings Per Share                                                                             |  |                             |             |   |                             |   |             |                             |  |   |            
|Net Income (Loss) Available to Common Stockholders                                                     |  | $                           | (147,034    | ) |                             | $ | (9,275      | )                           |  | $ | 31,825     
|Weighted-Average Shares of Common Stock and Other Potentially Dilutive Securities Outstanding:         |  |                             |             |   |                             |   |             |                             |  |   |            
|Common Stock                                                                                           |  |                             | 152,304,461 |   |                             |   | 152,028,165 |                             |  |   | 111,120,211
|Incremental Shares Under Stock Compensation Plans and Issuable Upon Conversion of Convertible Notes(1) |  |                             |            |   |                             |   |            |                             |  |   | 41,076     
|                                                                                                       |  |                             |             |   |                             |   |             |                             |  |   |            
|Total                                                                                                  |  |                             | 152,304,461 |   |                             |   | 152,028,165 |                             |  |   | 111,161,287
|                                                                                                       |  |                             |            
|Diluted Earnings Per Share                                                                             |  | $                           | (0.97       | ) |                             | $ | (0.06       | )                           |  | $ | 0.29       
|                                                                                                       |  |                             |             |   |                             |   |             |                             |  |   |            



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