**Exhibit 11**

 

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

 

Statements reComputation of Per Share Earnings

(Common sharesmeans both Class A and Class B)

 
| ** **                                                                                                                                      | ** ** | **Year ended December 31,** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------|------------|
| ** **                                                                                                                                      | ** ** | **2005**                    | ** ** | **2004** | ** ** | **2003** | ** ** |
|                                                                                                                                            |       |                        |       |   |   |   |   |
| Net  earnings:                                                                                                                                  |       |                        |       |   |   |   |   |
|                                                                                                                                            |       |                        |       |   |   |   |   |
| Earnings  on common shares – basic                                                                                                         |       | $                           | 40,733,000 |   | $ | 28,222,000 |   | $ | 23,609,000 |   |
|                                                                                                                                            |       |                        |       |   |   |   |   |
| Shares  used to compute basic earnings per common share (weighted average number of  shares outstanding)                                        |       | 38,214,000                  |       | 34,250,000 |   | 31,139,000 |   |
| Shares  used to compute diluted earnings per common share (weighted average number of  shares outstanding assuming the effect of stock options) |       | 38,534,000                  |       | 34,367,000 |   | 31,152,000 |   |
|                                                                                                                                            |       |                        |       |   |   |   |   |
| Net  earnings per common share:                                                                                                                 |       |                        |       |   |   |   |   |
| Basic                                                                                                                                           |       | $                           | 1.07       |   | $ | 0.82 |   | $ | 0.76 |   |
|                                                                                                                                            |       |                        |       |   |   |   |   |
| Diluted                                                                                                                                         |       | $                           | 1.06       |   | $ | 0.82 |   | $ | 0.76 |   |

 

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