**Exhibit 11**

 

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

 

Statementsre Computation of Per Share Earnings

(Commonshares means both Class A and Class B)

 
| ** **                                                                                                                                      | ** ** | **Year ended December 31,** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                      | ** ** | **2007**                                   | ** ** | **2006** | ** ** | **2005** | ** ** |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Net  earnings from continuing operations                                                                                                        |       | $                                          | 50,263,000 |   | $ | 36,665,000 |   | $ | 41,293,000 |   |
| (Loss)/earnings  from discontinued operations, net of tax                                                                                       |       | (16,621,000                                | )          | 3,102,000 |   | 246,000 |   |
| Net  earnings                                                                                                                                   |       | $                                          | 33,642,000 |   | $ | 39,767,000 |   | $ | 41,539,000 |   |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Shares  used to compute basic earnings per common share (weighted average number of  shares outstanding)                                        |       | 42,390,000                                 |       | 40,692,000 |   | 38,214,000 |   |
| Shares  used to compute diluted earnings per common share (weighted average number of  shares outstanding assuming the effect of stock options) |       | 42,574,000                                 |       | 40,960,000 |   | 38,534,000 |   |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Basic  earnings per common share:                                                                                                               |       |                                       |       |   |   |   |   |
| Net  earnings from continuing operations                                                                                                        |       | $                                          | 1.19       |   | $ | 0.90 |   | $ | 1.08 |   |
| Net  (loss)/earnings from discontinued operations                                                                                               |       | (0.40                                      | )          | 0.08 |   | 0.01 |   |
| Net  earnings                                                                                                                                   |       | $                                          | 0.79       |   | $ | 0.98 |   | $ | 1.09 |   |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Diluted  earnings per common share:                                                                                                             |       |                                       |       |   |   |   |   |
| Net  earnings from continuing operations                                                                                                        |       | $                                          | 1.19       |   | $ | 0.89 |   | $ | 1.07 |   |
| Net  (loss)/earnings from discontinued operations                                                                                               |       | (0.40                                      | )          | 0.08 |   | 0.01 |   |
| Net  earnings                                                                                                                                   |       | $                                          | 0.79       |   | $ | 0.97 |   | $ | 1.08 |   |

 

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