**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,** | ** **  |
|-------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|-------------|
| ** **                                                                                                                                      | ** ** | **2008**                                   | ** **  | **2007** | ** ** | **2006** | ** ** |
|                                                                                                                                            |       |                                       |        |   |   |   |   |
| Net  (loss)/earnings from continuing operations                                                                                                 |       | $                                          | (6,612,000  | ) | $ | 50,263,000 |   | $ | 36,665,000 |   |
| (Loss)/earnings  from discontinued operations, net of tax                                                                                       |       | (19,939,000                                | )           | (16,621,000 | ) | 3,102,000 |   |
| Net  (loss)/earnings                                                                                                                            |       | $                                          | (26,551,000 | ) | $ | 33,642,000 |   | $ | 39,767,000 |   |
|                                                                                                                                            |       |                                       |        |   |   |   |   |
| Shares  used to compute basic earnings per common share (weighted average number of  shares outstanding)                                        |       | 43,443,000                                 |        | 42,390,000 |   | 40,692,000 |   |
| Shares  used to compute diluted earnings per common share (weighted average number of  shares outstanding assuming the effect of stock options) |       | 43,550,000                                 |        | 42,574,000 |   | 40,960,000 |   |
|                                                                                                                                            |       |                                       |        |   |   |   |   |
| Basic  (loss)/earnings per common share:                                                                                                        |       |                                       |        |   |   |   |   |
| Net  (loss)/earnings from continuing operations                                                                                                 |       | $                                          | (0.15       | ) | $ | 1.19 |   | $ | 0.90 |   |
| Net  (loss)/earnings from discontinued operations                                                                                               |       | (0.46                                      | )           | (0.40 | ) | 0.08 |   |
| Net  (loss)/earnings                                                                                                                            |       | $                                          | (0.61       | ) | $ | 0.79 |   | $ | 0.98 |   |
|                                                                                                                                            |       |                                       |        |   |   |   |   |
| Diluted  (loss)/earnings per common share:                                                                                                      |       |                                       |        |   |   |   |   |
| Net  (loss)/earnings from continuing operations                                                                                                 |       | $                                          | (0.15       | ) | $ | 1.19 |   | $ | 0.89 |   |
| Net  (loss)/earnings from discontinued operations                                                                                               |       | (0.46                                      | )           | (0.40 | ) | 0.08 |   |
| Net  (loss)/earnings                                                                                                                            |       | $                                          | (0.61       | ) | $ | 0.79 |   | $ | 0.97 |   |

 

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