Exhibit 11

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Statements re Computation of Per Share Earnings
(Reference to common shares includes Class A and Class B shares)

|                                                                                                                                              |  | Year ended December 31, |           
|--------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ----------
|
|
|Net earnings:                                                                                                                                 |  |                         |           
|Earnings on common shares before cumulative effect of change in accounting principlebasic                                                    |  | $                       | 29,850    
|                                                                                                                                              |  |                         |           
|Cumulative effect of change in accounting principle                                                                                           |  |                         |          
|                                                                                                                                              |  |                         |           
|Shares used to compute basic earnings per common share (weighted average number of shares outstanding)                                        |  |                         | 30,874,000
|Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options) |  |                         | 30,874,000
|Earnings per common share before cumulative effect of change in accounting principle:                                                         |  |                         |           
|Basic                                                                                                                                         |  | $                       | 0.97      
|                                                                                                                                              |  |                         |           
|Diluted                                                                                                                                       |  | $                       | 0.97      
|                                                                                                                                              |  |                         |           
|Cumulative effect of change in accounting principle:                                                                                          |  |                         |           
|Basic                                                                                                                                         |  |                         |          
|                                                                                                                                              |  |                         |           
|Diluted                                                                                                                                       |  |                         |          
|                                                                                                                                              |  |                         |           
|Net earnings per common share:                                                                                                                |  |                         |           
|Basic                                                                                                                                         |  | $                       | 0.97      
|                                                                                                                                              |  |                         |           
|Diluted                                                                                                                                       |  | $                       | 0.97      
|                                                                                                                                              |  |                         |