**Exhibit 11**

 

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

 

Statementsre Computation of Per Share Earnings

(Commonshares means both Class A and Class B)

 
| ** **                                                                                                                                     | ** ** | **2009**    | ** **  | **2008**    | ** ** | **2007**    | ** ** |
|------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------|-------------|-------------|------------|-------------|------------|
|                                                                                                                                           |       |        |        |        |       |        |       |
| Net (loss)/earnings from continuing operations                                                                                                 |       | $           | (19,277,000 | )           | $          | 1,084,000   |       | $ | 53,976,000 |   |
| (Loss)/earnings from discontinued operations, net of tax                                                                                       |       | (49,520,000 | )           | (27,635,000 | )          | (20,334,000 | )          |
| Net (loss)/earnings                                                                                                                            |       | $           | (68,797,000 | )           | $          | (26,551,000 | )          | $ | 33,642,000 |   |
|                                                                                                                                           |       |        |        |        |       |        |       |
| Shares used to compute basic earnings per common share (weighted  average number of shares outstanding)                                        |       | 68,046,000  |        | 43,443,000  |       | 42,390,000  |       |
| Shares used to compute diluted earnings per common share (weighted  average number of shares outstanding assuming the effect of stock options) |       | 68,046,000  |        | 43,443,000  |       | 42,574,000  |       |
|                                                                                                                                           |       |        |        |        |       |        |       |
| Basic (loss)/earnings per common share:                                                                                                        |       |        |        |        |       |        |       |
| Net (loss)/earnings from continuing operations                                                                                                 |       | $           | (0.28       | )           | $          | 0.03        |       | $ | 1.27 |   |
| Net (loss)/earnings from discontinued operations                                                                                               |       | (0.73       | )           | (0.64       | )          | (0.48       | )          |
| Net (loss)/earnings                                                                                                                            |       | $           | (1.01       | )           | $          | (0.61       | )          | $ | 0.79 |   |
|                                                                                                                                           |       |        |        |        |       |        |       |
| Diluted (loss)/earnings per common share:                                                                                                      |       |        |        |        |       |        |       |
| Net (loss)/earnings from continuing operations                                                                                                 |       | $           | (0.28       | )           | $          | (0.03       | )          | $ | 1.27 |   |
| Net (loss)/earnings from discontinued operations                                                                                               |       | (0.73       | )           | (0.64       | )          | (0.48       | )          |
| Net (loss)/earnings                                                                                                                            |       | $           | (1.01       | )           | $          | (0.61       | )          | $ | 0.79 |   |

 

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