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                                                    |  | $                      
|                                                                                                                                              |  |                        
|Cumulative effect of change in accounting principle                                                                                           |  | $                      
|                                                                                                                                              |  |                        
|Shares used to compute basic earnings per common share (weighted average number of shares outstanding)                                        |  |                        
|Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options) |  |                        
|Earnings per common share before cumulative effect of change in accounting principle:                                                         |  |                        
|Basic                                                                                                                                         |  | $                      
|                                                                                                                                              |  |                        
|Diluted                                                                                                                                       |  | $                      
|                                                                                                                                              |  |                        
|Cumulative effect of change in accounting principle:                                                                                          |  |                        
|Basic                                                                                                                                         |  | $                      
|                                                                                                                                              |  |                        
|Diluted                                                                                                                                       |  | $                      
|                                                                                                                                              |  |                        
|Net earnings per common share:                                                                                                                |  |                        
|Basic                                                                                                                                         |  | $                      
|                                                                                                                                              |  |                        
|Diluted                                                                                                                                       |  | $                      
|                                                                                                                                              |  |