**Exhibit 11**

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

Statements re Computation of Per Share Earnings(Common shares means both Class A and Class B)
| ** **                                                                                                                                      | ** ** | **Year ended December 31,** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                                                                                      | ** ** | **2006**                                   | ** ** | **2005** | ** ** | **2004** | ** ** |
| ** **                                                                                                                                      | ** ** | ** **                                 | ** ** | **(restated)** | ** ** | **(restated)** | ** ** |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Net earnings:                                                                                                                                   |       |                                       |       |   |   |   |   |
| Earnings on common  shares – basic                                                                                                         |       | $                                          | 39,767,000 |   | $ | 41,539,000 |   | $ | 31,218,000 |   |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Shares used to compute  basic earnings per common share (weighted average number of shares  outstanding)                                        |       | 40,692,000                                 |       | 38,214,000 |   | 34,250,000 |   |
| Shares used to compute  diluted earnings per common share (weighted average number of shares  outstanding assuming the effect of stock options) |       | 40,960,000                                 |       | 38,534,000 |   | 34,367,000 |   |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Net earnings per common  share:                                                                                                                 |       |                                       |       |   |   |   |   |
| Basic                                                                                                                                           |       | $                                          | 0.98       |   | $ | 1.09 |   | $ | 0.91 |   |
|                                                                                                                                            |       |                                       |       |   |   |   |   |
| Diluted                                                                                                                                         |       | $                                          | 0.97       |   | $ | 1.08 |   | $ | 0.91 |   |

 

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