Exhibit 11.1

Statement re: Computation of per Share Earnings





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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------- | ----------- |  | ---- | - | ------------
|The computation of per share earnings for the years ended December 31, 2007 and 2008 is as follows and includes the effect of warrants issued by Gulfstream International Airlines, Inc. (GIA), a subsidiary of the Company:
|                                                                                                                                                                                                                               |  |                        
|                                                                                                                                                                                                                               |  | Year Ended December 31.
|                                                                                                                                                                                                                               |  | 2007                    |             |  | 2008
|Net loss                                                                                                                                                                                                                       |  | $                       | (3,106,000) |  |      | $ | (14,799,000)
|Effect of GIA warrants                                                                                                                                                                                                         |  |                         | (39,000)    |  |      |   |           
|Net loss - diluted                                                                                                                                                                                                             |  | $                       | (3,145,000) |  |      | $ | (14,799,000)
|                                                                                                                                                                                                                               |  |                         |             |  |      |   |             
|Weighted average of shares outstanding  basic and diluted                                                                                                                                                                    |  |                         | 2,075,000   |  |      |   | 2,957,000   
|                                                                                                                                                                                                                               |  |                         |             |  |      |   |             
|                                                                                                                                                                                                                               |  |                         |             |  |      |   |             
|Loss per common share:                                                                                                                                                                                                         |  |                         |             |  |      |   |             
|Basic                                                                                                                                                                                                                          |  | $                       | (1.50)      |  |      | $ | (5.00)      
|Diluted                                                                                                                                                                                                                        |  | $                       | (1.52)      |  |      | $ | (5.00)      
|                                                                                                                                                                                                                               |  |                         |             |  |      |   |             
|The effect on the net loss from the GIA warrants is calculated in accordance with SFAS No. 128 Earnings per Share, paragraph 62(a) as follows:                                                                              



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|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ---------- |  | ---- | - | ------------
|                                                                                                                                                                                          |  | Year Ended December 31.
|                                                                                                                                                                                          |  | 2007                    |            |  | 2008
|Earnings Per Share of GIA:                                                                                                                                                                |  |                         |            |  |      |   |             
|Net loss                                                                                                                                                                                  |  | $                       | (495,000)  |  |      | $ | (11,138,000)
|Add: management fees charged by the Parent                                                                                                                                                |  |                         | 360,000    |  |      |   |           
|Add: GIAs portion of consolidated tax benefit                                                                                                                                            |  |                         | 561,000    |  |      |   | 370,000     
|Adjusted net income (loss)                                                                                                                                                                |  | $                       | 426,000    |  |      | $ | (10,768,000)
|                                                                                                                                                                                          |  |                         |            |  |      |   |             
|Basic weighted average shares                                                                                                                                                             |  |                         | 19,575,000 |  |      |   | 19,575,000  
|Dilutive effect of warrants                                                                                                                                                               |  |                         | 1,958,000  |  |      |   | 1,958,000   
|Diluted weighted average shares                                                                                                                                                           |  |                         | 21,533,000 |  |      |   | 21,533,000  
|                                                                                                                                                                                          |  |                         |            |  |      |   |             
|Earnings per common share:                                                                                                                                                                |  |                         |            |  |      |   |             
|Basic                                                                                                                                                                                     |  | $                       | 0.0218     |  |      | $ | (0.5501)    
|Diluted                                                                                                                                                                                   |  | $                       | 0.0198     |  |      | $ | (0.5501)    
|                                                                                                                                                                                          |  |                         |            |  |      |   |             
|Effect on Net Income (Loss) of GIA Warrants:                                                                                                                                              |  |                         |            |  |      |   |             
|Proportionate share of GIA income included in basic earnings per share (1)                                                                                                                |  | $                       | 426,000    |  |      | $ | (10,768,000)
|Proportionate share of GIA income included in diluted earnings per share (2)                                                                                                              |  |                         | 387,000    |  |      |   | (10,768,000)
|Difference                                                                                                                                                                                |  | $                       | 39,000     |  |      | $ |           
|                                                                                                                                                                                          |  |                         |            |  |      |   |             
|(1)  Calculated as the number of GIA outstanding shares times GIA basic earnings per share
(2)  Calculated as the number of GIA outstanding shares times GIA diluted earnings per share