EXHIBIT 11.1





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|Statement re: Computation of per Share Earnings                                                                                                                                                                              
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|The computation of per share earnings for the years ended December31, 2006 and 2007 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, |           
|                                                                                                                                                                                                                              |  | 2006                    |            | 2007 |  
|Net income (loss)                                                                                                                                                                                                             |  | $                       | 184,000    |      | $ | (3,106,000 | )
|Effect of GIA warrants                                                                                                                                                                                                        |  |                         | (52,000    | )    |   | (39,000    | )
|Net income (loss)  diluted                                                                                                                                                                                                   |  | $                       | 132,000    |      | $ | (3,145,000 | )
|                                                                                                                                                                                                                              |  |                         |            |      |   |            |  
|Weighted average of shares outstanding  basic and diluted                                                                                                                                                                    |  |                         | 1,681,000  |      |   | 2,075,000  |  
|                                                                                                                                                                                                                              |  |                         |            |      |   |            |  
|Earnings (loss) per common share:                                                                                                                                                                                             |  |                         |            |      |   |            |  
|Basic                                                                                                                                                                                                                         |  | $                       | 0.11       |      | $ | (1.50      | )
|Diluted                                                                                                                                                                                                                       |  | $                       | 0.08       |      | $ | (1.52      | )
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|The effect on net income of the GIA warrants is calculated in accordance with SFAS No. 128 Earnings per Share,
paragraph 62(a) as follows:                                                                                 
|                                                                                                                                                                                                                              |  |                         |           
|                                                                                                                                                                                                                              |  | Year Ended December 31, |           
|                                                                                                                                                                                                                              |  | 2006                    |            | 2007 |  
|Earnings Per Share of GIA:                                                                                                                                                                                                    |  |                         |            |      |   |            |  
|Net income (loss)                                                                                                                                                                                                             |  | $                       | 257,000    |      | $ | (495,000   |  
|Add: management fees charged by the Parent                                                                                                                                                                                    |  |                         | 320,000    |      |   | 360,000    |  
|Add: GIA's portion of consolidated tax benefit                                                                                                                                                                                |  |                         |           |      |   | 561,000    |  
|Adjusted net income                                                                                                                                                                                                           |  | $                       | 577,000    |      |   | 426,000    |  
|                                                                                                                                                                                                                              |  |                         |            |      |   |            |  
|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                                                                                                                                                                                                                         |  | $                       | 0.0295     |      | $ | 0.0218     |  
|Diluted                                                                                                                                                                                                                       |  | $                       | 0.0268     |      | $ | 0.0198     |  
|                                                                                                                                                                                                                              |  |                         |            |      |   |            |  
|Effect on Net Income of GIA Warrants:                                                                                                                                                                                         |  |                         |            |      |   |            |  
|Proportionate share of GIA income included in basic earnings per share (1)                                                                                                                                                    |  | $                       | 577,000    |      | $ | 426,000    |  
|Proportionate share of GIA income included in diluted earnings per share (2)                                                                                                                                                  |  |                         | 525,000    |      |   | 387,000    |  
|Difference                                                                                                                                                                                                                    |  | $                       | 52,000     |      | $ | 39,000     |  
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|(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