EXHIBIT 11.1						


					        CINEPLEX ODEON CORPORATION						
					STATEMENT RE COMPUTATION OF PER SHARE EARNINGS						
		 (Calculated in accordance with Canadian generally 
           accepted accounting principles)						
					 (In U.S. dollars, except number of shares)
											
<TABLE>
<CAPTION>
											
	
				                              	3 months      	 3 months  	     6 months    	    6 months 
                                     ended           ended           ended            ended	
	   			                          June 30, 1997   June 30, 1996   June 30, 1997    June 30, 1996
                                 -------------   -------------   -------------    -------------											
	<S>                             <C>             <C>             <C>              <C>
 Basic										
 -----											
	Net loss (B)				                ($14,579,000)   ($11,070,000)   ($12,472,000)    ($18,227,000) 						
                                 =============   =============   =============    =============	
																		
	Weighted average outstanding 
 common and	subordinate 
 restricted voting shares (C)				 176,796,000     176,510,000     176,790,000      150,030,000  						
                                 =============   =============   =============     ============
																			
	Net loss per share (B/C)		          		($0.08)	       	($0.06)		       ($0.07)	        	($0.12)								
                                 =============   =============   =============     =============
																			
																			
	Fully Diluted 																		
 -------------
																			
	Net loss		                   		 ($14,579,000)   ($11,070,000)    ($12,472,000)    ($18,227,000) 							
																			
	Imputed interest on stock 
 options converted at beginning 
 of year (net of income tax 
 of nil)	                                			0 	(1)         	0 	(1)	          0 	(1)	          0 	(1) 							
                                  ------------    ------------     ------------     -------------                  
	Adjusted net loss (E)				       ($14,579,000)   ($11,070,000)    ($12,472,000)    ($18,227,000) 								
                                  ============    ============     ============     ============
																					
	Weighted average 
 outstanding shares																				
	- after all conversions (F)				  176,796,000 (2) 176,510,000 (2) 	176,790,000 (2)   150,030,000 (2) 									
                                  ============    ============     ============     ============					
																
	Net loss per share (E/F)         				($0.08)        		($0.06)       	 	($0.07)		         ($0.12)										
                                  ============    ============      ============    =============

</TABLE>
																					
																					
   (1) Imputed interest calculations would be anti-dilutive and therefore 
       have been excluded in calculations.																					
																					
   (2) Inclusion of conversions would be anti-dilutive and therefore are 
       excluded in calculations. Weighted average outstanding shares after 
       all	conversions would be 191,252,000 for the 3 months ended 
       June 30, 1997, 183,311,000 for the three months ending June 30, 1996,
       191,271,000	for the 6 months ending June 30, 1997 and 157,347,000 
       for the 6 months ending June 30, 1996.