Exhibit 11.1

GENESEE & WYOMING INC. AND SUBSIDIARIES

COMPUTATION OF EARNINGS PER COMMON SHARE

(in thousands, except per share amounts)

	For the years ended December 31,
	2005		2004		2003
BASIC EARNINGS PER SHARE CALCULATION:
Net income available to common stockholders	$	50,135	$	37,140	$	23,193
Weighted average number of shares of common stock		36,907		36,207		29,987
Earnings per share – basic	$	1.36	$	1.03	$	0.77
DILUTED EARNINGS PER SHARE CALCULATION:
Net income available to common stockholders	$	50,135	$	37,140	$	27,449
Weighted average number of shares of common stock and common stock equivalents outstanding:
Weighted average number of shares of Class A common stock		36,907		36,207		29,987
Common stock equivalents applicable to Mandatorily Redeemable Convertible Preferred Stock		—		—		5,502
Weighted average number of shares of Class B common stock		3,975		4,011		4,062
Common stock equivalents issuable under stock option plans		830		885		601
Weighted average number of shares of common stock and common stock equivalents – diluted		41,712		41,103		40,152
Earnings per share – diluted	$	1.20	$	0.90	$	0.68

All share and per share amounts presented have been restated to reflect the retroactive effect of all stock splits.