Exhibit 11

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Statements re Computation of Per Share Earnings
(Reference to common shares includes Class A and Class B shares)

	Year ended December 31,
	2001		2000		1999
	(Dollars in thousands, except per share amounts)
Net earnings:
Earnings on common shares before cumulative effect of change in accounting principle—basic	$	29,850	$	39,965	$	37,995
Cumulative effect of change in accounting principle		—		—	$	(2,987	)
Shares used to compute basic earnings per common share (weighted average number of shares outstanding)		30,874,000		27,813,000		25,900,000
Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options)		30,874,000		27,854,000		—
Earnings per common share before cumulative effect of change in accounting principle:
Basic	$	0.97	$	1.43	$	1.47
Diluted	$	0.97	$	1.43	$	1.47
Cumulative effect of change in accounting principle:
Basic		—		—	$	(0.12	)
Diluted		—		—	$	(0.12	)
Net earnings per common share:
Basic	$	0.97	$	1.43	$	1.35
Diluted	$	0.97	$	1.43	$	1.35