Exhibit 11

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

Statements re Computation of Per Share Earnings

(Common shares means both Class A and Class B)

	Year ended December 31,
	2008			2007			2006
Net (loss)/earnings from continuing operations	$	(6,612,000	)	$	50,263,000		$	36,665,000
(Loss)/earnings from discontinued operations, net of tax	(19,939,000		)	(16,621,000		)	3,102,000
Net (loss)/earnings	$	(26,551,000	)	$	33,642,000		$	39,767,000
Shares used to compute basic earnings per common share (weighted average number of shares outstanding)	43,443,000			42,390,000			40,692,000
Shares used to compute diluted earnings per common share (weighted average number of shares outstanding assuming the effect of stock options)	43,550,000			42,574,000			40,960,000
Basic (loss)/earnings per common share:
Net (loss)/earnings from continuing operations	$	(0.15	)	$	1.19		$	0.90
Net (loss)/earnings from discontinued operations	(0.46		)	(0.40		)	0.08
Net (loss)/earnings	$	(0.61	)	$	0.79		$	0.98
Diluted (loss)/earnings per common share:
Net (loss)/earnings from continuing operations	$	(0.15	)	$	1.19		$	0.89
Net (loss)/earnings from discontinued operations	(0.46		)	(0.40		)	0.08
Net (loss)/earnings	$	(0.61	)	$	0.79		$	0.97