Exhibit 11.1

GENESEE & WYOMING INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(in thousands, except per share amounts)

	Three Months Ended		Three Months Ended
	March 31, 2001		March 31, 2000
BASIC EARNINGS PER SHARE CALCULATION:
Net Income available to common shareholders	$	6,342	$	4,412
Weighted average number of shares of common stock		4,511		4,328
Earnings per share — basic	$	1.41	$	1.02
DILUTED EARNINGS PER SHARE CALCULATION:
Net Income	$	6,578	$	4,412
Weighted average number of shares of common stock and common stock equivalents outstanding:
Weighted average number of shares of common stock		4,511		4,328
Common stock equivalents issuable under stock option plans		149		97
Common stock equivalents applicable to Redeemable Convertible Preferred Stock		870		—
Weighted average number of shares of common stock and common stock equivalents — diluted		5,530		4,425
Earnings per share – diluted	$	1.19	$	1.00