WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings Per Share
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2001 | 2000 | 2001 | 2000 | |||||||||||
(in thousands, except per share data) | ||||||||||||||
Net income | ||||||||||||||
Basic | ||||||||||||||
Earnings: | ||||||||||||||
Income from continuing operations | $ | 2,969 | $ | 1,522 | $ | 5,469 | $ | 3,062 | ||||||
Discontinued operations | $ | (606 | ) | $ | 332 | $ | (785 | ) | $ | 474 | ||||
Net earnings | $ | 2,363 | $ | 1,854 | $ | 4,684 | $ | 3,536 | ||||||
Shares: | ||||||||||||||
Average common shares outstanding | 8,735 | 7,402 | 8,722 | 7,402 | ||||||||||
Basic earnings per common share | ||||||||||||||
Income from continuing operations | $ | 0.34 | $ | 0.21 | $ | 0.63 | $ | 0.42 | ||||||
Discontinued operations | (0.07 | ) | 0.04 | (0.09 | ) | 0.06 | ||||||||
Net earnings | $ | 0.27 | $ | 0.25 | $ | 0.54 | $ | 0.48 | ||||||
Assuming Full Dilution | ||||||||||||||
Earnings: | ||||||||||||||
Income from continuing operations | $ | 2,969 | $ | 1,522 | $ | 5,469 | $ | 3,062 | ||||||
Discontinued operations | $ | (606 | ) | $ | 332 | $ | (785 | ) | $ | 474 | ||||
Net earnings | $ | 2,363 | $ | 1,854 | $ | 4,684 | $ | 3,536 | ||||||
Shares: | ||||||||||||||
Diluted average common shares outstanding | 8,905 | 7,495 | 8,896 | 7,489 | ||||||||||
Earnings per common share assuming full dilution | ||||||||||||||
Income from continuing operations | $ | 0.33 | $ | 0.21 | $ | 0.61 | $ | 0.41 | ||||||
Discontinued operations | (0.06 | ) | 0.04 | (0.08 | ) | 0.06 | ||||||||
Net earnings | $ | 0.27 | $ | 0.25 | $ | 0.53 | $ | 0.47 | ||||||
Supplemental information: | ||||||||
Difference between average common shares outstanding to calculate basic and assuming full dilution is due to options outstanding under the 1996 Stock Options/Stock Issuance Plan and warrants issued in conjunction with the initial public offering. | ||||||||