Willis Lease Finance (WLFC) 10-Q 2001 Q2 Quarterly report

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.