WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings Per Share
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| Three Months Ended September 30, |
| Nine Months Ended September 30, |
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| 2001 |
| 2000 |
| 2001 |
| 2000 |
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| (in thousands, except per share data) | |||||||||||
Net income |
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Basic |
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Earnings: |
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Income from continuing operations |
| $ | 1,755 |
| $ | 2,010 |
| $ | 7,223 |
| $ | 5,073 |
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Discontinued operations |
| $ | 45 |
| $ | 61 |
| $ | (740 | ) | $ | 534 |
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Net earnings |
| $ | 1,800 |
| $ | 2,071 |
| $ | 6,483 |
| $ | 5,607 |
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Shares: |
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Average common shares outstanding |
| 8,812 |
| 7,403 |
| 8,752 |
| 7,401 |
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Basic earnings per common share |
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Income from continuing operations |
| $ | 0.20 |
| $ | 0.27 |
| $ | 0.83 |
| $ | 0.69 |
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Discontinued operations |
| - |
| $ | 0.01 |
| ($0.09 | ) | $ | 0.07 |
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Net earnings |
| $ | 0.20 |
| $ | 0.28 |
| $ | 0.74 |
| $ | 0.76 |
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Assuming Full Dilution |
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Earnings: |
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Income from continuing operations |
| $ | 1,755 |
| $ | 2,010 |
| $ | 7,223 |
| $ | 5,073 |
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Discontinued operations |
| $ | 45 |
| $ | 61 |
| $ | (740 | ) | $ | 534 |
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Net earnings |
| $ | 1,800 |
| $ | 2,071 |
| $ | 6,483 |
| $ | 5,607 |
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Shares: |
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Diluted average common shares outstanding |
| 8,954 |
| 7,496 |
| 8,915 |
| 7,489 |
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Earnings per common share assuming full dilution |
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Income from continuing operations |
| $ | 0.20 |
| $ | 0.27 |
| $ | 0.81 |
| $ | 0.68 |
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Discontinued operations |
| - |
| $ | 0.01 |
| $ | (0.08 | ) | $ | 0.07 |
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Net earnings |
| $ | 0.20 |
| $ | 0.28 |
| $ | 0.73 |
| $ | 0.75 |
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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.