WILLIS FINANCE CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings Per Share
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| Twelve Months Ended December 31, |
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| 2001 |
| 2000 |
| 1999 |
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| (in thousands, except per share data) |
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Net income |
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Basic |
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Earnings: |
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Income from continuing operations |
| $ | 7,643 |
| $ | 5,474 |
| $ | 10,123 |
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Discontinued operations |
| $ | (699 | ) | $ | 2,340 |
| $ | (6,840 | ) |
Net earnings |
| $ | 6,944 |
| $ | 7,814 |
| $ | 3,283 |
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Shares: |
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Average common shares outstanding |
| 8,771 |
| 7,512 |
| 7,382 |
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Basic earnings per common share |
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Income from continuing operations |
| $ | 0.87 |
| $ | 0.73 |
| $ | 1.37 |
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Discontinued operations |
| $ | (0.08 | ) | $ | 0.31 |
| $ | (0.93 | ) |
Net earnings |
| $ | 0.79 |
| $ | 1.04 |
| $ | 0.44 |
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Assuming Full Dilution |
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Earnings: |
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Income from continuing operations |
| $ | 7,643 |
| $ | 5,474 |
| $ | 10,123 |
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Discontinued operations |
| $ | (699 | ) | $ | 2,340 |
| $ | (6,840 | ) |
Net earnings |
| $ | 6,944 |
| $ | 7,814 |
| $ | 3,283 |
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Shares: |
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Diluted average common shares outstanding |
| 8,892 |
| 7,607 |
| 7,447 |
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Earnings per common share assuming full dilution |
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Income from continuing operations |
| $ | 0.86 |
| $ | 0.72 |
| $ | 1.36 |
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Discontinued operations |
| (0.08 | ) | $ | 0.31 |
| $ | (0.92 | ) | |
Net earnings |
| $ | 0.78 |
| $ | 1.03 |
| $ | 0.44 |
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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.