WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings Per Share
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| Three Months Ended March 31, |
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|
| 2002 |
| 2001 |
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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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|
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Income from continuing operations |
| $ | 966 |
| $ | 2,499 |
|
Discontinued operations |
| $ | — |
| $ | (179 | ) |
Net earnings |
| $ | 966 |
| $ | 2,320 |
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Shares: |
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Average common shares outstanding |
| 8,828 |
| 8,709 |
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Basic earnings per common share |
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Income from continuing operations |
| $ | 0.11 |
| $ | 0.29 |
|
Discontinued operations |
| $ | — |
| $ | (0.02 | ) |
Net earnings |
| $ | 0.11 |
| $ | 0.27 |
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Assuming Full Dilution |
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Earnings: |
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|
|
|
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Income from continuing operations |
| $ | 966 |
| $ | 2,499 |
|
Discontinued operations |
| $ | — |
| $ | (179 | ) |
Net earnings |
| $ | 966 |
| $ | 2,320 |
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Shares: |
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Average number of common shares outstanding |
| 8,828 |
| 8,709 |
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Potentially dilutive common shares outstanding |
| 26 |
| 174 |
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Diluted average common shares outstanding |
| 8,854 |
| 8,883 |
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Earnings per common share assuming full dilution |
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|
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Income from continuing operations |
| $ | 0.11 |
| $ | 0.28 |
|
Discontinued operations |
| $ | — |
| $ | (0.02 | ) |
Net earnings |
| $ | 0.11 |
| $ | 0.26 |
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Supplemental information:
The 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.