Willis Lease Finance (WLFC) 10-Q 2002 Q1 Quarterly report

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

Exhibit 11.1

Computation of Earnings Per Share

	Three Months Ended March 31,
	2002		2001
	(in thousands, except per share data)
Net income
Basic
Earnings:
Income from continuing operations	$	966	$	2,499
Discontinued operations	$	—	$	(179	)
Net earnings	$	966	$	2,320
Shares:
Average common shares outstanding	8,828		8,709
Basic earnings per common share
Income from continuing operations	$	0.11	$	0.29
Discontinued operations	$	—	$	(0.02	)
Net earnings	$	0.11	$	0.27
Assuming Full Dilution
Earnings:
Income from continuing operations	$	966	$	2,499
Discontinued operations	$	—	$	(179	)
Net earnings	$	966	$	2,320
Shares:
Average number of common shares outstanding	8,828		8,709
Potentially dilutive common shares outstanding	26		174
Diluted average common shares outstanding	8,854		8,883
Earnings per common share assuming full dilution
Income from continuing operations	$	0.11	$	0.28
Discontinued operations	$	—	$	(0.02	)
Net earnings	$	0.11	$	0.26

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.