WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings Per Share
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| Three Months Ended June 30, |
| Six Months Ended June 30, |
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| 2002 |
| 2001 |
| 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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Income from continuing operations |
| $ | 577 |
| $ | 2,969 |
| $ | 1,543 |
| $ | 5,469 |
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Discontinued operations |
| — |
| (606 | ) | — |
| (785 | ) | ||||
Net earnings |
| $ | 577 |
| $ | 2,363 |
| $ | 1,543 |
| $ | 4,684 |
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Shares: |
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Average common shares outstanding |
| 8,830 |
| 8,735 |
| 8,829 |
| 8,722 |
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Basic earnings per common share |
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Income from continuing operations |
| $ | 0.07 |
| $ | 0.34 |
| $ | 0.17 |
| $ | 0.63 |
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Discontinued operations |
| — |
| (0.07 | ) | — |
| (0.09 | ) | ||||
Net earnings |
| $ | 0.07 |
| $ | 0.27 |
| $ | 0.17 |
| $ | 0.54 |
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Assuming Full Dilution |
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Earnings: |
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Income from continuing operations |
| $ | 577 |
| $ | 2,969 |
| $ | 1,543 |
| $ | 5,469 |
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Discontinued operations |
| — |
| (606 | ) | — |
| (785 | ) | ||||
Net earnings |
| $ | 577 |
| $ | 2,363 |
| $ | 1,543 |
| $ | 4,684 |
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Shares: |
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Average common shares outstanding |
| 8,830 |
| 8,735 |
| 8,829 |
| 8,722 |
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Potentially dilutive common shares outstanding |
| 22 |
| 170 |
| 25 |
| 174 |
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Diluted average common shares outstanding |
| 8,852 |
| 8,905 |
| 8,854 |
| 8,896 |
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Earnings per common share assuming full dilution |
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Income from continuing operations |
| $ | 0.07 |
| $ | 0.33 |
| $ | 0.17 |
| $ | 0.61 |
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Discontinued operations |
| — |
| (0.06 | ) | — |
| (0.08 | ) | ||||
Net earnings |
| $ | 0.07 |
| $ | 0.27 |
| $ | 0.17 |
| $ | 0.53 |
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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.