Willis Lease Finance (WLFC) 10-Q 2003 Q1 Quarterly report

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

Exhibit 11.1

Computation of Earnings Per Share

(in thousands except earnings per share data)

	Three Months Ended March 31,
	2003		2002
Basic earnings per common share
Earnings:
Net income	$	842	$	966
Shares:
Average common shares outstanding	8,836		8,828
Basic earnings per common share	$	0.10	$	0.11
Earnings per common share assuming full dilution
Earnings:
Net income	$	842	$	966
Shares:
Average common shares outstanding	8,836		8,828
Potentially dilutive common shares outstanding	39		26
Diluted average common shares outstanding	8,875		8,854
Earnings per common share assuming full dilution	$	0.09	$	0.11

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.