Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
(in thousands except earnings per share data)
|
| Three Months Ended March 31, |
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|
| 2003 |
| 2002 |
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Basic earnings per common share |
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|
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Earnings: |
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|
|
|
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Net income |
| $ | 842 |
| $ | 966 |
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Shares: |
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Average common shares outstanding |
| 8,836 |
| 8,828 |
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|
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Basic earnings per common share |
| $ | 0.10 |
| $ | 0.11 |
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Earnings per common share assuming full dilution |
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Earnings: |
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|
|
|
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Net income |
| $ | 842 |
| $ | 966 |
|
|
|
|
|
|
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Shares: |
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|
|
|
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Average common shares outstanding |
| 8,836 |
| 8,828 |
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Potentially dilutive common shares outstanding |
| 39 |
| 26 |
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Diluted average common shares outstanding |
| 8,875 |
| 8,854 |
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Earnings per common share assuming full dilution |
| $ | 0.09 |
| $ | 0.11 |
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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.
