Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
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| Three Months Ended June 30, |
| Six Months Ended June 30, |
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| 2003 |
| 2002 |
| 2003 |
| 2002 |
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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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Net income |
| $ | 1,152 |
| $ | 577 |
| $ | 1,994 |
| $ | 1,543 |
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Shares: |
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Average common shares outstanding |
| 8,838 |
| 8,830 |
| 8,837 |
| 8,829 |
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Basic earnings per common share |
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Net income |
| $ | 0.13 |
| $ | 0.07 |
| $ | 0.23 |
| $ | 0.17 |
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Assuming Full Dilution |
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Earnings: |
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Net income |
| $ | 1,152 |
| $ | 577 |
| $ | 1,994 |
| $ | 1,543 |
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Shares: |
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Average common shares outstanding |
| 8,838 |
| 8,830 |
| 8,837 |
| 8,829 |
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Potentially dilutive common shares outstanding |
| 36 |
| 22 |
| 35 |
| 25 |
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Diluted average common shares outstanding |
| 8,874 |
| 8,852 |
| 8,872 |
| 8,854 |
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Earnings per common share assuming full dilution |
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Net income |
| $ | 0.13 |
| $ | 0.07 |
| $ | 0.22 |
| $ | 0.17 |
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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.