Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
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| Three Months Ended September 30, |
| Nine Months Ended September 30, |
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| 2003 |
| 2002 |
| 2003 |
| 2002 |
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Net income |
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Basic |
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Earnings: |
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Net income |
| $ | 745 |
| $ | 33 |
| $ | 2,739 |
| $ | 1,576 |
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Shares: |
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Average common shares outstanding |
| 8,841 |
| 8,832 |
| 8,838 |
| 8,830 |
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Basic earnings per common share |
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Net income |
| $ | 0.08 |
| $ | — |
| $ | 0.31 |
| $ | 0.18 |
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Assuming Full Dilution Earnings: |
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Net income |
| $ | 745 |
| $ | 33 |
| $ | 2,739 |
| $ | 1,576 |
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Shares: |
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Average common shares outstanding |
| 8,841 |
| 8,832 |
| 8,838 |
| 8,830 |
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Potentially dilutive common shares outstanding |
| 48 |
| 9 |
| 38 |
| 18 |
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Diluted average common shares outstanding |
| 8,889 |
| 8,841 |
| 8,876 |
| 8,848 |
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Earnings per common share assuming full dilution |
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Net income |
| $ | 0.08 |
| $ | — |
| $ | 0.31 |
| $ | 0.18 |
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Supplemental information: |
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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 additionally in 2002, warrants issued in conjunction with the initial public offering. |
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