Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
| Twelve Months Ended December 31, |
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| 2003 |
| 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 | $ | 4,177 |
| $ | 3,596 |
| $ | 7,643 |
|
Discontinued operations | — |
| — |
| (699 | ) | |||
Net income | $ | 4,177 |
| $ | 3,596 |
| $ | 6,944 |
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Shares: |
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Average common shares outstanding | 8,840 |
| 8,831 |
| 8,771 |
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Basic earnings per common share |
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Income from continuing operations | $ | 0.47 |
| $ | 0.41 |
| $ | 0.87 |
|
Discontinued operations | — |
| — |
| (0.08 | ) | |||
Net income | $ | 0.47 |
| $ | 0.41 |
| $ | 0.79 |
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Assuming Full Dilution |
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Earnings: |
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Income from continuing operations | $ | 4,177 |
| $ | 3,596 |
| $ | 7,643 |
|
Discontinued operations | — |
| — |
| (699) |
| |||
Net income | $ | 4,177 |
| $ | 3,596 |
| $ | 6,944 |
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Shares: |
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Average common shares outstanding | 8,440 |
| 8,831 |
| 8,771 |
| |||
Potentially dilutive common shares outstanding | 48 |
| 20 |
| 121 |
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Diluted average common shares outstanding | 8,888 |
| 8,851 |
| 8,892 |
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Earnings per common share assuming full dilution |
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Income from continuing operations | $ | 0.47 |
| $ | 0.41 |
| $ | 0.86 |
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Discontinued operations | — |
| — |
| — |
| |||
Net income | $ | 0.47 |
| $ | 0.41 |
| $ | 0.78 |
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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 additionally in 2002, warrants issued in conjunction with the initial public offering.
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