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Content analysis
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H.S. freshman Avg
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Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
(in thousands, except per share data)
(Unaudited)
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| Three Months Ended March 31, |
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| 2004 |
| 2003 |
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Basic |
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Earnings: |
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Net income |
| $ | 969 |
| $ | 842 |
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Shares: |
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Average common shares outstanding |
| 8,856 |
| 8,836 |
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Basic earnings per common share |
| $ | 0.11 |
| $ | 0.10 |
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Assuming full dilution |
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Earnings: |
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Net income |
| $ | 969 |
| $ | 842 |
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Shares: |
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Average common shares outstanding |
| 8,856 |
| 8,836 |
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Potentially dilutive common shares outstanding |
| 305 |
| 39 |
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Diluted average common shares outstanding |
| 9,161 |
| 8,875 |
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Diluted earnings per common share |
| $ | 0.11 |
| $ | 0.09 |
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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. |
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