Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share (unaudited)
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| Three Months Ended June 30, |
| Six Months Ended June 30, |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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Basic |
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Net income |
| $ | 915 |
| $ | 1,152 |
| $ | 1,884 |
| $ | 1,994 |
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Shares: |
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Average common shares outstanding |
| 8,908 |
| 8,838 |
| 8,882 |
| 8,837 |
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Basic earnings per common share |
| $ | 0.10 |
| $ | 0.13 |
| $ | 0.21 |
| $ | 0.23 |
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Assuming full dilution |
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Net income |
| $ | 915 |
| $ | 1,152 |
| $ | 1,884 |
| $ | 1,994 |
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Shares: |
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Average common shares outstanding |
| 8,908 |
| 8,838 |
| 8,882 |
| 8,837 |
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Potentially dilutive common shares outstanding |
| 407 |
| 36 |
| 360 |
| 35 |
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Diluted average common shares outstanding |
| 9,315 |
| 8,874 |
| 9,242 |
| 8,872 |
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Diluted earnings per common share |
| $ | 0.10 |
| $ | 0.13 |
| $ | 0.20 |
| $ | 0.22 |
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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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