Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
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| Three Months Ended September 30, |
| Nine Months Ended September 30, |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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Basic |
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Net income |
| $ | 508 |
| $ | 745 |
| $ | 2,392 |
| $ | 2,739 |
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Shares: |
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Average common shares outstanding |
| 8,959 |
| 8,841 |
| 8,908 |
| 8,838 |
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Basic earnings per common share |
| $ | 0.06 |
| $ | 0.08 |
| $ | 0.27 |
| $ | 0.31 |
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Assuming full dilution |
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Net income |
| $ | 508 |
| $ | 745 |
| $ | 2,392 |
| $ | 2,739 |
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Shares: |
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Average common shares outstanding |
| 8,959 |
| 8,841 |
| 8,908 |
| 8,838 |
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Potentially dilutive common shares outstanding |
| 338 |
| 48 |
| 353 |
| 38 |
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Diluted average common shares outstanding |
| 9,297 |
| 8,889 |
| 9,261 |
| 8,876 |
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Diluted earnings per common share |
| $ | 0.05 |
| $ | 0.08 |
| $ | 0.26 |
| $ | 0.31 |
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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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