Willis Lease Finance (WLFC) 10-Q 2004 Q3 Quarterly report

Exhibit 11.1

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

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