Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
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| Year ended December 31, |
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| 2004 |
| 2003 |
| 2002 |
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Basic |
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Net income |
| $ | 3,857 |
| $ | 4,177 |
| $ | 3,596 |
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Shares: |
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Average common shares outstanding |
| 8,925 |
| 8,840 |
| 8,831 |
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Basic earnings per common share |
| $ | 0.43 |
| $ | 0.47 |
| $ | 0.41 |
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Assuming full dilution |
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Net income |
| $ | 3,857 |
| $ | 4,177 |
| $ | 3,596 |
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Shares: |
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Average common shares outstanding |
| 8,925 |
| 8,840 |
| 8,831 |
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Potentially dilutive common shares outstanding |
| 351 |
| 48 |
| 20 |
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Diluted average common shares outstanding |
| 9,276 |
| 8,888 |
| 8,851 |
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Diluted earnings per common share |
| $ | 0.42 |
| $ | 0.47 |
| $ | 0.41 |
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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.
