Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands, except per share data, unaudited)
|
| Three Months ended March 31, |
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|
| 2005 |
| 2004 |
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|
| (as restated) |
| (as restated) |
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Basic |
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|
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Earnings: |
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|
|
|
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Net income |
| $ | 1,562 |
| $ | 502 |
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Shares: |
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|
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Average common shares outstanding |
| 9,006 |
| 8,856 |
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|
|
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Basic earnings per common share |
| $ | 0.17 |
| $ | 0.06 |
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Assuming full dilution |
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Earnings: |
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|
|
|
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Net income |
| $ | 1,562 |
| $ | 502 |
|
|
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|
|
|
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Shares: |
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|
|
|
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Average common shares outstanding |
| 9,006 |
| 8,856 |
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Potentially dilutive common shares outstanding |
| 395 |
| 305 |
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Diluted average common shares outstanding |
| 9,401 |
| 9,161 |
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Diluted earnings per common share |
| $ | 0.17 |
| $ | 0.05 |
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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.
