Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands, except per share data, unaudited)
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| Three Months ended June 30, |
| Six Months ended June 30, |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
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| (as restated) |
| (as restated) |
| (as restated) |
| (as restated) |
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Basic |
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Earnings: |
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Net income |
| $ | 963 |
| $ | 3,327 |
| $ | 2,525 |
| $ | 3,829 |
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Shares: |
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Average common shares outstanding |
| 9,047 |
| 8,908 |
| 9,027 |
| 8,882 |
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Basic earnings per common share |
| $ | 0.11 |
| $ | 0.37 |
| $ | 0.28 |
| $ | 0.43 |
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Assuming full dilution |
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Earnings: |
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Net income |
| $ | 963 |
| $ | 3,327 |
| $ | 2,525 |
| $ | 3,829 |
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Shares: |
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Average common shares outstanding |
| 9,047 |
| 8,908 |
| 9,027 |
| 8,882 |
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Potentially dilutive common shares outstanding |
| 424 |
| 407 |
| 411 |
| 360 |
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Diluted average common shares outstanding |
| 9,471 |
| 9,315 |
| 9,438 |
| 9,242 |
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Diluted earnings per common share |
| $ | 0.10 |
| $ | 0.36 |
| $ | 0.27 |
| $ | 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.