Willis Lease Finance (WLFC) 10-Q 2006 Q3 Quarterly report

Exhibit 11.1

WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands, except per share data, unaudited)

	Three Months ended					Nine Months ended
	September 30,					September 30,
	2006		2005			2006		2005
Basic
Earnings:
Net income/(loss) attributable to common shareholders	$	904	$	(501	)	$	1,170	$	2,024
Shares:
Average common shares outstanding	9,279		9,097			9,219		9,050
Basic earnings/(loss) per common share	$	0.10	$	(0.06	)	$	0.13	$	0.22
Assuming full dilution
Earnings:
Net income/(loss) attributable to common shareholders	$	904	$	(501	)	$	1,170	$	2,024
Shares:
Average common shares outstanding	9,279		9,097			9,219		9,050
Potentially dilutive common shares outstanding	414		—			429		429
Diluted average common shares outstanding	9,693		9,097			9,648		9,429
Diluted earnings/(loss) per common share	$	0.09	$	(0.06	)	$	0.12	$	0.21

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.