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.