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 |
| Six Months ended June 30, |
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| 2007 |
| 2006 |
| 2007 |
| 2006 |
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Basic |
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Earnings: |
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Net income attributable to common shareholders |
| $ | 3,612 |
| $ | 817 |
| $ | 7,235 |
| $ | 10,881 |
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Shares: |
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Average common shares outstanding |
| 8,118 |
| 9,223 |
| 8,066 |
| 9,189 |
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Basic earnings per common share |
| $ | 0.44 |
| $ | 0.09 |
| $ | 0.90 |
| $ | 1.18 |
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Assuming full dilution |
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Earnings: |
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Net income attributable to common shareholders |
| $ | 3,612 |
| $ | 817 |
| $ | 7,235 |
| $ | 10,881 |
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Shares: |
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Average common shares outstanding |
| 8,118 |
| 9,223 |
| 8,066 |
| 9,189 |
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Potentially dilutive common shares outstanding |
| 518 |
| 475 |
| 523 |
| 454 |
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Diluted average common shares outstanding |
| 8,636 |
| 9,698 |
| 8,589 |
| 9,643 |
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Diluted earnings per common share |
| $ | 0.42 |
| $ | 0.08 |
| $ | 0.84 |
| $ | 1.13 |
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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.