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 September 30, |
| Nine Months ended September 30, |
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| 2007 |
| As Adjusted 2006 |
| 2007 |
| As Adjusted 2006 |
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Basic |
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Earnings: |
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Net income attributable to common shareholders |
| $ | 2,969 |
| $ | 5,992 |
| $ | 10,204 |
| $ | 16,873 |
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Shares: |
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Average common shares outstanding |
| 8,174 |
| 9,279 |
| 8,106 |
| 9,219 |
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Basic earnings per common share |
| $ | 0.36 |
| $ | 0.65 |
| $ | 1.26 |
| $ | 1.83 |
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Assuming full dilution |
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Earnings: |
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Net income attributable to common shareholders |
| $ | 2,969 |
| $ | 5,992 |
| $ | 10,204 |
| $ | 16,873 |
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Shares: |
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Average common shares outstanding |
| 8,174 |
| 9,279 |
| 8,106 |
| 9,219 |
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Potentially dilutive common shares outstanding |
| 595 |
| 414 |
| 548 |
| 429 |
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Diluted average common shares outstanding |
| 8,769 |
| 9,693 |
| 8,654 |
| 9,648 |
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Diluted earnings per common share |
| $ | 0.34 |
| $ | 0.62 |
| $ | 1.18 |
| $ | 1.75 |
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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 and 2007 Stock Incentive Plan.