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

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.