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Exhibit 11.1
WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands, except per share data, unaudited)
|
| Three Months ended March 31, |
| ||||
|
| 2008 |
| 2007 |
| ||
Basic |
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|
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Earnings: |
|
|
|
|
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Net income attributable to common shareholders |
| $ | 4,323 |
| $ | 3,623 |
|
|
|
|
|
|
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Shares: |
|
|
|
|
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Average common shares outstanding |
| 8,190 |
| 8,014 |
| ||
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|
|
|
|
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Basic earnings per common share |
| $ | 0.53 |
| $ | 0.45 |
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|
|
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|
|
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Assuming full dilution |
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|
|
|
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Earnings: |
|
|
|
|
| ||
Net income attributable to common shareholders |
| $ | 4,323 |
| $ | 3,623 |
|
|
|
|
|
|
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Shares: |
|
|
|
|
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Average common shares outstanding |
| 8,190 |
| 8,014 |
| ||
Potentially dilutive common shares outstanding |
| 595 |
| 527 |
| ||
Diluted average common shares outstanding |
| 8,785 |
| 8,541 |
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|
|
|
|
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Diluted earnings per common share |
| $ | 0.49 |
| $ | 0.42 |
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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 restricted stock issued under the 2007 Stock Incentive Plan.