Willis Lease Finance (WLFC) 10-K 2010 FY Annual report

Exhibit 11.1

WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES

Computation of Earnings Per Share
(In thousands, except per share amounts)

	Years Ended December 31,
	2010		2009		2008
Basic
Earnings:
Net income attributable to common shareholders	$	8,922	$	19,239	$	23,473
Shares:
Average common shares outstanding	8,681		8,364		8,242
Basic earnings per common share	$	1.03	$	2.30	$	2.85
Assuming full dilution
Earnings:
Net income attributable to common shareholders	$	8,922	$	19,239	$	23,473
Shares:
Average common shares outstanding	8,681		8,364		8,242
Potentially dilutive common shares outstanding	570		619		518
Diluted average common shares outstanding	9,251		8,983		8,760
Diluted earnings per common share	$	0.96	$	2.14	$	2.68

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 Option/Stock Issuance Plan and restricted stock issued under the 2007 Stock Incentive Plan.

The calculation of diluted earnings per share for 2010 excluded from the denominator zero options and 4,000 restricted stock awards granted to employees and directors because their effect would have been anti-dilutive. The calculation of diluted earnings per share for 2009 excluded from the denominator 35,000 options and 4,000 restricted stock awards granted to employees and directors because their effect would have been anti-dilutive. The calculation of diluted earnings per share for 2008 excluded from the denominator 111,000 options and zero restricted stock awards granted to employees and directors because their effect would have been anti-dilutive.