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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| 2014 |
| 2013 |
| 2014 |
| 2013 |
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Earnings: |
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Net income (loss) attributable to common shareholders |
| $ | 979 |
| $ | (2,229) |
| $ | 7,525 |
| $ | 9,073 |
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Shares: |
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Average common shares outstanding |
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| 7,938 |
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| 8,126 |
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| 7,943 |
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| 8,091 |
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Basic earnings (loss) per common share |
| $ | 0.12 |
| $ | (0.27) |
| $ | 0.95 |
| $ | 1.12 |
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Assuming full dilution |
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Earnings: |
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Net income (loss) attributable to common shareholders |
| $ | 979 |
| $ | (2,229) |
| $ | 7,525 |
| $ | 9,073 |
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Shares: |
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Average common shares outstanding |
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| 7,938 |
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| 8,126 |
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| 7,943 |
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| 8,091 |
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Potentially dilutive common shares outstanding |
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| 185 |
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| 203 |
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| 220 |
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| 241 |
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Diluted average common shares outstanding |
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| 8,123 |
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| 8,329 |
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| 8,163 |
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| 8,332 |
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Diluted earnings (loss) per common share |
| $ | 0.12 |
| $ | (0.27) |
| $ | 0.92 |
| $ | 1.09 |
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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.