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 June 30, |
| Six Months Ended June 30, |
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| 2016 |
| 2015 |
| 2016 |
| 2015 |
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Earnings: |
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Net income (loss) |
| $ | 3,366 |
| $ | (486) |
| $ | 7,377 |
| $ | 872 |
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Shares: |
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Average common shares outstanding |
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| 6,685 |
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| 7,841 |
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| 6,917 |
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| 7,845 |
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Basic earnings (loss) per common share |
| $ | 0.50 |
| $ | (0.06) |
| $ | 1.07 |
| $ | 0.11 |
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Assuming full dilution |
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Earnings: |
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Net income (loss) |
| $ | 3,366 |
| $ | (486) |
| $ | 7,377 |
| $ | 872 |
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Shares: |
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Average common shares outstanding |
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| 6,685 |
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| 7,841 |
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| 6,917 |
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| 7,845 |
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Potentially dilutive common shares outstanding |
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| 134 |
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| - |
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| 130 |
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| 177 |
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Diluted average common shares outstanding |
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| 6,819 |
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| 7,841 |
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| 7,047 |
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| 8,022 |
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Diluted earnings (loss) per common share |
| $ | 0.49 |
| $ | (0.06) |
| $ | 1.05 |
| $ | 0.11 |
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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.