Exhibit 11.1
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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| 2016 |
| 2015 |
| 2016 |
| 2015 |
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Earnings: |
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Net income |
| $ | 3,985 |
| $ | 2,551 |
| $ | 11,362 |
| $ | 3,423 |
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Shares: |
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Average common shares outstanding |
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| 6,307 |
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| 7,839 |
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| 6,711 |
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| 7,843 |
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Basic earnings per common share |
| $ | 0.63 |
| $ | 0.33 |
| $ | 1.69 |
| $ | 0.44 |
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Assuming full dilution |
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Earnings: |
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Net income |
| $ | 3,985 |
| $ | 2,551 |
| $ | 11,362 |
| $ | 3,423 |
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Shares: |
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Average common shares outstanding |
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| 6,307 |
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| 7,839 |
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| 6,711 |
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| 7,843 |
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Potentially dilutive common shares outstanding |
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| 141 |
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| 124 |
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| 138 |
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| 168 |
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Diluted average common shares outstanding |
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| 6,448 |
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| 7,963 |
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| 6,849 |
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| 8,011 |
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Diluted earnings per common share |
| $ | 0.62 |
| $ | 0.32 |
| $ | 1.66 |
| $ | 0.43 |
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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.