Exhibit 11.1 Computation of Earnings WILLIS LEASE FINANCE CORPORATION Computation of Earnings Per Share 1999 1998 1997 ---------- ---------- ---------- (in thousands, except per share data) Income before extraordinary item Basic Earnings: Income before extraordinary item $3,283 $9,451 $5,330 ========== ========== ========== Shares: Average common shares outstanding 7,382 7,266 5,497 ========== ========== ========== Basic earnings per common share before extraordinary item $0.44 $1.30 $0.97 ========== ========== ========== Assuming Full Dilution Earnings: Income before extraordinary item $3,283 $9,451 $5,330 ========== ========== ========== Shares: Diluted average common shares outstanding 7,447 7,461 5,673 ========== ========== ========== Earnings per common share assuming full dilution, before extraordinary item $0.44 $1.27 $0.94 ========== ========== ========== Net income Basic Earnings: Net income $3,283 $9,251 $7,338 ========== ========== ========== Shares: Average common shares outstanding 7,382 7,266 5,497 ========== ========== ========== Basic earnings per common share $0.44 $1.27 $1.33 ========== ========== ========== Assuming Full Dilution Earnings: Net income $3,283 $9,251 $7,338 ========== ========== ========== Shares: Diluted average common shares outstanding 7,447 7,461 5,673 ========== ========== ========== Earnings per common share assuming full dilution $0.44 $1.24 $1.29 ========== ========== ========== Supplemental information: 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 warrants issued in conjunction with the initial public offering 51