WILLIS LEASE FINANCING CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended March 31
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2000 1999
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(in thousands, except per share data)
Net income
Basic
Earnings:
Net income $1,682 $2,785
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Shares:
Average common shares outstanding 7,402 7,363
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Basic earnings per common share $0.23 $0.38
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Assuming Full Dilution
Earnings:
Net income $1,682 $2,785
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Shares:
Diluted average common shares outstanding 7,484 7,450
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Earnings per common share assuming full dilution $0.22 $0.37
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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
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