EXHIBIT 11.1 WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES Computation of Earnings Per Share Three Months Ended June 30 Six Months Ended June 30 ------------------------------------- ------------------------------------- 2000 1999 2000 1999 ------------ ----------- ----------- ---------- (in thousands, except per share data) (in thousands, except per share data) Net income Basic Earnings: Net income $1,854 $2,787 $3,536 $5,573 ------ ------ ------ ------ Shares: Average common shares outstanding 7,402 7,374 7,402 7,368 ------ ------ ------ ------ Basic earnings per common share $ 0.25 $ 0.38 $ 0.48 $ 0.76 ------ ------ ------ ------ Assuming Full Dilution Earnings: Net income $1,854 $2,787 $3,536 $5,573 ------ ------ ------ ------- Shares: Diluted average common shares outstanding 7,495 7,453 7,489 7,455 ------ ------ ------ ------- Earnings per common share assuming full dilution $ 0.25 $ 0.37 $ 0.47 $ 0.75 ------ ------ ------ ------- 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. 24