WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES Exhibit 11.1 Computation of Earnings Computation of Earnings Per Share Three Months Ended September 30 Nine Months Ended September 30 ------------------------------------ ------------------------------------ 2000 1999 2000 1999 ---------------- ------------------ ----------------- ------------------ (in thousands, except per share data) (in thousands, except per share data) Net income/(loss) Basic Earnings: Net income/(loss) $2,071 ($4,384) $5,607 $1,190 ---------------- ------------------ ----------------- ------------------ Shares: Average common shares outstanding 7,403 7,394 7,401 7,377 ---------------- ------------------ ----------------- ------------------ Basic earnings/(loss) per common share $0.28 ($0.59) $0.76 $0.16 ---------------- ------------------ ----------------- ------------------ Assuming Full Dilution Earnings: Net income/(loss) $2,071 ($4,384) $5,607 $1,190 ---------------- ------------------ ----------------- ------------------ Shares: Diluted average common shares outstanding 7,496 7,448 7,489 7,447 ---------------- ------------------ ----------------- ------------------ Earnings/(loss) per common share assuming full dilution $0.28 ($0.59) $0.75 $0.16 ---------------- ------------------ ----------------- ------------------ 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