WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES EXHIBIT 11.1 COMPUTATION OF EARNINGS PER SHARE Twelve Months Ended December 31 2000 1999 1998 ------ ------- ------ (in thousands, except per share data) Net income Basic Earnings: Income from continuing operations $5,474 $10,123 $8,314 Discontinued operations $2,340 (6,840) $1,137 Net earnings $7,814 $ 3,283 $9,251 ------ ------- ------ Shares: Average common shares outstanding 7,512 7,382 7,266 ------ ------- ------ Basic earnings per common share Income from continuing operations $0.73 $ 1.37 $ 1.14 Discontinued operations $0.31 $ (0.93) $ 0.16 Net earnings $1.04 $ 0.44 $ 1.27 ------ ------- ------ Assuming Full Dilution Earnings: Income from continuing operations $5,474 $10,123 $8,314 Discontinued operations $2,340 (6,840) $1,137 Net earnings $7,814 $ 3,283 $9,251 ------ ------- ------ Shares: Diluted average common shares outstanding 7,607 7,447 7,461 ------ ------- ------ Earnings per common share assuming full dilution Income from continuing operations $0.72 $ 1.36 $ 1.11 Discontinued operations $0.31 $ (0.92) $ 0.15 Net earnings $1.03 $ 0.44 $ 1.24 ------ ------- ------ 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.