Willis Lease Finance Corporation Computation of Earnings Per Share Quarters Ended March 31, 1997 1997 1996 -------------------------------------- (in thousands, except per share data) Income before extraordinary item Primary Earnings Income to common shares before extraordinary item: $1,015 $ 837 Shares: Weighted average number of common shares 5,577 3,111 outstanding ====== ====== Primary earnings per common share before extraordinary item $ 0.18 $ 0.27 Assuming Full Dilution Earnings: Income before extraordinary item $1,015 $ 837 ====== ====== Shares: Weighted average number of common shares outstanding and common stock equivalents 5,577 3,111 ====== ====== Earnings per common share assuming full dilution $ 0.18 $ 0.27 ====== ====== Net income Primary Earnings: Net income to common shares: $3,023 $ 837 ====== ====== Shares: Weighted average number of common shares 5,577 3,111 outstanding ====== ====== Primary earnings per common share $ 0.54 $ 0.27 Assuming Full Dilution Earnings: Net income $3,023 $ 837 ====== ====== Shares: Weighted average number of common shares outstanding and common stock equivalents 5,577 3,111 ====== ====== Earnings per common share assuming full dilution $ 0.54 $ 0.27 ====== ======