EXHIBIT XI
   Computation of Earnings


                        Willis Lease Finance Corporation
                        Computation of Earnings Per Share

                                                                 Three months ended Six months ended
                                                                      June 30,          June 30,
Income before extraordinary item                                   1997    1996       1997    1996
                                                                 -----------------------------------
                                                                                     
Primary                                                                             
     Earnings:                                                                      
           Income to common shares before extraordinary item     $1,266   $  731     $2,281   $1,568
                                                                                    
     Shares:                                                                        
          Weighted average number of common shares outstanding    5,556    3,111      5,554    3,111
                                                                 ===================================
                                                                                    
Primary earnings per common share before extraordinary item      $ 0.23   $ 0.23     $ 0.41   $ 0.50
                                                                                    
Assuming Full Dilution                                                              
     Earnings:                                                                      
           Income before extraordinary item                      $1,266   $  731     $2,281   $1,568
                                                                 ===================================
     Shares:                                                                        
          Weighted average number of common shares                                  
          outstanding and common stock equivalents                5,556    3,111      5,554    3,111
                                                                 ===================================
                                                                                    
Earnings per common share assuming full dilution                 $ 0.23   $ 0.23     $ 0.41   $ 0.50
                                                                 ===================================
                                                                                    
Net income                                                                          
Primary                                                                             
     Earnings:                                                                      
          Net income to common shares:                           $1,266   $  731     $4,289   $1,568
                                                                 ===================================
                                                                                    
     Shares:                                                                        
          Weighted average number of common shares outstanding    5,556    3,111      5,554    3,111
                                                                 ===================================
                                                                                    
Primary earnings per common share                                $ 0.23   $ 0.23     $ 0.77   $ 0.50
                                                                                    
Assuming Full Dilution                                                              
     Earnings:                                                                      
          Net income                                             $1,266   $  731     $4,289   $1,568
                                                                 ===================================
     Shares:                                                                        
          Weighted average number of common shares                                  
         outstanding and common stock equivalents                 5,556    3,111      5,554    3,111
                                                                 ===================================
                                                                                    
Earnings per common share assuming full dilution                 $ 0.23   $ 0.23     $ 0.77   $ 0.50
                                                                 ===================================