COMPUTATION OF EARNINGS WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE YEARS ENDED DECEMBER 31, 1997 1996 1995 --------- --------- --------- (IN THOUSANDS, EXCEPT PER SHARE DATA) INCOME BEFORE EXTRAORDINARY ITEM Primary Earnings: Income to common shares before extraordinary item................................ $ 5,330 $ 2,804 $ 3,216 Shares: Weighted average number of common shares outstanding............................. 5,497 3,756 3,111 --------- --------- --------- Primary earnings per common share before extraordinary item.......................... $ 0.97 $ 0.75 $ 1.03 Assuming Full Dilution Earnings: Income before extraordinary item................................................. $ 5,330 $ 2,804 $ 3,216 Shares: Weighted average number of common shares outstanding and common stock equivalents.................................................................... 5,673 3,796 3,111 --------- --------- --------- Earnings per common share assuming full dilution..................................... $ 0.94 $ 0.74 $ 1.03 NET INCOME Primary Earnings: Net income to common shares:..................................................... $ 7,338 $ 2,804 $ 3,216 Shares: Weighted average number of common shares outstanding............................. 5,497 3,756 3,111 --------- --------- --------- Primary earnings per common share.................................................... $ 1.33 $ 0.75 $ 1.03 Assuming Full Dilution Earnings: Net income....................................................................... $ 7,338 $ 2,804 $ 3,216 Shares:............................................................................ Weighted average number of common shares......................................... 5,497 3,756 3,111 Potentially dilutive common shares............................................... 176 32 -- --------- --------- --------- Total Shares................................................................... 5,673 3,788 3,111 Earnings per common share assuming full dilution..................................... $ 1.29 $ 0.74 $ 1.03 51