EX-11.1 Computation of Earnings EXHIBIT XI WILLIS LEASE FINANCE CORPORATION Computation of Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- Income before extraordinary item 1998 1997 1998 1997 ------- ----- -------- ------- Basic (in thousands, except (in thousands, except per share data) per share data) Earnings: Income before extraordinary item $2,149 $1,266 $4,098 $2,281 Shares: Weighted average number of common shares outstanding 7,263 5,433 7,228 5,431 ------- ------ ------ ------ Basic earnings per common share before extraordinary item $0.30 $0.23 $0.57 $0.42 Assuming Full Dilution Earnings: Income before extraordinary item $2,149 $1,266 $4,098 $2,281 ------- ------ ------ ------ Shares: Weighted average number of common shares outstanding and common stock equivalents 7,488 5,529 7,466 5,548 ------- ------ ------ ------ Earnings per common share assuming full dilution, $0.29 $0.23 $0.55 $0.41 before extraordinary item Net income Basic Earnings: Net income $2,149 $1,266 $3,898 $4,289 ------- ------ ------ ------ Shares: Weighted average number of common shares outstanding 7,263 5,433 7,228 5,431 ------- ------ ------ ------ Basic earnings per common share $0.30 $0.23 $0.54 $0.79 Assuming Full Dilution Earnings: Net income $2,149 $1,266 $3,898 $4,289 ------- ------ ------ ------ Shares: Weighted average number of common shares outstanding and common stock equivalents 7,488 5,529 7,466 5,548 ------- ------ ------ ------ Earnings per common share assuming full dilution $0.29 $0.23 $0.52 $0.77 ------- ------ ------ ------ 20