EXHIBIT XI
Computation of Earnings Per Share
WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES
Computation of Earnings Per Share
Years Ended December 31,
1998 1997 1996
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(in thousands, except per share data)
INCOME BEFORE EXTRAORDINARY ITEM
Basic Earnings:
Income to common shares before extraordinary item $9,451 $5,330 $2,804
Shares:
Weighted average number of common shares outstanding 7,266 5,497 3,756
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Basic earnings per common share before extraordinary item $1.30 $0.97 $0.75
Assuming Full Dilution
Earnings:
Income to common shares before extraordinary item $9,451 $5,330 $2,804
Shares:
Weighted average number of common shares
outstanding and common stock equivalents 7,461 5,673 3,788
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Earnings per common share assuming full dilution before extraordinary
item $1.27 $0.94 $0.74
NET INCOME
Basic Earnings:
Net income to common shares: $9,251 $7,338 $2,804
Shares:
Weighted average number of common shares outstanding 7,266 5,497 3,756
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Basic earnings per common share $1.27 $1.33 $0.75
Assuming Full Dilution
Earnings:
Net income to common shares $9,251 $7,338 $2,804
Shares:
Weighted average number of common shares outstanding
and common stock equivalents 7,461 5,673 3,788
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Earnings per common share assuming full dilution $1.24 $1.29 $0.74