Exhibit 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
------------------------------------- -------------------------------------
1999 1998 1999 1998
-------------- -------------- -------------- --------------
(in thousands, except per share data) (in thousands, except per share data)
Income before extraordinary item
Basic
Earnings:
Income before extraordinary item $2,787 $2,149 $5,573 $4,099
Shares:
Average common shares outstanding 7,374 7,263 7,368 7,228
------ ------ ------ ------
Basic earnings per common share before
extraordinary item $0.38 $0.30 $0.76 $0.57
Assuming Full Dilution
Earnings:
Income before extraordinary item $2,787 $2,149 $5,573 $4,099
------ ------ ------ ------
Shares:
Diluted average common shares outstanding 7,453 7,488 7,455 7,466
------ ------ ------ ------
Earnings per common share assuming full dilution,
before extraordinary item $0.37 $0.29 $0.75 $0.55
------ ------ ------ ------
Net income
Basic
Earnings:
Net income $2,787 $2,149 $5,573 $3,899
------ ------ ------ ------
Shares:
Average common shares outstanding 7,374 7,263 7,368 7,228
------ ------ ------ ------
Basic earnings per common share $0.38 $0.30 $0.76 $0.53
Assuming Full Dilution
Earnings:
Net income $2,787 $2,149 $5,573 $3,899
------ ------ ------ ------
Shares:
Diluted average common shares outstanding 7,453 7,488 7,455 7,466
------ ------ ------ ------
Earnings per common share assuming full dilution $0.37 $0.29 $0.75 $0.52
------ ------ ------ ------
Supplemental information:
Difference between average common shares outstanding
to calculate basic and assuming full dilution is due
to options outstanding under the 1996 Stock Options/
Stock Issuance Plan
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