EX-11.1 13 j7644_ex11d1.htm EX-11.1

 

Exhibit 11.1

 

WILLIS FINANCE CORPORATION

AND SUBSIDIARIES

 

Computation of Earnings Per Share

 

 

 

Years Ended December 31,

 

 

 

2002

 

2001

 

2000

 

 

 

(in thousands, except per share data)

 

Net income

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,596

 

$

7,643

 

$

5,474

 

Discontinued operations

 

—

 

(699

)

2,340

 

Net earnings

 

$

3,596

 

$

6,944

 

$

7,814

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

Average common shares outstanding

 

8,831

 

8,771

 

7,512

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.41

 

$

0.87

 

$

0.73

 

Discontinued operations

 

—

 

(0.08

)

0.31

 

Net earnings

 

$

0.41

 

$

0.79

 

$

1.04

 

 

 

 

 

 

 

 

 

Assuming Full Dilution

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,596

 

$

7,643

 

$

5,474

 

Discontinued operations

 

—

 

(699

)

2,340

 

Net earnings

 

$

3,596

 

$

6,944

 

$

7,814

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

Average common shares outstanding

 

8,831

 

8,771

 

7,512

 

Potentially dilutive common shares outstanding

 

20

 

121

 

95

 

Diluted average common shares outstanding

 

8,851

 

8,892

 

7,607

 

 

 

 

 

 

 

 

 

Earnings per common share assuming full dilution

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.41

 

$

0.86

 

$

0.72

 

Discontinued operations

 

—

 

(0.08

)

0.31

 

Net earnings

 

$

0.41

 

$

0.78

 

$

1.03

 

 

Supplemental information:

The 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 and warrants issued in conjunction with the initial public offering.