EX-11.1 3 a03-1460_1ex111.htm EX-11.1

Exhibit 11.1

 

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

 

Computation of Earnings Per Share
(in thousands except earnings per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2003

 

2002

 

Basic earnings per common share

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income

 

$

842

 

$

966

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

8,836

 

8,828

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.10

 

$

0.11

 

 

 

 

 

 

 

Earnings per common share assuming full dilution

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income

 

$

842

 

$

966

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

8,836

 

8,828

 

Potentially dilutive common shares outstanding

 

39

 

26

 

Diluted average common shares outstanding

 

8,875

 

8,854

 

 

 

 

 

 

 

Earnings per common share assuming full dilution

 

$

0.09

 

$

0.11

 

 

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.