EX-11.1 3 a03-2142_1ex11d1.htm EX-11.1

Exhibit 11.1

 

WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES

 

Computation of Earnings Per Share

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(in thousands, except per share data)

 

Net income

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,152

 

$

577

 

$

1,994

 

$

1,543

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

8,838

 

8,830

 

8,837

 

8,829

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

 

 

 

 

 

 

 

 

Net income

 

$

0.13

 

$

0.07

 

$

0.23

 

$

0.17

 

 

 

 

 

 

 

 

 

 

 

Assuming Full Dilution

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,152

 

$

577

 

$

1,994

 

$

1,543

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

8,838

 

8,830

 

8,837

 

8,829

 

Potentially dilutive common shares outstanding

 

36

 

22

 

35

 

25

 

Diluted average common shares outstanding

 

8,874

 

8,852

 

8,872

 

8,854

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share assuming full dilution

 

 

 

 

 

 

 

 

 

Net income

 

$

0.13

 

$

0.07

 

$

0.22

 

$

0.17

 

 

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.