EX-11.1 4 a04-3150_1ex11d1.htm EX-11.1

Exhibit 11.1

 

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

 

Computation of Earnings Per Share

 

 

Twelve Months Ended December 31,

 

 

2003

 

2002

 

2001

 

 

(in thousands, except per share data)

 

Net income

 

 

 

 

 

 

Basic

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

Income from continuing operations

$

4,177

 

$

3,596

 

$

7,643

 

Discontinued operations

—

 

—

 

(699

)

Net income

$

4,177

 

$

3,596

 

$

6,944

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

Average common shares outstanding

8,840

 

8,831

 

8,771

 

 

 

 

 

 

 

 

Basic earnings per common share

 

 

 

 

 

 

Income from continuing operations

$

0.47

 

$

0.41

 

$

0.87

 

Discontinued operations

—

 

—

 

(0.08

)

Net income

$

0.47

 

$

0.41

 

$

0.79

 

 

 

 

 

 

 

 

Assuming Full Dilution

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

Income from continuing operations

$

4,177

 

$

3,596

 

$

7,643

 

Discontinued operations

—

 

—

 

(699)

 

Net income

$

4,177

 

$

3,596

 

$

6,944

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

Average common shares outstanding

8,440

 

8,831

 

8,771

 

Potentially dilutive common shares outstanding

48

 

20

 

121

 

Diluted average common shares outstanding

8,888

 

8,851

 

8,892

 

 

 

 

 

 

 

 

Earnings per common share assuming full dilution

 

 

 

 

 

 

Income from continuing operations

$

0.47

 

$

0.41

 

$

0.86

 

Discontinued operations

—

 

—

 

—

 

Net income

$

0.47

 

$

0.41

 

$

0.78

 

 

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 additionally in 2002, warrants issued in conjunction with the initial public offering.

 

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