EX-11.1 3 a04-8498_1ex11d1.htm EX-11.1

Exhibit 11.1

 

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

Computation of Earnings Per Share (unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

Net income

 

$

915

 

$

1,152

 

$

1,884

 

$

1,994

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

8,908

 

8,838

 

8,882

 

8,837

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.10

 

$

0.13

 

$

0.21

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

 

 

 

 

Net income

 

$

915

 

$

1,152

 

$

1,884

 

$

1,994

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

8,908

 

8,838

 

8,882

 

8,837

 

Potentially dilutive common shares outstanding

 

407

 

36

 

360

 

35

 

Diluted average common shares outstanding

 

9,315

 

8,874

 

9,242

 

8,872

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.10

 

$

0.13

 

$

0.20

 

$

0.22

 

 

 

 

 

 

 

 

 

 

 

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.