EX-11.1 2 a05-13866_1ex11d1.htm EX-11.1

Exhibit 11.1

 

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

Computation of Earnings Per Share

(In thousands, except per share data, unaudited)

 

 

 

Three Months ended March 31,

 

 

 

2005

 

2004

 

 

 

 

 

 

 

Basic

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income

 

$

566

 

$

969

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

9,006

 

8,856

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.06

 

$

0.11

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income

 

$

566

 

$

969

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

9,006

 

8,856

 

Potentially dilutive common shares outstanding

 

395

 

305

 

Diluted average common shares outstanding

 

9,401

 

9,161

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.06

 

$

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.