EX-11.1 2 a05-20890_1ex11d1.htm STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

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

 

 

 

(as restated)

 

(as restated)

 

Basic

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income

 

$

1,562

 

$

502

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

9,006

 

8,856

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.17

 

$

0.06

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income

 

$

1,562

 

$

502

 

 

 

 

 

 

 

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

 

$

0.17

 

$

0.05

 

 

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.