EX-11.1 2 a06-2171_2ex11d1.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 amounts)

 

 

 

Year ended December 31,

 

 

 

2005

 

2004

 

2003

 

Basic

 

 

 

 

 

 

 

Net income

 

$

4,177

 

$

5,483

 

$

5,093

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

Average common shares outstanding

 

9,075

 

8,925

 

8,840

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.46

 

$

0.61

 

$

0.58

 

 

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

 

 

Net income

 

$

4,177

 

$

5,483

 

$

5,093

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

Average common shares outstanding

 

9,075

 

8,925

 

8,840

 

Potentially dilutive common shares outstanding

 

440

 

351

 

48

 

Diluted average common shares outstanding

 

9,515

 

9,276

 

8,888

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.44

 

$

0.59

 

$

0.57

 

 

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.