EX-11.1 3 a09-30882_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
September 30,

 

Nine Months Ended
September 30,

 

 

 

2009

 

2008

 

2009

 

2008

 

Basic

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

8,517

 

$

9,943

 

$

18,994

 

$

19,907

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

8,391

 

8,253

 

8,347

 

8,223

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

$

1.02

 

$

1.20

 

$

2.28

 

$

2.42

 

 

 

 

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

8,517

 

$

9,943

 

$

18,994

 

$

19,907

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

8,391

 

8,253

 

8,347

 

8,223

 

Potentially dilutive common shares outstanding

 

660

 

504

 

587

 

526

 

Diluted average common shares outstanding

 

9,051

 

8,757

 

8,934

 

8,749

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

$

0.94

 

$

1.14

 

$

2.13

 

$

2.28

 

 

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 restricted stock issued under the 2007 Stock Incentive Plan.

 

The calculation of diluted earnings per share for the quarter ended September 30, 2009 excluded from the denominator zero options and zero restricted stock awards granted to employees and directors because their effect would have been anti-dilutive. The calculation of diluted earnings per share for the quarter ended September 30, 2008 excludes from the denominator 113,100 options and zero restricted stock awards granted to employees and directors because their effect would have been anti-dilutive.

 

The calculation of diluted earnings per share for the nine months ended September 30, 2009 excluded from the denominator 40,700 options and 2,300 restricted stock awards granted to employees and directors because their effect would have been anti-dilutive. The calculation of diluted earnings per share for the nine months ended September 30, 2008 excludes from the denominator 123,200 options and zero restricted stock awards granted to employees and directors because their effect would have been anti-dilutive.