EX-11.1 2 a14-8754_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,

 

 

 

2014

 

2013

 

Basic

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income attributable to common shareholders

 

$

4,331

 

$

1,610

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

7,914

 

8,033

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.55

 

$

0.20

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income attributable to common shareholders

 

$

4,331

 

$

1,610

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

7,914

 

8,033

 

Potentially dilutive common shares outstanding

 

215

 

240

 

Diluted average common shares outstanding

 

8,129

 

8,273

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.53

 

$

0.19

 

 

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 three months ended March 31, 2014 excluded from the denominator zero options and 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 three months ended March 31, 2013 excludes from the denominator zero options and restricted stock awards granted to employees and directors because their effect would have been anti-dilutive.