Exhibit 11.1

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

Computation of Earnings Per Share

(In thousands, except per share data, unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic
Earnings:
Net income attributable to common shareholders	$	2,700	$	1,125	$	6,981	$	3,393
Shares:
Average common shares outstanding		8,322		8,729		8,436		8,695
Basic earnings per common share	$	0.32	$	0.13	$	0.83	$	0.39
Assuming full dilution
Earnings:
Net income attributable to common shareholders	$	2,700	$	1,125	$	6,981	$	3,393
Shares:
Average common shares outstanding		8,322		8,729		8,436		8,695
Potentially dilutive common shares outstanding		474		526		493		600
Diluted average common shares outstanding		8,796		9,255		8,929		9,295
Diluted earnings per common share	$	0.31	$	0.12	$	0.78	$	0.37

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 June 30, 2011 excluded from the denominator zero options and 3,750 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 June 30, 2010 excludes from the denominator zero options and 5,000 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 six months ended June 30, 2011 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 six months ended June 30, 2010 excludes from the denominator zero options and 3,900 restricted stock awards granted to employees and directors because their effect would have been anti-dilutive.