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WILLIS LEASE FINANCE CORPORATION
AND SUBSIDIARIES
Exhibit 11.1
Computation of Earnings
Computation of Earnings Per Share
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<CAPTION>
Three Months Ended September 30 Nine Months Ended September 30
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2000 1999 2000 1999
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(in thousands, except per share data) (in thousands, except per share data)
<S> <C> <C> <C> <C>
Net income/(loss)
Basic
Earnings:
Net income/(loss) $2,071 ($4,384) $5,607 $1,190
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Shares:
Average common shares outstanding 7,403 7,394 7,401 7,377
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Basic earnings/(loss) per common share $0.28 ($0.59) $0.76 $0.16
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Assuming Full Dilution
Earnings:
Net income/(loss) $2,071 ($4,384) $5,607 $1,190
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Shares:
Diluted average common shares
outstanding 7,496 7,448 7,489 7,447
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Earnings/(loss) per common share assuming
full dilution $0.28 ($0.59) $0.75 $0.16
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Supplemental information:
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 warrants
issued in conjunction with the initial
public offering
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