Attached files

file filename
10-Q - 10-Q - WILLIS LEASE FINANCE CORPa10-5843_110q.htm
EX-10.32 - EX-10.32 - WILLIS LEASE FINANCE CORPa10-5843_1ex10d32.htm
EX-32 - EX-32 - WILLIS LEASE FINANCE CORPa10-5843_1ex32.htm
EX-31.2 - EX-31.2 - WILLIS LEASE FINANCE CORPa10-5843_1ex31d2.htm
EX-21.1 - EX-21.1 - WILLIS LEASE FINANCE CORPa10-5843_1ex21d1.htm
EX-31.1 - EX-31.1 - WILLIS LEASE FINANCE CORPa10-5843_1ex31d1.htm

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,

 

 

 

2010

 

2009

 

Basic

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income attributable to common shareholders

 

$

2,268

 

$

6,240

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

8,660

 

8,384

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.26

 

$

0.74

 

 

 

 

 

 

 

Assuming full dilution

 

 

 

 

 

Earnings:

 

 

 

 

 

Net income attributable to common shareholders

 

$

2,268

 

$

6,240

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Average common shares outstanding

 

8,660

 

8,384

 

Potentially dilutive common shares outstanding

 

643

 

370

 

Diluted average common shares outstanding

 

9,303

 

8,754

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.24

 

$

0.71

 

 

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, 2010 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 three months ended March 31, 2009 excludes from the denominator 401,300 options and 189,000 restricted stock awards granted to employees and directors because their effect would have been anti-dilutive.