EX-11.1 8 wlfc-20170930ex111ba8e2d.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,
|  |  |  | 2017 |  | 2016 |  | 2017 |  | 2016
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  | $ | 4,558 |  | $ | 3,985 |  | $ | 18,053 |  | $ | 11,362
Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average common shares outstanding |  |  |  |  | 6,055 |  |  | 6,307 |  |  | 6,068 |  |  | 6,711
Basic earnings (loss) per common sharae |  |  |  | $ | 0.75 |  | $ | 0.63 |  | $ | 2.98 |  | $ | 1.69
Assuming full dilution |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  | $ | 4,558 |  | $ | 3,985 |  | $ | 18,053 |  | $ | 11,362
Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average common shares outstanding |  |  |  |  | 6,055 |  |  | 6,307 |  |  | 6,068 |  |  | 6,711
Potentially dilutive common shares outstanding |  |  |  |  | 118 |  |  | 141 |  |  | 130 |  |  | 138
Diluted average common shares outstanding |  |  |  |  | 6,173 |  |  | 6,448 |  |  | 6,198 |  |  | 6,849
Diluted earnings (loss) per common share |  |  |  | $ | 0.74 |  | $ | 0.62 |  | $ | 2.91 |  | $ | 1.66

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.