EX-11.1 3 j3196_ex11d1.htm EX-11.1 Computation of Earnings Per Share

WILLIS FINANCE CORPORATION

AND SUBSIDIARIES

 

Exhibit 11.1

 

Computation of Earnings Per Share

 

 

 

Twelve Months Ended December 31,

 

 

 

2001

 

2000

 

1999

 

 

 

(in thousands, except per share data)

 

Net income

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Income from continuing operations

 

$

7,643

 

$

5,474

 

$

10,123

 

Discontinued operations

 

$

(699

)

$

2,340

 

$

(6,840

)

Net earnings

 

$

6,944

 

$

7,814

 

$

3,283

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

Average common shares outstanding

 

8,771

 

7,512

 

7,382

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.87

 

$

0.73

 

$

1.37

 

Discontinued operations

 

$

(0.08

)

$

0.31

 

$

(0.93

)

Net earnings

 

$

0.79

 

$

1.04

 

$

0.44

 

 

 

 

 

 

 

 

 

Assuming Full Dilution

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Income from continuing operations

 

$

7,643

 

$

5,474

 

$

10,123

 

Discontinued operations

 

$

(699

)

$

2,340

 

$

(6,840

)

Net earnings

 

$

6,944

 

$

7,814

 

$

3,283

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

Diluted average common shares outstanding

 

8,892

 

7,607

 

7,447

 

 

 

 

 

 

 

 

 

Earnings per common share assuming full dilution

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.86

 

$

0.72

 

$

1.36

 

Discontinued operations

 

(0.08

)

$

0.31

 

$

(0.92

)

Net earnings

 

$

0.78

 

$

1.03

 

$

0.44

 

 

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.