Willis Lease Finance Corporation, a leading lessor of commercial jet engines, reported 2011 net income grew 20% to $14.5 million and net income available to common shareholders increased 28% to $11.4 million, up from $8.9 million a year ago.

Willis Lease earned $3.6 million in the fourth quarter ended December 31, 2011, compared to $4.0 million in the fourth quarter a year ago. After payment of preferred dividends, net income available to common shareholders was $2.9 million in the fourth quarter of 2011, compared to $3.2 million in the like quarter a year ago.

"Economic headwinds continue to buffet the aviation industry, including high fuel costs, tight margins and sluggish passenger demand in many regions, which has resulted in a steep decline in overall airline profitability in 2011 compared to 2010," said Charles F. Willis, Chairman and CEO. "On top of that, the industry has been shaken by a rash of airline bankruptcies including American Airlines, Malev, Spanair, Avianova and World Airways. Despite the industry turbulence, Willis Lease still managed to generate not only a reasonable profit but also a healthy increase over the previous year."

At December 31, 2011, Willis Lease had 194 commercial aircraft engines, 3 aircraft parts packages and 13 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $981.5 million, compared to 179
commercial aircraft engines, 4 aircraft parts packages and 3 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $998.0 million a year ago. The Company's funded debt-to-equity ratio was 3.03 to 1 at December 31, 2011, compared to 3.22 to 1 a year ago.