NOVATO -- Willis Lease Finance Corp. announced a repurchase program of up to $30 million of its common stock over the next three years.

Willis Lease had 9.2 million shares of common stock outstanding as of Sept. 30, 2009.

"Strong capital availability, excellent customer relationships, orders with major manufacturers, customer-driven engine pooling, and a solid management is our recipe for a solidly profitable business organization. Our success in the past few years further expands our ability to pursue investments in our business while returning capital to shareholders through share repurchases," said Charles Willis, president and chief executive officer.

According to Willis Lease, the timing of the purchases and the exact number of shares to be purchased will depend on market conditions and subject to regulatory requirements.

Net income available to common shareholders in the first nine months of 2009 totaled $19 million, or $2.13 per diluted common share, compared to $19.9 million, or $2.28 per diluted common share, in the first nine months of 2008. Book value was $20.15 per share at Sept. 30, 2009, compared to $18.68 per share a year.

Willis Lease Finance Corporation leases spare commercial aircraft engines and aircraft to commercial airlines, aircraft engine manufacturers, air cargo carriers and maintenance, repair and overhaul facilities worldwide.