EXHIBIT 11 Washington Trust Bancorp, Inc. Computation of Per Share Earnings For the Periods Ended March 31, 2002 and 2001 Three months ended March 31, 2002 2001 - ---------------------------------------------------- ---------------------------------- ------------------------------ (In thousands, except per share amounts) Basic Diluted Basic Diluted ------------------------------------------------------------- Net income $3,744 $3,744 $154 $154 Share amounts: Average outstanding 12,004.9 12,004.9 12,012.2 12,012.2 Common stock equivalents - 169.7 - 111.0 - ---------------------------------------------------------------------------------------------------------------------- Weighted average outstanding 12,004.9 12,174.6 12,012.2 12,123.2 - ---------------------------------------------------------------------------------------------------------------------- Earnings per share $.31 $.31 $.01 $.01 - ----------------------------------------------------------------------------------------------------------------------