EXHIBIT 11 Washington Trust Bancorp, Inc. Computation of Per Share Earnings For the Periods Ended September 30, 2003 and 2002 Three months ended September 30, 2003 2002 - ---------------------------------------------------------------------------------------------------------------------- (In thousands, except per share amounts) Basic Diluted Basic Diluted ----------------- ---------------- ---------------- ---------------- Net income $4,740 $4,740 $4,511 $4,511 Share amounts: Average outstanding 13,133.8 13,133.8 13,032.9 13,032.9 Common stock equivalents - 353.0 - 221.4 - ------------------------------------------------ ----------------- ---------------- ----------------- ---------------- Weighted average outstanding 13,133.8 13,486.8 13,032.9 13,254.3 - ------------------------------------------------ ----------------- ---------------- ----------------- ---------------- Earnings per share $.36 $.35 $.35 $.34 - ------------------------------------------------ ----------------- ---------------- ----------------- ---------------- Nine months ended September 30, 2003 2002 - ---------------------------------------------------- ----------------------------------------------------------------- (In thousands, except per share amounts) Basic Diluted Basic Diluted ----------------- ---------------- ----------------- ---------------- Net income $14,064 $14,064 $12,279 $12,279 Share amounts: Average outstanding 13,094.5 13,094.5 12,635.9 12,635.9 Common stock equivalents - 247.3 - 197.8 - ------------------------------------------------ ----------------- ---------------- ----------------- ---------------- Weighted average outstanding 13,094.5 13,341.8 12,635.9 12,833.7 - ------------------------------------------------ ----------------- ---------------- ----------------- ---------------- Earnings per share $1.07 $1.05 $.97 $.96 - ------------------------------------------------ ----------------- ---------------- ----------------- ----------------