Exhibit 11
Washington Trust Bancorp, Inc.
Computation of Primary and Fully Diluted Earnings Per Share
For the Three and Nine Months Ended September 30, 1994 and 1993
Three Months Ended Nine Months Ended
September 30, September 30,
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1994 1993 1994 1993
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Primary:
Weighted average shares 2,818,470 2,798,519 2,815,273 2,794,755
Common stock equivalents 72,359 20,843 49,577 12,638
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Primary weighted average shares 2,890,829 2,819,362 2,864,850 2,807,393
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Fully diluted:
Weighted average shares 2,818,470 2,798,519 2,815,273 2,794,756
Common stock equivalents 75,050 26,344 74,561 26,344
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Fully diluted weighted average shares 2,893,520 2,824,863 2,889,834 2,821,100
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Income before cumulative effect of
accounting change $1,770,234 $1,314,873 $4,418,722 $3,307,601
Cumulative effect of change in
accounting for income taxes -- -- -- 305,000
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Net income $1,770,234 $1,314,873 $4,418,722 $3,612,601
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Primary earnings per share:
Income before cumulative effect of
accounting change $ .61 $ .47 $ 1.54 $ 1.18
Cumulative effect of change in
accounting for income taxes -- -- -- .11
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Net income $ .61 $ .47 $ 1.54 $ 1.29
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Fully diluted earnings per share:
Income before cumulative effect of
accounting change $ .61 $ .47 $ 1.53 $ 1.17
Cumulative effect of change in
accounting for income taxes -- -- -- .11
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Net income $ .61 $ .47 $ 1.53 $ 1.28
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