EXHIBIT 11 Washington Trust Bancorp, Inc. Computation of Per Share Earnings For the Periods Ended June 30, 1998 and 1997 Three months ended June 30, 1998 1997 - ----------------------------------------------- --------------------------- -------------------------- (In thousands, except per share amounts) Basic Diluted Basic Diluted ------------- ------------- ------------- ------------ Net income $2,512 $2,512 $2,261 $2,261 Share amounts: (1) Average outstanding 9,959.9 9,959.9 9,869.9 9,869.9 Common stock equivalents - 384.1 - 344.9 - ----------------------------------------------- ------------- ------------- ------------- ------------ Weighted average outstanding 9,959.9 10,344.0 9,869.9 10,214.8 - ----------------------------------------------- ------------- ------------- ------------- ------------ Earnings per share $.25 $.24 $.23 $.22 - ----------------------------------------------- ------------- ------------- ------------- ------------ Six months ended June 30, 1998 1997 - ----------------------------------------------- --------------------------- -------------------------- (In thousands, except per share amounts) Basic Diluted Basic Diluted ------------- ------------- ------------- ------------ Net income $4,905 $4,905 $4,412 $4,412 Share amounts: (1) Average outstanding 9,966.9 9,966.9 9,847.1 9,847.1 Common stock equivalents - 397.8 - 370.7 - ----------------------------------------------- ------------- ------------- ------------- ------------ Weighted average outstanding 9,966.9 10,364.7 9,847.1 10,217.8 - ----------------------------------------------- ------------- ------------- ------------- ------------ Earnings per share $.49 $.47 $.45 $.43 - ----------------------------------------------- ------------- ------------- ------------- ------------ <FN> (1) Share amounts have been adjusted to reflect the three-for-two stock split paid August 3, 1998. </FN>