EXHIBIT 11
Washington Trust Bancorp, Inc.
Computation of Per Share Earnings
For the Periods Ended September 30, 1998 and 1997
Three months ended September 30, 1998 1997
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(In thousands, except per share amounts) Basic Diluted Basic Diluted
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Net income $2,569 $2,569 $2,364 $2,364
Share amounts: (1)
Average outstanding 9,966.9 9,966.9 9,886.7 9,886.7
Common stock equivalents - 388.4 - 347.3
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Weighted average outstanding 9,966.9 10,355.3 9,886.7 10,234.0
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Earnings per share $.26 $.25 $.24 $.23
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Nine months ended September 30, 1998 1997
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(In thousands, except per share amounts) Basic Diluted Basic Diluted
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Net income $7,474 $7,474 $6,776 $6,776
Share amounts: (1)
Average outstanding 9,966.9 9,966.9 9,860.5 9,860.5
Common stock equivalents - 394.7 - 362.8
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Weighted average outstanding 9,966.9 10,361.6 9,860.5 10,223.3
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Earnings per share $.75 $.72 $.69 $.66
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<FN>
(1) Share amounts have been adjusted to reflect the three-for-two stock split
paid August 3, 1998.
</FN>