Exhibit 11.1 SLADE'S FERRY BANCORP. AND SUBSIDIARY COMPUTATION OF PER SHARE EARNINGS (Unaudited) Three months ended March 31 2004 2003 <s> <c> <c> Net income (loss) $ 645,994 $ (692,180) Average shares outstanding 4,012,654 3,948,584 Basic earnings (loss) per share $ 0.16 $ (0.18) Net income (loss) $ 645,994 $ (692,180) Average shares outstanding 4,012,654 3,948,584 Net effect of dilutive stock options 57,201 - Adjusted shares outstanding 4,069,855 3,948,584 Diluted earnings (loss) per share $ 0.16 $ (0.18)