Exhibit 11.1 SLADE'S FERRY BANCORP. AND SUBSIDIARY COMPUTATION OF PER SHARE EARNINGS (Unaudited) Three months ended Six months ended June 30 June 30 ------------------------ ------------------------ 2004 2003 2004 2003 ---------------------------------------------------- <s> <c> <c> <c> <c> Net income $ 601,723 $1,609,696 $1,247,717 $ 917,516 ==================================================== Average shares outstanding 4,044,758 3,964,054 4,028,706 3,956,361 ==================================================== Basic earnings per share $ 0.15 $ 0.41 $ 0.31 $ 0.23 ---------------------------------------------------- Net income $ 601,723 $1,609,696 $1,247,717 $ 917,516 ==================================================== Average shares outstanding 4,044,758 3,964,054 4,028,706 3,956,361 Net effect of dilutive stock options 43,440 25,231 48,500 22,986 ---------------------------------------------------- Adjusted shares outstanding 4,088,168 3,989,285 4,077,206 3,979,347 ==================================================== Diluted earnings per share $ 0.15 $ 0.40 $ 0.31 $ 0.23 ====================================================