Exhibit 11.1
SLADE'S FERRY BANCORP. AND SUBSIDIARY
COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
Three months ended Nine months ended
September 30 September 30
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2004 2003 2004 2003
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Net income $1,071,203 $ 699,345 $2,318,930 $1,616,861
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Average shares outstanding 4,058,086 3,976,557 4,038,499 3,963,167
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Basic earnings per share $ 0.26 $ 0.18 $ 0.57 $ 0.40
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Net income $1,071,203 $ 699,345 $2,318,930 $1,616,861
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Average shares outstanding 4,058,086 3,976,557 4,038,499 3,963,167
Net effect of dilutive stock options 43,137 46,247 47,916 31,344
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Adjusted shares outstanding 4,101,223 4,022,804 4,086,415 3,994,511
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Diluted earnings per share $ 0.26 $ 0.17 $ 0.57 $ 0.41
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