Exhibit 11.1 ------------ SLADE'S FERRY BANCORP. AND SUBSIDIARY COMPUTATION OF PER SHARE EARNINGS (Unaudited) (Dollars in Thousands) 2005 2004 - ---------------------------------------------------------------- <s> <c> <c> Net income $ 1,065 $ 646 ========== ========== Average shares outstanding 4,076,707 4,012,654 ========== ========== Basic earnings per share $ 0.26 $ 0.16 ========== ========== Average shares outstanding 4,076,707 4,012,654 Net effect of dilutive stock options 36,549 57,201 ---------- ---------- Adjusted shares outstanding 4,113,256 4,069,855 ========== ========== Diluted earnings per share $ 0.26 $ 0.16 ========== ==========