Exhibit 11.1 SLADE'S FERRY BANCORP. AND SUBSIDIARY COMPUTATION OF PER SHARE EARNINGS (Unaudited) (Dollars in Thousands, except for per share data) March 31, 2005 March 31, 2004 - --------------------------------------------------------------------------- <s> <c> <c> Net income $ 1,100 $ 585 ========== ========== Average shares outstanding 4,076,707 4,012,654 ========== ========== Basic earnings per share $ 0.27 $ 0.15 ========== ========== Average shares outstanding 4,076,707 4,012,654 Net effect dilutive stock options 36,549 57,201 ---------- ---------- Adjusted shares outstanding 4,113,256 4,069,855 ========== ========== Diluted earnings per share $ 0.27 $ 0.14 ========== ========== 32