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Exhibit 11

Riggs National Corporation
Computation of Per Share Earnings
(In thousands, except per share data)

|                                             |                                                                                         |   |                          |            |      |   |            |            |  |   |            |            |  
|-------------------------------------------- | --------------------------------------------------------------------------------------- | - | ------------------------ | ---------- | ---- | - | ---------- | ---------- |  | - | ---------- | ---------- | -
|                                             |                                                                                         |   | Years Ended December 31,
|                                             |                                                                                         |   |                         
|                                             |                                                                                         |   | 2003                     |            | 2002 |   | 2001      
|                                             |                                                                                         |   |                          |            |      |   |           
|Basic Earnings Per Share:                    |                                                                                         |   |                          |            |      |   |            |            |  |   |            |           
|                                             | Income Available to Commons Shareholders                                                |   | $                        | 979        |      |   | $          | 13,021     |  |   | $          | (23,377    | )
|Weighted-Average Shares Outstanding          |                                                                                         |   | 28,609,296               |            |      |   | 28,505,405 |            |  |   | 28,470,953 |           
|Basic EPS                                    |                                                                                         | $ | 0.03                     |            |      | $ | 0.46       |            |  | $ | (0.82      | )         
|Diluted Earnings Per Share:                  |                                                                                         |   |                          |            |      |   |            |            |  |   |            |           
|                                             | Income Available to Commons Shareholders                                                |   | $                        | 979        |      |   | $          | 13,021     |  |   | $          | (23,377    | )
|Diluted Weighted-Average Shares Outstanding: |                                                                                         |   |                          |            |      |   |            |            |  |   |            |           
|                                             | Weighted-Average Shares Outstanding                                                     |   |                          | 28,609,296 |      |   |            | 28,505,405 |  |   |            | 28,470,953 |  
|                                             | Weighted-Average Dilutive Effect of Stock
Option Plans & Unvested Deferred Stock
Awards |   |                          | 967,789    |      |   |            | 398,794    |  |   |            |           |  
|Adjusted Weighted-Average Shares Outstanding |                                                                                         |   | 29,577,085               |            |      |   | 28,904,199 |            |  |   | 28,470,953 |           
|Diluted EPS*                                 |                                                                                         |   | 0.03                     |            |      |   | 0.45       |            |  |   | (0.82      | )         

* Stock options of 437,532 were not included in the 2001 per share calculation since inclusion would be anti-dilutive.