##### 



Exhibit 11

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

|                                             |                                                        |   |                          |            |      |   |            |            |   |   |            |            | 
|-------------------------------------------- | ------------------------------------------------------ | - | ------------------------ | ---------- | ---- | - | ---------- | ---------- | - | - | ---------- | ---------- | 
|                                             |                                                        |   | Years Ended December 31,
|                                             |                                                        |   |                         
|                                             |                                                        |   | 2002                     |            | 2001 |   | 2000      
|                                             |                                                        |   |                          |            |      |   |           
|Basic Earnings Per Share:                    |                                                        |   |                          |            |      |   |            |            |   |   |            |           
|                                            
|                                            
|                                            
|                                            
|                                             | Income Available to Commons Shareholders               |   | $                        | 13,021     |      |   | $          | (23,377    | ) |   | $          | 21,601     | 
|                                            
|                                            
|                                            
|                                            
|Weighted-Average Shares Outstanding          |                                                        |   | 28,505,405               |            |      |   | 28,470,953 |            |   |   | 28,348,699 |           
|                                            
|                                            
|                                            
|                                            
|Basic EPS                                    |                                                        | $ | 0.46                     |            |      | $ | (0.82      | )          |   | $ | 0.76       |           
|                                            
|                                            
|                                            
|                                            
|Diluted Earnings Per Share:                  |                                                        |   |                          |            |      |   |            |            |   |   |            |           
|                                            
|                                            
|                                            
|                                            
|                                             | Income Available to Commons Shareholders               |   | $                        | 13,021     |      |   | $          | (23,377    | ) |   | $          | 21,601     | 
|                                            
|                                            
|                                            
|                                            
|Diluted Weighted-Average Shares Outstanding: |                                                        |   |                          |            |      |   |            |            |   |   |            |           
|                                            
|                                            
|                                            
|                                            
|                                             | Weighted-Average Shares Outstanding                    |   |                          | 28,505,405 |      |   |            | 28,470,953 |   |   |            | 28,348,699 | 
|                                            
|                                            
|                                            
|                                            
|                                             | Weighted-Average Dilutive Effect of Stock
Option Plans |   |                          | 398,794    |      |   |            | --         |   |   |            | 102,485    | 
|                                            
|                                            
|                                            
|                                            
|Adjusted Weighted-Average Shares Outstanding |                                                        |   | 28,904,199               |            |      |   | 28,470,953 |            |   |   | 28,451,184 |           
|                                            
|                                            
|                                            
|                                            
|Diluted EPS*                                 |                                                        |   | 0.45                     |            |      |   | (0.82      | )          |   |   | 0.76       |           



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