This paper presents the theoretical natural frequencies of out-of-plane deformable ring based on the variables such as out-of-plane deflection, torsional rotation and shear rotation. Based on the same variables, a finite element eigen analysis is carried out by using the $C^0$-continuous, isoparametric element which has three nodes per element and three degrees-of-freedom at each node. Numerical experiments are peformed to find the integration scheme which produces accurate natural frequencies, natural modes and correct rigid body motion. The uniformly reduced integration and the selective reduced integration give more accurate numerical frequencies than the uniformly full integration, but the uniformly reduced integration produces incorrect rigid body motion while selective reduced integration does correct one. Therefore, the ring element based on the three variables which employes selective reduced integration is recommended to avoid spurious modes, to alleviate the error due to shear locking and to produce correct rigid body motion, simultaneously.