EXHIBIT 11 BANK OF BOSTON CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) QUARTERS ENDED MARCH 31, ---------------- 1995 1994 -------- ------- EARNINGS 1. Net income............................................. $125,344 $96,140 2. Less: Preferred dividends.............................. 9,362 9,317 -------- ------- 3. Net income applicable to primary earnings per common share.................................................. 115,982 86,823 4. Add: Interest expense on convertible debentures, net of tax.................................................... 5 1,061 -------- ------- 5. Net income applicable to fully diluted earnings per common share........................................... $115,987 $87,884 ======== ======= SHARES 6. Weighted average number of common shares outstanding... 107,278 106,198 7. Incremental shares from assumed exercise of dilutive stock options as of the beginning of the period using the treasury stock method.............................. 970 589 8. Incremental shares from assumed conversion of debentures at date of issuance......................... 3,572 4,030 -------- ------- 9. Adjusted number of common shares....................... 111,820 110,817 ======== ======= PER SHARE CALCULATION 10. Primary net income per common share.................... $ 1.08 $ .82 (Item 3 / Item 6); see note below 11. Fully diluted net income per common share.............. $ 1.04 $ .79 (Item 5 / Item 9); see note below - -------- Note--Income per common share before extraordinary items, net of tax, on both a primary and fully diluted basis for the quarter ended March 31, 1994 is computed by adding to the numerator $6,535.