1 EXHIBIT 11 BANK OF BOSTON CORPORATION Computation of Per Share Earnings (in thousands, except per share amounts) Years Ended December 31 1993 1992 1991 ---- ---- ---- EARNINGS 1. Net income (loss) $ 299,026 $ 278,881 $ (113,155) 2. Less: Preferred dividends 34,689 19,870 13,205 --------- --------- --------- 3. Net income applicable to primary earnings per common share 264,337 259,011 (126,360) 4. Add: Interest expense on convertible debentures, net of tax (a) 4,303 4,382 --------- --------- --------- 5. Net income applicable to fully diluted earnings per common share $ 268,640 $ 263,393 $ (126,360) ========= ========= ========= SHARES 6. Weighted average number of common shares outstanding 105,336 101,977 94,730 7. Incremental shares from assumed exercise of dilutive stock options as of the beginning of the period using the treasury stock method (a) 888 1,137 8. Incremental shares from assumed conversion of debentures at date of issuance (a) 4,034 4,043 --------- --------- --------- 9. Adjusted number of common shares 110,258 107,157 94,730 ========= ========= ========= PER SHARE CALCULATION 10. Primary net income per common share $ 2.51 $ 2.54 $ (1.33) (Item 3 + Item 6); see note below 11. Fully diluted net income per common share $ 2.44 $ 2.45 $ (1.33) (Item 5 + Item 9); see note below <FN> (a) The effect of stock options and convertible debentures is excluded from the computation of fully diluted net income (loss) per common share in years in which their effect is antidilutive. Note - Income (Loss) per common share before extraordinary items and cumulative effect of changes in accounting principles, net of tax, on both a primary and fully diluted basis for the years ended December 31, 1993, 1992 and 1991 is computed by subtracting from the numerator the cumulative effect of accounting changes, net of tax, in 1993 of $24,203 and the extraordinary items of $72,968 and $7,758 in 1992 and 1991, respectively.