EXHIBIT 11.1
STATE STREET BOSTON CORPORATION
COMPUTATION OF EARNINGS PER SHARE
YEAR ENDED DECEMBER 31
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1993 1992 1991
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(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
Primary:
Average shares outstanding .............. 75,443,604 74,761,232 73,649,678
Common stock equivalents ................ 749,560 1,474,069 1,319,808
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Primary shares outstanding .......... 76,193,164 76,235,301 74,969,486
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Net income .............................. $179,829 $160,443 $139,270
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Earnings Per Share - primary ............ $ 2.36 $ 2.10 $ 1.86
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Fully diluted:
Average shares outstanding .............. 75,443,604 74,761,232 73,649,678
Common stock equivalents ................ 749,560 1,738,055 1,798,392
Assumed conversion of 5% convertible
notes ................................. 41,259 41,323 41,323
Assumed conversion of 734% convertible
subordinated debentures ............... 942,079 1,157,163 1,626,582
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Fully diluted average shares
outstanding ....................... 77,176,502 77,697,773 77,115,975
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Net income .............................. $179,829 $160,443 $139,270
Elimination of interest on 5% convertible
notes and 734% convertible subordinated
debentures less related income tax
benefit ............................... 214 296 399
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Fully diluted net income ............ $180,043 $160,739 $139,669
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Earnings Per Share - fully diluted ...... $ 2.33 $ 2.07 $ 1.81
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