EXHIBIT 11.1
STATE STREET BOSTON CORPORATION
COMPUTATION OF EARNINGS PER SHARE
YEAR ENDED DECEMBER 31
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1994 1993 1992
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(DOLLARS IN THOUSANDS, EXCEPT PER
SHARE DATA)
Primary:
Average shares outstanding ............. 76,325,138 75,443,604 74,761,232
Common stock equivalents ............... 525,577 749,560 1,474,069
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Primary shares outstanding ........... 76,850,715 76,193,164 76,235,301
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Net income ........................... $ 207,413 $ 179,829 $ 160,443
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Earnings Per Share -- primary ........ $ 2.70 $ 2.36 $ 2.10
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Fully diluted:
Average shares outstanding ............. 76,325,138 75,443,604 74,761,232
Common stock equivalent ................ 525,577 749,560 1,738,055
Assumed conversion of 5% convertible
notes .................................... 4,909 41,259 41,323
Assumed conversion of 5% convertible
subordinated debentures .................. 626,119 942,079 1,157,163
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Fully diluted average shares
outstanding .............................. 77,481,743 77,176,502 77,697,773
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Net income ............................. $ 207,413 $ 179,829 $ 160,443
Elimination of interest on 5%
convertible notes and 7 3/4%
convertible
subordinated debentures less related
income tax benefit ................... 155 214 296
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Fully diluted net income ............. $ 207,568 $ 180,043 $ 160,739
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Earnings Per Share -- fully diluted ...... $ 2.68 $ 2.33 $ 2.07
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