Exhibit 11
STATE STREET BOSTON CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Dollars in thousands, Three Months Ended Six Months Ended
except per share data) June 30, June 30,
---------------------------- ---------------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
Primary
Average shares outstanding 82,591,721 82,291,231 82,546,018 82,156,652
Common stock equivalents 426,938 562,880 412,051 588,001
---------- ---------- ---------- ----------
Primary shares outstanding 83,018,659 82,854,111 82,958,069 82,744,653
========== ========== ========== ==========
Net income $ 62,661 $ 53,879 $ 116,997 $ 108,076
========== ========== ========== ==========
Earnings Per Share-primary $ .75 $ .65 $ 1.41 $ 1.31
========== ========== ========== ==========
Fully Diluted
Average shares outstanding 82,591,721 82,291,231 82,546,018 82,156,652
Common stock equivalents 525,236 562,880 529,441 598,551
Assumed conversion of 7 3/4%
convertible subordinated debentures 580,101 657,919 580,742 677,362
---------- ---------- ---------- ----------
Fully diluted average
shares outstanding 83,697,058 83,512,030 83,656,201 83,432,565
========== ========== ========== ==========
Net income $62,661 $53,879 $116,997 $108,076
Elimination of interest on 7 3/4%
convertible subordinated debentures
and 5% convertible notes less related
income tax effect 36 39 73 81
Fully diluted net income $ 62,697 $ 53,918 $ 117,070 $ 108,157
========== ========== ========= ==========
Earnings Per Share-fully diluted $ .75 $ .65 $ 1.40 $ 1.30
========== ========== ========= =========