EXHIBIT 11 STATE STREET BOSTON CORPORATION COMPUTATION OF EARNINGS PER SHARE YEAR ENDED DECEMBER 31, ---------------------------------- 1995 1994 1993 ---------- ---------- ---------- (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Primary: Average shares outstanding ............. 82,553,704 82,297,360 81,415,826 Common stock equivalents ............... 504,745 525,577 749,560 ---------- ---------- ---------- Primary shares outstanding ........... 83,058,449 82,822,937 82,165,386 ========== ========== ========== Net income ........................... $ 247,109 $ 220,343 $ 189,386 ========== ========== ========== Earnings Per Share -- primary ........ $ 2.98 $ 2.66 $ 2.30 ========== ========== ========== Fully diluted: Average shares outstanding ............. 82,553,704 82,297,360 81,415,826 Common stock equivalent ................ 717,740 525,577 749,560 Assumed conversion of 5% convertible notes ..................... 571,940 631,028 983,338 ---------- ---------- ---------- Fully diluted average shares outstanding .................. 83,843,384 83,453,965 83,148,724 ========== ========== ========== Net income ............................. $ 247,109 $ 220,343 $ 189,386 Elimination of interest on 5% convertible notes and 7 3/4% convertible subordinated debentures less related income tax benefit ...... 147 155 214 ---------- ---------- ---------- Fully diluted net income ............. $ 247,256 $ 220,498 $ 189,600 ========== ========== ========== Earnings Per Share -- fully diluted ...... $ 2.95 $ 2.64 $ 2.28 ========== ========== ==========