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,
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1996 1995 1996 1995
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Primary
Average shares outstanding 80,896,197 82,591,721 81,269,015 82,546,018
Common stock equivalents 662,806 426,938 642,609 412,051
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Primary shares outstanding 81,559,003 83,018,659 81,911,624 82,958,069
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Net income $ 71,509 $ 62,661 $ 141,258 $ 116,997
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Earnings Per Share-primary $ .87 $ .75 $ 1.72 $ 1.41
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Fully Diluted
Average shares outstanding 80,896,197 82,591,721 81,269,015 82,546,018
Common stock equivalents 673,123 525,236 692,461 529,441
Assumed conversion of 7 3/4%
convertible subordinated
debentures 556,254 580,101 556,823 580,742
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Fully diluted average
shares outstanding 82,125,574 83,697,058 82,518,299 83,656,201
========== ========== ========== ==========
Net income $ 71,509 $ 62,661 $ 141,258 $ 116,997
Elimination of interest on
7 3/4% convertible subordinated
debentures less related income tax
effect 36 36 72 73
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Fully diluted net income $ 71,545 $ 62,697 $ 141,330 $ 117,070
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Earnings Per Share-fully $ .87 $ .75 $ 1.71 $ 1.40
diluted ========== ========== ========== ==========