EXHIBIT 11
STATE STREET BOSTON CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Dollars in thousands, Three Months Ended Nine Months Ended
except per share data) September 30, September 30,
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1996 1995 1996 1995
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Primary
Average shares outstanding 80,319,327 82,646,403 80,950,142 82,577,988
Common stock equivalents 688,120 525,630 658,997 457,367
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Primary shares outstanding 81,007,447 83,172,033 81,609,139 83,035,355
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Net income $ 73,615 $ 64,636 $ 214,873 $ 181,633
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Earnings Per Share-primary $ .91 $ .78 $ 2.63 $ 2.19
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Fully Diluted
Average shares outstanding 80,319,327 82,646,403 80,950,142 82,577,988
Common stock equivalents 761,612 697,682 778,459 637,643
Assumed conversion of 7 3/4% convertible
subordinated debentures 553,043 566,856 555,554 576,063
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Fully diluted average
shares outstanding 81,633,982 83,910,941 82,284,155 83,791,694
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Net income $ 73,615 $ 64,636 $ 214,873 $ 181,633
Elimination of interest on
7 3/4% convertible subordinated
debentures less related income tax
effect 36 36 108 111
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Fully diluted net income $ 73,651 $ 64,672 $ 214,981 $ 181,744
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Earnings Per Share-fully diluted $ .90 .77 $ 2.61 $ 2.17
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