EXHIBIT 11.1 STATE STREET BOSTON CORPORATION COMPUTATION OF EARNINGS PER SHARE Year Ended December 31, ------------------------------- (Dollars in millions, except per share data) 1996 1995 1994 ---- ---- ---- Primary: Average shares outstanding 80,892 82,553 82,297 Common stock equivalents 741 505 526 ------- ------- ------- Primary shares outstanding 81,633 83,058 82,823 Net income $ 293 $ 247 $ 220 ======= ======= ======= Earnings per share-primary $ 3.59 $ 2.98 $ 2.66 ======= ======= ======= Fully diluted: Average shares outstanding 80,892 82,553 82,297 Common stock equivalents 864 718 526 Assumed conversion of 7 3/4% convertible subordinated debentures 555 572 631 ------- ------- ------- Fully diluted average shares outstanding 82,311 83,843 83,454 ======= ======= ======= Net income $ 293 $ 247 $ 220 ======= ======= ======= Earnings per share - fully diluted $ 3.56 $ 2.95 $ 2.64 ======= ======= =======