EXHIBIT 11
STATE STREET CORPORATION
COMPUTATION OF EARNINGS PER SHARE
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Three Months Ended
March 31,
(Dollars in millions, except per share data;
shares in thousands) 1997 1996
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PRIMARY
Average shares outstanding................. 80,668 81,642
Common stock equivalents................... 887 619
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Primary shares outstanding................. 81,855 82,261
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Net Income....................................... $ 86 $ 70
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Earnings per share - primary..................... $ 1.06 $ .85
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FULLY DILUTED
Average shares outstanding................. 80,668 81,642
Common stock equivalents................... 887 697
Assumed conversion of 7 3/4%...............
convertible subordinated debentures... 549 557
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Fully diluted average shares outstanding... 82,104 82,896
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Net income....................................... $ 86 $ 70
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Earnings per share - fully diluted............... $ 1.05 $ .84
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