
<PAGE>

                       UNITED ASSET MANAGEMENT CORPORATION

                                                                      Exhibit 11
                        CALCULATION OF EARNINGS PER SHARE
                    (In thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                                March 31,
                                                          --------------------
                                                            1995        1994
                                                          --------    --------
<S>                                                       <C>         <C>
Common and common equivalent shares:

  Net income ..........................................    $15,605     $14,904
  Adjustments thereto (1) .............................        597          --
                                                           -------     -------
  Adjusted net income .................................    $16,202     $14,904
                                                           -------     -------
                                                           -------     -------
  Average shares outstanding ..........................     29,597      28,070
  Adjustments thereto (2) .............................      2,236       1,919
                                                           -------     -------
  Shares used in computation ..........................     31,833      29,989
                                                           -------     -------
                                                           -------     -------

Per Share .............................................    $  0.51     $  0.50
                                                           -------     -------
                                                           -------     -------
Common shares - assuming full dilution:

  Net income ..........................................    $15,605     $14,904
  Adjustments thereto (1)..............................        508          --
                                                           -------     -------
  Adjusted net income .................................    $16,113     $14,904
                                                           -------     -------
                                                           -------     -------
  Average shares outstanding ..........................     29,597      28,070
  Adjustments thereto (2) .............................      2,236       1,919
                                                           -------     -------
  Shares used in computation ..........................     31,833      29,989
                                                           -------     -------
                                                           -------     -------
Per Share .............................................    $  0.51     $  0.50
                                                           -------     -------
                                                           -------     -------
<FN>
- --------------------
 (1) The proceeds from the exercise of stock options and warrants in
     accordance with the modified treasury stock method are first used to
     buy back up to 20% of the Company's common stock at the average price
     for the period in the primary calculation and at the higher of the
     average or closing price in the fully diluted calculation.  Any
     remaining proceeds are used to retire debt, and this adjusts income
     for interest assumed to be saved net of income tax from the use of
     such proceeds.

 (2) Adjusts shares for stock options and warrants under the modified
     treasury stock method and contingently issuable shares based on the
     probability of issuance, after adjusting for the stock assumed
     repurchased in accordance with (1) above.
</TABLE>


                                       F-8
