EXHIBIT 11.1

CSFB (USA), INC.  SCHEDULE OF COMPUTATION OF WEIGHTED AVERAGE NUMBER OF  COMMON SHARES AND COMMON SHARE EQUIVALENTS OUTSTANDING  AND BASIC EARNINGS PER SHARE FOR THE QUARTERS AND SIX MONTHS ENDED
JUNE 30, 2001 AND 2000  (in thousands, except share and per share data)

|                                            |                                                        | Quarters Ended
June 30, |        | Six Months Ended
June 30,
|------------------------------------------- | ------------------------------------------------------ | ----------------------- | ------ | -------------------------
|
|CSFB (USA) Common Stock                     |                                                        |                         |        |                          
|Weighted Average Common Shares:             |                                                        |                         |        |                          
|                                            | Average Common Shares Outstanding                      |                         |        | 1,000                    
|                                            | Average Restricted Stock Units Outstanding             |                         |        |                         
|                                            |                                                        |                         |        |                          
|Weighted Average Common Shares Outstanding  |                                                        |                         | 1,000  |                          
|                                            |                                                        |                         |        |                          
|Earnings:                                   |                                                        |                         |        |                          
|                                            | Net Income                                             |                         | $      | 69,029                   
|                                            | Less:  Preferred Stock Dividend Requirement            |                         |        | 5,289                    
|                                            | Earnings (Loss) Applicable to
Common Shares-CSFBdirect |                         |        | (5,242                   
|                                            |                                                        |                         |        |                          
|Earnings Applicable to Common Shares        |                                                        | $                       | 68,982 |                          
|                                            |                                                        |                         |        |                          
|Basic Earnings Per Common Share             |                                                        | $                       | 68,982 |                          
|                                            |                                                        |                         |        |                          
|CSFBdirectCommon Stock                      |                                                        |                         |        |                          
|Weighted Average Common Shares:             |                                                        |                         |        |                          
|                                            | Average Common Shares Outstanding                      |                         |        | 18,400,000               
|                                            |                                                        |                         |        |                          
|Earnings:                                   |                                                        |                         |        |                          
|                                            | Net Income (Loss)                                      |                         | $      | (5,242                   
|                                            |                                                        |                         |        |                          
|Earnings (Loss) Applicable to Common Shares |                                                        | $                       | (5,242 | )                        
|                                            |                                                        |                         |        |                          
|Basic Earnings (Loss) Per Common Share      |                                                        | $                       | (0.28  | )                        
|                                            |                                                        |                         |        |                          

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