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                             U.S. TRUST CORPORATION
                EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE

<TABLE>
<CAPTION>
                                                 Three-Month Periods             Nine-Month Periods
                                                 Ended September 30,             Ended September 30,
                                              --------------------------      --------------------------
                                                 1997           1996             1997           1996
                                              -----------    -----------      -----------    -----------
<S>                                           <C>            <C>              <C>            <C>
PRIMARY NET INCOME PER SHARE:                                                 
Net Income                                    $13,057,000    $10,212,000      $37,417,000    $29,663,000
Plus Dividend Equivalent on Deferred                                          
         Long-Term Performance Plan Awards                                    
         (After-Tax)                              144,979        106,576          404,811        312,052
                                              -----------    -----------      -----------    -----------
                                                                              
Adjusted Net Income                           $13,201,979    $10,318,576      $37,821,811    $29,975,052
                                              ===========    ===========      ===========    ===========
                                                                              
Weighted average number of common                                             
         shares outstanding                    19,239,095     19,556,514       19,440,759     19,540,176
Add average shares issuable under stock                                       
         based benefit plans                    2,415,171      1,679,234        2,175,312      1,621,882
                                              -----------    -----------      -----------    -----------
                                                                              
         Total Common and Common                                              
                  Equivalent Shares            21,654,266     21,235,748       21,616,071     21,162,058
                                              ===========    ===========      ===========    ===========
                                                                              
Primary Net Income Per Share                  $      0.61    $      0.49      $      1.75    $      1.42
                                              ===========    ===========      ===========    ===========
                                                                              
FULLY DILUTED NET INCOME PER SHARE:                                           
Net Income                                    $13,057,000    $10,212,000      $37,417,000    $29,663,000
Plus Dividend Equivalent on Deferred                                          
         Long-Term Performance Plan Awards                                    
         (After-Tax)                              144,979        106,576          404,811        312,052
                                              -----------    -----------      -----------    -----------
                                                                              
Adjusted Net Income                           $13,201,979    $10,318,576      $37,821,811    $29,975,052
                                              ===========    ===========      ===========    ===========
                                                                              
Weighted average number of common                                             
         shares outstanding                    19,239,095     19,556,514       19,440,759     19,540,176
Add maximum dilutive impact of average                                        
         shares issuable under stock based                                    
         benefit plans                          2,443,112      1,746,422        2,384,670      1,729,378
                                              -----------    -----------      -----------    -----------
                                                                              
         Total Dilutive Shares                 21,682,207     21,302,936       21,825,429     21,269,554
                                              ===========    ===========      ===========    ===========
                                                                              
Fully Diluted Net Income Per Share            $      0.61    $      0.49 *    $      1.73    $      1.41
                                              ===========    ===========      ===========    ===========
</TABLE>

*   The fully diluted net income per share amount for the three month period
    ended September 30, 1996 has been rounded up in conjunction with the
    restatement of prior period amounts to reflect the stock split distribution
    of February 21, 1997.