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                                                                  Exhibit 11


                     UNION CARBIDE CORPORATION AND SUBSIDIARIES
                          COMPUTATION OF EARNINGS PER SHARE
                  (In millions of dollars except per share amounts)



<CAPTION>
                                                       Quarter Ended Sept. 30,
                                                          1997         1996   
Earnings Per Share - Primary
<S>                                                      <C>          <C>     
  Net income                                             $  181       $  161  
  Less:  Preferred stock dividend                             3            3  
         Appreciation on redeemed preferred stock            12            -  
  Net income for primary income calculation              $  166       $  158  

  Weighted average number of common
    and common equivalent shares applicable
    to primary earnings per share calculation
      Weighted average number of shares outstanding   123,957,271  129,104,998
      Dilutive effect of stock options                  4,195,877    4,331,086
                                                      128,153,148  133,436,084

  Earnings per share - primary                           $ 1.30       $ 1.19  


Earnings Per Share - Fully Diluted
  Net income for primary income calculation              $  166       $  158  
  Add back:  Preferred stock dividend                         3            3  
  Net income for fully diluted income calculation        $  169       $  161  

  Weighted average number of common
    and common equivalent shares applicable to
    fully diluted earnings per share calculation
      Weighted average number of shares outstanding   123,957,271  129,104,998 
      Dilutive effect of stock options                  4,195,877    4,576,637 
      Put options                                               -            - 
      Shares issuable upon conversion of UCC
        convertible preferred stock                    15,473,657   16,100,050 
                                                      143,626,805  149,781,685 

  Earnings per share - fully diluted                     $ 1.18       $ 1.08   


<CAPTION>
                                                      Nine Months Ended Sept. 30,
                                                           1997         1996
Earnings Per Share - Primary
<S>                                                      <C>          <C>      
  Net income                                             $  529       $  491    
  Less:  Preferred stock dividend                             9            9   
         Appreciation on redeemed preferred stock            24            -
  Net income for primary income calculation              $  496       $  482  

  Weighted average number of common
    and common equivalent shares applicable
    to primary earnings per share calculation
      Weighted average number of shares outstanding   125,008,093  132,320,586 
      Dilutive effect of stock options                  4,188,264    4,554,764 
                                                      129,196,357  136,875,350 

  Earnings per share - primary                           $ 3.84       $ 3.52  


Earnings Per Share - Fully Diluted
  Net income for primary income calculation              $  496       $  482
  Add back:  Preferred stock dividend                         9            9
  Net income for fully diluted income calculation        $  505       $  491

  Weighted average number of common
    and common equivalent shares applicable to
    fully diluted earnings per share calculation
      Weighted average number of shares outstanding   125,008,093  132,320,586 
      Dilutive effect of stock options                  4,210,746    4,701,880 
      Put options                                           3,060            -
      Shares issuable upon conversion of UCC
        convertible preferred stock                    15,638,615   16,144,822  
                                                      144,860,514  153,167,288 

  Earnings per share - fully diluted                     $ 3.49       $ 3.20

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