EXHIBIT 11
              STATEMENT RE  COMPUTATION OF PER SHARE EARNINGS


                           POLAROID CORPORATION
                COMPUTATION OF EARNINGS PER COMMON SHARE
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                         FOURTH QUARTER, 1995





PRIMARY COMPUTATION
-------------------


Net loss per statement of earnings                          $(111.0)
                                                            ========

Weighted average number of common
shares outstanding                                             45.5

Weighted average number of common
stock equivalents                                                --
                                                             -------

Weighted average number of common
shares, as adjusted                                            45.5
                                                            ========

Primary loss per common share                               $ (2.44)
                                                            ========

<PAGE>


                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                             FOURTH QUARTER, 1995




FULLY DILUTED COMPUTATION
-------------------------


Net loss per statement of earnings                             $(111.0)

Add:  effect of elimination of after-tax interest expense
      on $140 million 8% convertible debentures                    1.7
                                                               -------- 
Net loss, as adjusted                                          $(109.3)
                                                               ========

Weighted average number of common
shares outstanding used for primary computation                   45.5

Weighted average number of common
stock equivalents                                                  1.2

Add:  effect of converting $140 million
      8% debentures into common stock                              4.3 (A)
                                                               --------
Weighted average number of common
shares, as adjusted                                               51.0
                                                               ========   

Fully diluted loss per common share                            $ (2.14) (B)
                                                               ========


(A)  Assumes conversion of $140 million 8% convertible debentures at a
     price of approximately $32.50 per common share in accordance with the
     convertible debenture exchange agreement.

(B)  This computation is submitted as an exhibit to the Company's Form 10-K
     in accordance with Regulation S-K item 601(b)(11), although presenting
     the computation is not in accord with paragraph 40 of APB Opinion 15
     because the computation produces an antidilutive result.



                                       2
<PAGE>

                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                         YEAR ENDED DECEMBER 31, 1995





PRIMARY COMPUTATION
-------------------


Net loss per statement of earnings                            $(140.2)
                                                              ========

Weighted average number of common
shares outstanding                                               45.4

Weighted average number of common
stock equivalents                                                  --
                                                              --------
Weighted average number of common
shares, as adjusted                                              45.4
                                                              ========

Primary loss per common share                                 $ (3.09)
                                                              ========



                                     3
<PAGE>

                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                        YEAR ENDED DECEMBER 31, 1995




FULLY DILUTED COMPUTATION
-------------------------


Net loss per statement of earnings                              $(140.2)

Add:  effect of elimination of after-tax interest expense
      on $140 million 8% convertible debentures                     6.8
                                                                --------
Net loss, as adjusted                                           $(133.4)
                                                                ========

Weighted average number of common
shares outstanding used for primary computation                    45.4

Weighted average number of common
stock equivalents                                                   1.4

Add:  effect of converting $140 million
      8% debentures into common stock                               4.3 (A)
                                                                --------
Weighted average number of common
shares, as adjusted                                                 51.1
                                                                =========

Fully diluted loss per common share                             $  (2.61) (B)
                                                                =========


(A)  Assumes conversion of $140 million 8% convertible debentures at a
     price of approximately $32.50 per common share in accordance with the
     convertible debenture exchange agreement.

(B)  This computation is submitted as an exhibit to the Company's Form 10-K
     in accordance with Regulation S-K item 601(b)(11), although presenting
     the computation is not in accord with paragraph 40 of APB Opinion 15
     because the computation produces an antidilutive result.



                                      4
<PAGE>

                           POLAROID CORPORATION
                COMPUTATION OF EARNINGS PER COMMON SHARE
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                         FOURTH QUARTER, 1994





PRIMARY COMPUTATION
-------------------


Net earnings per statement of earnings                      $ 57.3
                                                            ======

Weighted average number of common
shares outstanding                                            46.2

Weighted average number of common
stock equivalents                                               .4
                                                            ------

Weighted average number of common
shares, as adjusted                                           46.6
                                                            ====== 

Primary earnings per common share                           $ 1.23
                                                            ======



                                     5
<PAGE>

                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                             FOURTH QUARTER, 1994




FULLY DILUTED COMPUTATION
-------------------------


Net earnings per statement of earnings                          $ 57.3

Add:  effect of elimination of after-tax interest expense
      on $140 million 8% convertible debentures                    1.7
                                                                ------
Net earnings, as adjusted                                       $ 59.0
                                                                ======

Weighted average number of common
shares outstanding used for primary computation                   46.2

Weighted average number of common
stock equivalents                                                   .4

Add:  effect of converting $140 million
      8% debentures into common stock                              4.3 (A)
                                                                ------
Weighted average number of common
shares, as adjusted                                               50.9
                                                                ======

Fully diluted earnings per common share                         $ 1.16
                                                                ======


(A)  Assumes conversion of $140 million 8% convertible debentures at a
     price of approximately $32.50 per common share in accordance with the 
     convertible debenture exchange agreement.




                                    6
<PAGE>

                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                         YEAR ENDED DECEMBER 31, 1994





PRIMARY COMPUTATION
-------------------


Net earnings per statement of earnings                        $ 117.2
                                                              =======

Weighted average number of common
shares outstanding                                               46.6

Weighted average number of common
stock equivalents                                                  .4
                                                              -------
Weighted average number of common
shares, as adjusted                                              47.0
                                                              =======

Primary earnings per common share                             $  2.49
                                                              =======




                                     7
<PAGE>

                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                        YEAR ENDED DECEMBER 31, 1994




FULLY DILUTED COMPUTATION
-------------------------


Net earnings per statement of earnings                         $  117.2

Add:  effect of elimination of after-tax interest expense
      on $140 million 8% convertible debentures                     6.8
                                                               --------
Net earnings, as adjusted                                      $  124.0
                                                               ========

Weighted average number of common
shares outstanding used for primary computation                    46.6

Weighted average number of common
stock equivalents                                                    .4

Add:  effect of converting $140 million
      8% debentures into common stock                                4.3 (A)
                                                                --------
Weighted average number of common
shares, as adjusted                                                 51.3
                                                                ========

Fully diluted earnings per common share                         $   2.42
                                                                ========


(A)  Assumes conversion of $140 million 8% convertible debentures at a
     price of approximately $32.50 per common share in accordance with the
     convertible debenture exchange agreement.


                                    8