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, 1996

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

Earnings before extraordinary item per statement of earnings  $ 13.0

Extraordinary item                                              (1.6)
                                                              ------
Net earnings                                                  $ 11.4
                                                              ======


Weighted average number of common
shares outstanding                                              45.2

Weighted average number of common
stock equivalents                                                 .4
                                                              ------
Weighted average number of common
shares, as adjusted                                             45.6
                                                              ======



Primary earnings per common share:
   Earnings before extraordinary item                         $  .28

   Extraordinary item                                           (.03)
                                                              ------
   Net earnings                                               $  .25
                                                              ======


<PAGE>



                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                           FOURTH QUARTER, 1996




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

Earnings before extraordinary item per statement of earnings  $  13.0

Add:  effect of elimination of after-tax interest expense
      on $139.5 million 8% convertible debentures                 1.7
                                                              -------

Earnings before extraordinary item, as adjusted                  14.7

Extraordinary item                                               (1.6)
                                                              -------
Net earnings, as adjusted                                     $  13.1
                                                              =======



Weighted average number of common
shares outstanding used for primary computation                  45.2

Weighted average number of common
stock equivalents                                                  .5

Add:  effect of converting $139.5 million
      8% convertible debentures into common stock                 4.3  (A)
                                                              -------
Weighted average number of common shares
outstanding, as adjusted                                         50.0
                                                              =======



Fully diluted earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .29

   Extraordinary item                                           (.03)
                                                              -------
   Net earnings                                               $  .26  (B)
                                                              =======


(A)Assumes conversion of $139.5 million 8% convertible debentures at a price
   of approximately $32.50 per common share in accordance with the terms of
   the convertible debentures.

(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, 1996





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

Earnings before extraordinary item per statement of earnings  $ 15.0

Extraordinary item                                             (56.1)
                                                              -------
Net loss                                                      $(41.1)
                                                              =======



Weighted average number of common
shares outstanding                                              45.4

Weighted average number of common
stock equivalents                                                 .6
                                                              ------

Weighted average number of common
shares, as adjusted                                             46.0
                                                              ======



Primary earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .32

   Extraordinary item                                          (1.21)
                                                              -------
   Net loss                                                   $ (.89)
                                                              =======




                                   -3-
<PAGE>




                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                    YEAR ENDED DECEMBER 31, 1996




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

Earnings before extraordinary item per statement of earnings   $ 15.0

Add:  effect of elimination of after-tax interest expense
      on $139.5 million 8% convertible debentures                 6.8
                                                              -------
Earnings before extraordinary item, as adjusted                  21.8

Extraordinary item                                              (56.1)
                                                              -------
Net loss, as adjusted                                         $ (34.3)
                                                              =======


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

Weighted average number of common
stock equivalents                                                  .6

Add:  effect of converting $139.5 million
      8% convertible debentures into common stock                 4.3  (A)
                                                              -------
Weighted average number of common shares
outstanding, as adjusted                                         50.3
                                                              =======

Fully diluted earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .43

   Extraordinary item                                          (1.11)
                                                              -------
   Net loss                                                   $ (.68)  (B)
                                                              =======




(A)Assumes conversion of $139.5 million 8% convertible debentures at a price
   of approximately $32.50 per common share in accordance with the terms of
   the convertible debentures.

(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 (Continued)
                (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)
                                                            ========







                                   -5-
<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 $140.0 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 $140.0 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 $140.0 million 8% convertible debentures at a price
   of approximately $32.50 per common share in accordance with the terms of
   the convertible debentures.

(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.



                                   -6-
<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)
                                                              ========



                                   -7-
<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 $140.0 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 $140.0 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 $140.0 million 8% convertible debentures at a price
   of approximately $32.50 per common share in accordance with the terms of
   the convertible debentures.

(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.




                                   -8-