EXHIBIT 11
              STATEMENT RE  COMPUTATION OF PER SHARE EARNINGS
              -----------------------------------------------

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





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

Earnings before extraordinary item per statement of earnings  $ 34.2

Extraordinary item                                                --
                                                              ------

Net earnings                                                  $ 34.2
                                                              ======


Weighted average number of common
shares outstanding                                              45.6

Weighted average number of common
stock equivalents                                                 .8
                                                              ------
Weighted average number of common
shares, as adjusted                                             46.4
                                                              ======




Primary earnings per common share:
   Earnings before extraordinary item                         $  .74

   Extraordinary item                                             --
                                                              ------

   Net earnings                                               $  .74
                                                              ======

 
                                  -20-
<PAGE>



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




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

Earnings before extraordinary item per statement of earnings  $  34.2

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

Earnings before extraordinary item, as adjusted                  35.9

Extraordinary item                                                 --
                                                               ------ 

Net earnings, as adjusted                                     $  35.9
                                                              ======= 


Weighted average number of common
shares outstanding used for primary computation                  45.6

Weighted average number of common
stock equivalents                                                  .9

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                                         50.8
                                                               ======



Fully diluted earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .71

   Extraordinary item                                             --
                                                              ------

   Net earnings                                               $  .71 
                                                              ======




(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.


 
                                  -21-
<PAGE>



                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                      NINE MONTHS ENDED SEPTEMBER 29, 1996





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

Earnings before extraordinary item per statement of earnings  $  2.0

Extraordinary item                                             (54.5)
                                                              -------

Net loss                                                      $(52.5)
                                                              =======



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 earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .04

   Extraordinary item                                          (1.20)
                                                              -------

   Net loss                                                   $(1.16)
                                                              =======

 
                                  -22-
<PAGE>



                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                    NINE MONTHS ENDED SEPTEMBER 29, 1996




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

Earnings before extraordinary item per statement of earnings   $  2.0

Add:  effect of elimination of after-tax interest expense
      on $139.5 million 8% convertible debentures                 5.1
                                                               ------

Earnings before extraordinary item, as adjusted                   7.1

Extraordinary item                                              (54.5)
                                                               -------

Net loss, as adjusted                                          $(47.4)
                                                               =======          



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

Weighted average number of common
stock equivalents                                                  .9

Add:  effect of converting $140 million 
      8% convertible debentures into common stock                 4.3  (A)
                                                               ------ 

Weighted average number of common shares
outstanding, as adjusted                                         50.7
                                                               ======


Fully diluted earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .14

   Extraordinary item                                          (1.07)
                                                              -------

   Net loss                                                   $ (.93)  (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-Q 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.

 
                                  -23-
<PAGE>


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


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

Net earnings per statement of earnings                      $   23.7
                                                            ========


Weighted average number of common
shares outstanding                                              45.4

Weighted average number of common
stock equivalents                                                 .9
                                                            --------


Weighted average number of common
shares, as adjusted                                             46.3
                                                            ========


Primary earnings per common share                           $    .51
                                                            ========

 
                                  -24-
<PAGE>



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




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

Net earnings per statement of earnings                          $  23.7

Add:  effect of elimination of after-tax interest expense
      on $140 million 8% convertible debentures                     1.7
                                                                -------

Net earnings, as adjusted                                       $  25.4
                                                                =======



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

Weighted average number of common
stock equivalents                                                   .9

Add:  effect of converting $140 million
      8% convertible debentures into common stock                  4.3  (A)
                                                                ------

Weighted average number of common
shares, as adjusted                                               50.6
                                                                ======


Fully diluted earnings per common share                         $  .50
                                                                ======


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


 
                                  -25-
<PAGE>



                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                      NINE MONTHS ENDED October 1, 1995





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

Net loss per statement of earnings                           $ (29.2)
                                                             --------


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                                $  (.64)  
                                                             ========


 
                                  -26-
<PAGE>



                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                    NINE MONTHS ENDED OCTOBER 1, 1995




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

Net loss per statement of earnings                             $ (29.2)

Add:  effect of elimination of after-tax interest expense
      on $140 million 8% convertible debentures                    5.1
                                                               -------

Net loss, as adjusted                                          $ (24.1)
                                                               ========



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

Weighted average number of common
stock equivalents                                                   .7

Add:  effect of converting $140 million 
      8% convertible debentures into common stock                  4.3  (A)
                                                               -------

Weighted average number of common shares
outstanding, as adjusted                                          50.4
                                                               =======


Fully diluted loss per common share                            $  (.48)  (B)
                                                               ========




(A)	Assumes conversion of $140 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-Q 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.

 
                                  -27-