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

                         POLAROID CORPORATION
                COMPUTATION OF EARNINGS PER COMMON SHARE
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                         SECOND QUARTER, 1997





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

Net earnings per statement of earnings                      $   34.6
                                                            ========

Weighted average number of common
shares outstanding                                              45.0

Weighted average number of common
stock equivalents                                                 .7
                                                            --------
Weighted average number of common
shares, as adjusted                                             45.7
                                                            ========


Primary earnings per common share                           $    .76
                                                            ========


<PAGE>


                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                             SECOND QUARTER, 1997




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

Net earnings per statement of earnings                          $ 34.6
                                                              ========


Weighted average number of common
shares outstanding used for primary computation                   45.0

Weighted average number of common
stock equivalents                                                   .9
                                                              --------
Weighted average number of common
shares, as adjusted                                               45.9
                                                              ========


Fully diluted earnings per common share                         $  .75
                                                              ========



                                      -2-
<PAGE>


                        POLAROID CORPORATION
                COMPUTATION OF EARNINGS PER COMMON SHARE
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                     SIX MONTHS ENDED JUNE 29, 1997





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

Net earnings per statement of earnings                      $   50.4
                                                            ========


Weighted average number of common
shares outstanding                                              44.9

Weighted average number of common
stock equivalents                                                 .6
                                                            --------
Weighted average number of common
shares, as adjusted                                             45.5
                                                            ========


Primary earnings per common share                           $   1.11
                                                            ========





                                      -3-
<PAGE>


                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                        SIX MONTHS ENDED JUNE 29, 1997




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

Net earnings per statement of earnings                          $ 50.4
                                                              ========



Weighted average number of common
shares outstanding used for primary computation                   44.9

Weighted average number of common
stock equivalents                                                  1.0
                                                              --------
Weighted average number of common
shares, as adjusted                                               45.9
                                                              ========


Fully diluted earnings per common share                         $ 1.10
                                                              ========







                                      -4-
<PAGE>



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





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

Earnings before extraordinary item per statement of earnings  $ 28.5

Extraordinary item                                             (54.5)
                                                             --------
Net loss                                                      $(26.0)
                                                             ========



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 earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .63

   Extraordinary item                                          (1.20)
                                                             --------
   Net loss                                                   $ (.57)
                                                             ========




                                      -5-
<PAGE>



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




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

Earnings before extraordinary item per statement of earnings  $  28.5

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


Earnings before extraordinary item, as adjusted                  30.2

Extraordinary item                                              (54.5)
                                                             ---------
Net loss, as adjusted                                         $ (24.3)
                                                             =========


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

Weighted average number of common
stock equivalents                                                 1.1

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                                         50.9
                                                             =========



Fully diluted earnings/(loss) per common share:
   Earnings before extraordinary item                         $  .59
   Extraordinary item                                          (1.07)
                                                             ---------
   Net loss                                                   $ (.48) (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.


                                      -6-
<PAGE>




                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                      SIX MONTHS ENDED JUNE 30, 1996





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

Loss before extraordinary item per statement of earnings     $ (32.2)

Extraordinary item                                             (54.5)
                                                             --------
Net loss                                                      $(86.7)
                                                             ========



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:
   Loss before extraordinary item                             $ (.70)

   Extraordinary item                                          (1.20)
                                                             --------
   Net loss                                                   $(1.90)
                                                             ========





                                      -7-
<PAGE>




                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                    SIX MONTHS ENDED JUNE 30, 1996




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

Loss before extraordinary item per statement of earnings       $(32.2)

Add:  effect of elimination of after-tax interest expense
      on $139.5 million 8% convertible debentures                 3.4
                                                              --------
Loss before extraordinary item, as adjusted                     (28.8)

Extraordinary item                                              (54.5)
                                                              --------
Net loss, as adjusted                                         $ (83.3)
                                                              ========




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

Weighted average number of common
stock equivalents                                                 1.1

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


Fully diluted loss per common share:
   Loss before extraordinary item                             $ (.57)

   Extraordinary item                                          (1.07)
                                                              --------
   Net loss                                                   $(1.64) (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.




                                      -8-