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

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





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


Net earnings per statement of earnings                      $   15.8
                                                            ========

Weighted average number of common
shares outstanding                                              44.8

Weighted average number of common
stock equivalents                                                 .5
                                                            --------

Weighted average number of common
shares, as adjusted                                             45.3
                                                            ========

Primary earnings per common share                           $    .35
                                                            ========




<PAGE>


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




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


Net earnings per statement of earnings                          $ 15.8


Weighted average number of common
shares outstanding used for primary computation                   44.8

Weighted average number of common
stock equivalents                                                   .5
                                                                ------

Weighted average number of common
shares, as adjusted                                               45.3
                                                                ======

Fully diluted earnings per common share                         $  .35  (A)
                                                                ======



(A)  This computation is submitted as an exhibit to the Company's Form 10-Q in
     accordance with Regulation S-K item 601(b)(11).  However, fully diluted
     earnings per share are not stated because they are equal to primary
     earnings per common share.



                                  -2-
<PAGE>


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





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


Net loss per statement of earnings                         $  (60.7)
                                                           =========

Weighted average number of common
shares outstanding                                              45.6

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

Weighted average number of common
shares, as adjusted                                             45.6
                                                            ========

Primary loss per common share                               $ (1.33)
                                                            ========



                                  -3-
<PAGE>



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




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


Net loss per statement of earnings                              $ (60.7)

Add:  effect of elimination of after-tax interest expense
      on $140.0 million 8% convertible debentures                   1.7
                                                                --------
Net loss, as adjusted                                           $ (59.0)
                                                                ========

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

Weighted average number of common
stock equivalents                                                  1.0

Add:  effect of converting $140.0 million
      8% debentures into common stock                              4.3  (A)
                                                                ------
Weighted average number of common
shares, as adjusted                                               50.9
                                                                ======

Fully diluted loss per common share                             $(1.16)  (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-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.


                                  -4-