EXHIBIT 11
              STATEMENT RE  COMPUTATION OF PER SHARE EARNINGS

                           POLAROID CORPORATION
                COMPUTATION OF EARNINGS PER COMMON SHARE
                (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
                                                            ========


                                   17
<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% 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 $32.50 per common share in accordance with the convertible debenture
exchange agreement.


                              18
<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)
                                                             ========


                                   19
<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% 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 $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-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.


                                   20
<PAGE>



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





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

Net earnings per statement of earnings                        $ 29.3
                                                              ======


Weighted average number of common
shares outstanding                                              46.5

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

Weighted average number of common
shares, as adjusted                                             47.1
                                                              ======


Primary earnings per common share                             $  .62
                                                              ======


                                   21
<PAGE>



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




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

Net earnings per statement of earnings                         $ 29.3

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

Net earnings, as adjusted                                      $ 31.0
                                                               ======


Weighted average number of common
shares outstanding used for primary computation                  46.5

Weighted average number of common
stock equivalents                                                  .6

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

Weighted average number of common shares
outstanding, as adjusted                                         51.4
                                                               ======


Fully diluted earnings per common share                        $  .60
                                                               ======



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


                                   22
<PAGE>



                            POLAROID CORPORATION
            COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                  (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                      NINE MONTHS ENDED OCTOBER 2, 1994





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

Net earnings per statement of earnings                        $ 59.9
                                                              ======


Weighted average number of common
shares outstanding                                              46.7

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

Weighted average number of common
shares, as adjusted                                             47.1
                                                              ======


Primary earnings per common share                             $ 1.27
                                                              ======


                                   23
<PAGE>



                           POLAROID CORPORATION
           COMPUTATION OF EARNINGS PER COMMON SHARE (Continued)
                (IN MILLIONS, EXCEPT FOR PER SHARE DATA)
                    NINE MONTHS ENDED OCTOBER 2, 1994




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

Net earnings per statement of earnings                         $ 59.9

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

Net earnings, as adjusted                                      $ 65.0
                                                               ======


Weighted average number of common
shares outstanding used for primary computation                  46.7

Weighted average number of common
stock equivalents                                                  .6

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

Weighted average number of common shares
outstanding, as adjusted                                         51.6
                                                               ======


Fully diluted earnings per common share                        $ 1.26
                                                               ======



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


                                   24