EXHIBIT 11
 
                          LOCKHEED MARTIN CORPORATION
 
                    COMPUTATION OF EARNINGS PER COMMON SHARE
 


                                                        THREE MONTHS ENDED
                                                             MARCH 31,
                                                       ----------------------
                                                          1996        1995
                                                       ----------  ----------
                                                       (IN MILLIONS, EXCEPT
                                                          PER SHARE DATA)
                                                             
ASSUMING NO DILUTION:
Average number of common shares outstanding...........      189.3       188.5
                                                       ==========  ==========
Net earnings.......................................... $      272  $      137
  Less: Preferred stock dividends.....................        (15)        (15)
                                                       ----------  ----------
Net earnings applicable to common stock............... $      257  $      122
                                                       ==========  ==========
Earnings per common share............................. $     1.35  $      .65
                                                       ==========  ==========
ASSUMING FULL DILUTION:
Average number of common shares outstanding...........      189.3       188.5
Dilutive stock options-based on the treasury stock
 method using the March 31
 market prices, if higher than average market price...        4.5         3.1
Assumed conversion of the Convertible Series A
 Preferred Stock from the date of issuance............       28.9        28.9
                                                       ----------  ----------
                                                            222.7       220.5
                                                       ==========  ==========
Net earnings.......................................... $      272  $      137
                                                       ==========  ==========
Earnings per common share............................. $     1.22  $      .62
                                                       ==========  ==========