EXHIBIT 11
                                                           ----------
                                                           PAGE 1 OF 2

                           COLGATE-PALMOLIVE COMPANY

                    COMPUTATION OF EARNINGS PER COMMON SHARE
                    ----------------------------------------

                  DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS
                                  (UNAUDITED)



                                          THREE MONTHS ENDED MARCH 31,
                                          ----------------------------
                                               1997          1996 
                                              ------        ------ 
                                                          
PRIMARY                                                            
                                                                   
EARNINGS:                                                          
 Net income                                   $169.6        $143.5 
                                                                   
 Deduct: Dividends on preferred shares,                            
   net of income taxes                           5.4           5.4   
                                              ------        ------  
                                                                   
 Net income applicable to common shares       $164.2        $138.1 
                                              ======        ======    
                                                                      
SHARES (IN MILLIONS):                                                 
 Weighted average shares outstanding           294.6         292.1    
                                              ======        ======    
                                                                      
EARNINGS PER COMMON SHARE, PRIMARY            $  .56        $  .47    
                                              ======        ======  


All share and per share amounts have been restated to reflect the April 25, 1997
two-for-one stock split.  See Note 4 to the Condensed Consolidated Financial
Statements.

                                       12

 
                                                         EXHIBIT 11
                                                         ----------
                                                         PAGE 2 OF 2

                           COLGATE-PALMOLIVE COMPANY

                    COMPUTATION OF EARNINGS PER COMMON SHARE
                    ----------------------------------------

                  DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS
                                  (UNAUDITED)



                                          THREE MONTHS ENDED MARCH 31,
                                          ----------------------------
                                               1997          1996 
                                              ------        ------ 
                                                          
ASSUMING FULL DILUTION                                                
                                                                      
EARNINGS:                                                             
 Net income                                   $169.6        $143.5    
 Deduct: Dividends on preferred shares            .1            .1    
 Deduct: Replacement funding resulting                                
   from assumed conversion of Series B                                
   Convertible Preference Stock, net                                  
   of tax                                         .6           1.2    
                                              ------        ------     
 Net income applicable to common shares       $168.9        $142.2    
                                              ======        ======    
                                                                      
SHARES (IN MILLIONS):                                                 
 Weighted average number of common                                    
   shares outstanding                          294.6         292.1    
 Add: Assumed exercise of options                                     
   reduced by the number of shares                                    
   which could have been purchased                                    
   with the proceeds from the exercise                                
   of such options                               6.1           4.9     
                                                                      
  Add: Assumed conversion of Series B                                 
   convertible Preference Stock                 23.3          23.9    
                                              ------        ------    
 Weighted average number of common                                    
   shares outstanding, as adjusted             324.0         320.9    
                                              ======        ======  
                                                                      
EARNINGS PER COMMON SHARE, ASSUMING                                   
 FULL DILUTION                                $  .52        $  .44   
                                              ======        ====== 


All share and per share amounts have been restated to reflect the April 25, 1997
two-for-one stock split.  See Note 4 to the Condensed Consolidated Financial
Statements.

                                       13