A polarimetric method for the measurement of linear retardance in the presence of phase fluctuations is presented. This can be applied to electro-optic devices behaving as variable linear retarders. The method is based on an extended Mueller matrix model for the linear retarder containing the time-averaged effects of the instabilities. As a result, an averaged Stokes polarimetry technique is proposed to characterize both the retardance and its flicker magnitude. Predictive capability of the approach is experimentally demonstrated, validating the model and the calibration technique. The approach is applied to liquid crystal on silicon displays (LCoS) using a commercial Stokes polarimeter. Both the magnitude of the average retardance and the amplitude of its fluctuation are obtained for each gray level value addressed, thus enabling a complete phase characterization of the LCoS.