EXHIBIT 11

UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES
Statement Re: Computation of Per Share Earnings

For the Five Years Ended December 31, 2001
(Millions of Dollars, except per share amounts)

		2001		2000		1999		1998		1997
Net Income	$	1,938	$	1,808	$	1,531	$	1,255	$	1,072
ESOP Convertible Preferred Stock dividend		(31)		(32)		(33)		(33)		(32)
Basic earnings per period	$	1,907	$	1,776	$	1,498	$	1,222	$	1,040
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ESOP Convertible Preferred Stock adjusment		28		28		28		28		27
Diluted earnings for period	$	1,935	$	1,804	$	1,526	$	1,250	$	1,067
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Basic average number of shares outstanding   during the period (thousands)		470,252		470,124		465,611		455,534		468,886
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Stock awards (thousands)		9,156		11,256		13,806		11,944		11,756
ESOP Convertible Preferred Stock (thousands)		25,978		26,630		27,287		27,282		26,468
Diluted average number of shares outstanding   during the period (thousands)		505,386		508,010		506,704		494,760		507,110
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Basic earnings per common share	$	4.06	$	3.78	$	3.22	$	2.68	$	2.22
Diluted earnings per common share	$	3.83	$	3.55	$	3.01	$	2.53	$	2.10