EXHIBIT 11

UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES

Statement Re: Computations of Per Share Earnings

For the Five Years Ended December 31, 2003

(Millions of Dollars, except per share amounts)

	2003			2002			2001			2000			1999
Net Income	$	2,361		$	2,236		$	1,938		$	1,808		$	1,531
ESOP Convertible Preferred Stock dividend		(24	)		(31	)		(31	)		(32	)		(33	)
Basic earnings for period	$	2,337		$	2,205		$	1,907		$	1,776		$	1,498
ESOP Convertible Preferred Stock adjustment		23			29			28			28			28
Diluted earnings for period	$	2,360		$	2,234		$	1,935		$	1,804		$	1,526
Basic average number of shares outstanding during the period (thousands)		473,775			472,441			470,252			470,124			465,611
Stock awards (thousands)		7,017			7,067			9,156			11,256			13,806
ESOP Convertible Preferred Stock (thousands)		22,115			26,071			25,978			26,630			27,287
Diluted average number of shares outstanding during the period (thousands)		502,907			505,579			505,386			508,010			506,704
Basic earnings per common share	$	4.93		$	4.67		$	4.06		$	3.78		$	3.22
Diluted earnings per common share	$	4.69		$	4.42		$	3.83		$	3.55		$	3.01