EXHIBIT 11

UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES

Statement Re: Computations of Per Share Earnings

For the Five Years Ended December 31, 2004

(Millions of Dollars, except per share amounts)

	2004		2003			2002			2001			2000
Net Income	$	2,788	$	2,361		$	2,236		$	1,938		$	1,808
ESOP Convertible Preferred Stock dividend		—		(24	)		(31	)		(31	)		(32	)
Basic earnings for period	$	2,788	$	2,337		$	2,205		$	1,907		$	1,776
ESOP Convertible Preferred Stock adjustment		—		23			29			28			28
Diluted earnings for period	$	2,788	$	2,360		$	2,234		$	1,935		$	1,804
Basic average number of shares outstanding during the period (thousands)		496,449		473,775			472,441			470,252			470,124
Stock awards (thousands)		8,970		7,017			7,067			9,156			11,256
ESOP Convertible Preferred Stock (thousands)		—		22,115			26,071			25,978			26,630
Diluted average number of shares outstanding during the period (thousands)		505,419		502,907			505,579			505,386			508,010
Basic earnings per common share	$	5.62	$	4.93		$	4.67		$	4.06		$	3.78
Diluted earnings per common share	$	5.52	$	4.69		$	4.42		$	3.83		$	3.55