EXHIBIT 11

UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES

Statement Re: Computations of Per Share Earnings

For the Five Years Ended December 31, 2005

(Millions of dollars, except per share amounts)

	2005		2004		2003			2002			2001
Net Income	$	3,069	$	2,673	$	2,236		$	2,118		$	1,836
ESOP Convertible Preferred Stock dividend		—		—		(24	)		(31	)		(31	)
Basic earnings for period	$	3,069	$	2,673	$	2,212		$	2,087		$	1,805
ESOP Convertible Preferred Stock adjustment		—		—		23			29			28
Diluted earnings for period	$	3,069	$	2,673	$	2,235		$	2,116		$	1,833
Basic average number of shares outstanding during the period (thousands)		991,200		992,800		947,600			944,900			940,500
Stock awards (thousands)		23,300		18,000		14,000			14,100			18,300
ESOP Convertible Preferred Stock (thousands)		—		—		44,200			52,100			52,000
Diluted average number of shares outstanding during the period (thousands)		1,014,500		1,010,800		1,005,800			1,011,100			1,010,800
Basic earnings per common share	$	3.10	$	2.69	$	2.33		$	2.21		$	1.92
Diluted earnings per common share	$	3.03	$	2.64	$	2.22		$	2.09		$	1.81