Exhibit 11

UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES

Statement Re: Computations of Per Share Earnings

For the Five Years Ended December 31, 2006

(Millions of Dollars, except per share amounts)

	2006		2005		2004		2003			2002
Net Income	$	3,732	$	3,069	$	2,673	$	2,236		$	2,118
ESOP Convertible Preferred Stock dividend		—		—		—		(24	)		(31	)
Basic earnings for period	$	3,732	$	3,069	$	2,673	$	2,212		$	2,087
ESOP Convertible Preferred Stock adjustment		—		—		—		23			29
Diluted earnings for period	$	3,732	$	3,069	$	2,673	$	2,235		$	2,116
Basic average number of shares outstanding during the period (thousands)		980,000		991,200		992,800		947,600			944,900
Stock awards (thousands)		25,700		23,300		18,000		14,000			14,100
ESOP Convertible Preferred Stock (thousands)		—		—		—		44,200			52,100
Diluted average number of shares outstanding during the period (thousands)		1,005,700		1,014,500		1,010,800		1,005,800			1,011,100
Basic earnings per common share	$	3.81	$	3.10	$	2.69	$	2.33		$	2.21
Diluted earnings per common share	$	3.71	$	3.03	$	2.64	$	2.22		$	2.09