Exhibit 11

UNITED TECHNOLOGIES CORPORATION

AND SUBSIDIARIES

STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

	Full year
(Dollars in millions, except per share amounts)	2011		2010		2009		2008		2007
Net income attributable to common shareowners	$	4,979	$	4,373	$	3,829	$	4,689	$	4,224
Basic earnings for period	$	4,979	$	4,373	$	3,829	$	4,689	$	4,224
Diluted earnings for period	$	4,979	$	4,373	$	3,829	$	4,689	$	4,224
Basic average number of shares outstanding during the period (thousands)		892,300		907,900		917,400		937,800		963,900
Stock awards (thousands)		14,500		14,800		11,400		18,600		24,900
Diluted average number of shares outstanding during the period (thousands)		906,800		922,700		928,800		956,400		988,800
Basic earnings per common share	$	5.58	$	4.82	$	4.17	$	5.00	$	4.38
Diluted earnings per common share	$	5.49	$	4.74	$	4.12	$	4.90	$	4.27