Exhibit 11

UNITED TECHNOLOGIES CORPORATION

AND SUBSIDIARIES

STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

	Full year
(Dollars in millions, except per share amounts)	2012		2011		2010		2009		2008
Net income from continuing operations	$	4,847	$	4,831	$	4,195	$	3,719	$	4,534
Net income from discontinued operations		283		148		178		111		156
Net income attributable to common shareowners	$	5,130	$	4,979	$	4,373	$	3,830	$	4,690
Net income from continuing operations	$	4,847	$	4,831	$	4,195	$	3,719	$	4,534
Basic earnings for period	$	4,847	$	4,831	$	4,195	$	3,719	$	4,534
Diluted earnings for period	$	4,847	$	4,831	$	4,195	$	3,719	$	4,534
Basic average number of shares outstanding during the period (thousands)		895,200		892,300		907,900		917,400		937,800
Stock awards (thousands)		11,400		14,500		14,800		11,400		18,600
Diluted average number of shares outstanding during the period (thousands)		906,600		906,800		922,700		928,800		956,400
Basic earnings per common share	$	5.41	$	5.41	$	4.62	$	4.05	$	4.83
Diluted earnings per common share	$	5.35	$	5.33	$	4.55	$	4.00	$	4.74
Net income attributable to common shareowners	$	5,130	$	4,979	$	4,373	$	3,830	$	4,690
Basic earnings for period	$	5,130	$	4,979	$	4,373	$	3,830	$	4,690
Diluted earnings for period	$	5,130	$	4,979	$	4,373	$	3,830	$	4,690
Basic average number of shares outstanding during the period (thousands)		895,200		892,300		907,900		917,400		937,800
Stock awards (thousands)		11,400		14,500		14,800		11,400		18,600
Diluted average number of shares outstanding during the period (thousands)		906,600		906,800		922,700		928,800		956,400
Basic earnings per common share	$	5.73	$	5.58	$	4.82	$	4.17	$	5.00
Diluted earnings per common share	$	5.66	$	5.49	$	4.74	$	4.12	$	4.90