EXHIBIT 11

UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES
Statement Re: Computation of Per Share Earnings

For the Five Years Ended December 31, 2002
(Millions of Dollars, except per share amounts)

		2002		2001		2000		1999		1998
Net Income	$	2,236	$	1,938	$	1,808	$	1,531	$	1,255
ESOP Convertible Preferred Stock dividend		(31)		(31)		(32)		(33)		(33)
Basic earnings per period	$	2,205	$	1,907	$	1,776	$	1,498	$	1,222
ESOP Convertible Preferred Stock adjustment		29		28		28		28		28
Diluted earnings for period	$	2,234	$	1,935	$	1,804	$	1,526	$	1,250
Basic average number of shares outstanding   during the period (thousands)		472,441		470,252		470,124		465,611		455,534
Stock awards (thousands)		7,067		9,156		11,256		13,806		11,944
ESOP Convertible Preferred Stock (thousands)		26,071		25,978		26,630		27,287		27,282
Diluted average number of shares outstanding   during the period (thousands)		505,579		505,386		508,010		506,704		494,760
Basic earnings per common share	$	4.67	$	4.06	$	3.78	$	3.22	$	2.68
Diluted earnings per common share	$	4.42	$	3.83	$	3.55	$	3.01	$	2.53