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 |
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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 |