Exhibit 12 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, In Millions of Dollars 1995 1994 Fixed Charges: Interest on indebtedness $ 129 $ 139 Interest capitalized 10 12 One-third of rents* 46 51 Total Fixed Charges $ 185 $ 202 Earnings: Income before income taxes and minority interests $ 634 $ 444 Fixed charges per above 185 202 Less: interest capitalized (10) (12) 175 190 Amortization of interest capitalized 19 22 Total Earnings $ 828 $ 656 Ratio of Earnings to Fixed Charges 4.48 3.25 * Reasonable approximation of the interest factor. /TABLE