Exhibit 11 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS Quarter Ended September 30, In Millions of Dollars (except per share amounts) 1996 1995 Net Income $ 254 $ 210 ESOP Convertible Preferred Stock Dividend requirement 7 7 Earnings applicable to Common Stock 247 203 ESOP Convertible Preferred Stock adjustment 5 6 Net earnings for calculation of primary and fully diluted earnings per share $ 252 $ 209 Average number of common shares and common stock equivalents outstanding during the period (four month-end average) (Note 1) 260,729,812 261,626,278 Fully diluted average number of common shares and common stock equivalents outstanding during the period (four month-end average) (Note 1) 261,343,976 262,378,352 Primary earnings per common share (Note 1) $ .97 $ .80 Fully diluted earnings per common share (Note 1 and 2) $ .97 $ .80 Note 1 - Reflects two-for-one stock split as described in Notes to Condensed Consolidated Financial Statements. Note 2 - Fully diluted earnings per common share is less than 3% dilutive and is not shown separately on the Condensed Consolidated Statement of Operations. /TABLE Exhibit 11 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS Nine Months Ended September 30, In Millions of Dollars (except per share amounts) 1996 1995 Net Income $ 677 $ 563 ESOP Convertible Preferred Stock Dividend requirement 22 20 Earnings applicable to Common Stock 655 543 ESOP Convertible Preferred Stock adjustment 17 16 Net earnings for calculation of primary and fully diluted earnings per share $ 672 $ 559 Average number of common shares and common stock equivalents outstanding during the period (ten month-end average) (Note 1) 261,600,184 260,827,618 Fully diluted average number of common shares and common stock equivalents outstanding during the period (ten month-end average) (Note 1) 262,677,450 262,837,616 Primary earnings per common share (Note 1) $ 2.57 $ 2.14 Fully diluted earnings per common share (Note 1 and 2) $ 2.56 $ 2.12 Note 1 - Reflects two-for-one stock split as described in Notes to Condensed Consolidated Financial Statements. Note 2 - Fully diluted earnings per common share is less than 3% dilutive and is not shown separately on the Condensed Consolidated Statement of Operations. /TABLE