Exhibit 12 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, In Millions of Dollars 1996 1995 Fixed Charges: Interest on indebtedness $ 168 $ 186 Interest capitalized 13 15 One-third of rents* 64 57 Total Fixed Charges $ 245 $ 258 Earnings: Income before income taxes and minority interests $ 1,170 $ 1,010 Fixed charges per above 245 258 Less: interest capitalized (13) (15) 232 243 Amortization of interest capitalized 29 31 Total Earnings $ 1,431 $ 1,284 Ratio of Earnings to Fixed Charges 5.84 4.98 * Reasonable approximation of the interest factor. /TABLE