Exhibit 11 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Quarter Ended June 30, In Millions of Dollars (except per share amounts) 1997 1996 Net Income $ 304 $ 259 ESOP Convertible Preferred Stock Dividend requirement (8) (8) Earnings applicable to Common Stock 296 251 ESOP Convertible Preferred Stock adjustment 7 6 Net earnings for calculation of primary and fully diluted earnings per share $ 303 $ 257 Average number of common shares and common stock equivalents outstanding during the period (four month-end average, in thousands) 258,343 262,326 Fully diluted average number of common shares and common stock equivalents outstanding during the period (four month-end average, in thousands) 259,102 262,818 Primary earnings per common share $ 1.17 $ .98 Fully diluted earnings per common share (Note 1) $ 1.17 $ .98 Note 1 - 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 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Six Months Ended June 30, In Millions of Dollars (except per share amounts) 1997 1996 Net Income $ 528 $ 423 ESOP Convertible Preferred Stock Dividend requirement (16) (15) Earnings applicable to Common Stock 512 408 ESOP Convertible Preferred Stock adjustment 13 12 Net earnings for calculation of primary and fully diluted earnings per share $ 525 $ 420 Average number of common shares and common stock equivalents outstanding during the period (seven month-end average, in thousands) 258,644 262,314 Fully diluted average number of common shares and common stock equivalents outstanding during the period (seven month-end average, in thousands) 259,765 263,162 Primary earnings per common share $ 2.03 $ 1.60 Fully diluted earnings per common share (Note 1) $ 2.02 $ 1.60 Note 1 - Fully diluted earnings per common share is less than 3% dilutive and is not shown separately on the Condensed Consolidated Statement of Operations. /TABLE