Exhibit 12 UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Quarter Ended March 31, In Millions of Dollars 1998 1997 Fixed Charges: Interest on indebtedness $ 49 $ 48 Interest capitalized 3 3 One-third of rents* 21 22 Total Fixed Charges $ 73 $ 73 Earnings: Income before income taxes and minority $ 411 $ 377 interests Fixed charges per above 73 73 Less: interest capitalized (3) (3) 70 70 Amortization of interest capitalized 8 10 Total Earnings $ 489 $ 457 Ratio of Earnings to Fixed Charges 6.70 6.26 * Reasonable approximation of the interest factor. /TABLE