Unitil (UTL) 10-Q 2006 Q2 Quarterly report

EXHIBIT 11.

UNITIL CORPORATION AND SUBSIDIARY COMPANIES

COMPUTATION OF EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING

(000’s except for per share data)

(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
(000’s, except per share data)	2006		2005		2006		2005
Net Income	$	1,435	$	1,536	$	3,478	$	4,246
Less: Dividend Requirements on Preferred Stock		34		39		64		78
Net Income Applicable to Common Stock	$	1,401	$	1,497	$	3,414	$	4,168
Weighted Average Number of Common Shares Outstanding – Basic		5,592,616		5,547,269		5,584,935		5,540,196
Dilutive Effect of Stock Options and Restricted Stock		13,993		15,846		14,173		15,194
Weighted Average Number of Common Shares Outstanding – Diluted		5,606,609		5,563,115		5,599,108		5,555,390
Earnings Per Share – Basic	$	0.25	$	0.27	$	0.61	$	0.75
Earnings Per Share – Diluted	$	0.25	$	0.27	$	0.61	$	0.75