Unitil (UTL) 10-Q 2008 Q2 Quarterly report

EXHIBIT 11.

UNITIL CORPORATION AND SUBSIDIARY COMPANIES

COMPUTATION OF EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING

(Millions except common shares and per share data)

(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
	2008		2007		2008		2007
Net Income	$	1.7	$	1.8	$	5.0	$	4.4
Less: Dividend Requirements on Preferred Stock		0.1		0.1		0.1		0.1
Net Income Applicable to Common Stock	$	1.6	$	1.7	$	4.9	$	4.3
Weighted Average Number of Common Shares Outstanding – Basic (000’s)		5,736		5,642		5,728		5,634
Dilutive Effect of Stock Options and Restricted Stock (000’s)		5		21		5		19
Weighted Average Number of Common Shares Outstanding – Diluted (000’s)		5,741		5,663		5,733		5,653
Earnings Per Share – Basic	$	0.28	$	0.30	$	0.85	$	0.76
Earnings Per Share – Diluted	$	0.28	$	0.30	$	0.85	$	0.76