Unitil (UTL) 10-K 2016 FY Annual report

Exhibit 11.1

UNITIL CORPORATION

COMPUTATION IN SUPPORT OF EARNINGS PER SHARE

	Year Ended December 31,
	2016		2015		2014
EARNINGS PER SHARE (000’s, except per share data)
Net Income	$	27,124	$	26,264	$	24,758
Less: Dividend Requirements on Preferred Stock		11		12		14
Net Income Applicable to Common Stock	$	27,113	$	26,252	$	24,744
Average Number of Common Shares Outstanding—Basic		13,990		13,917		13,843
Dilutive Effect of Stock Options and Restricted Stock		6		3		4
Average Number of Common Shares Outstanding—Diluted		13,996		13,920		13,847
Earnings Per Share—Basic	$	1.94	$	1.89	$	1.79
Earnings Per Share—Diluted	$	1.94	$	1.89	$	1.79