UNITIL CORPORATION Computation in Support of Ratio of Earnings to Fixed Charges Year Ended December 31, 1995 1994 1993 1992 1991 (000's Omitted) EARNINGS Net Income, per Consolidated Statements of Earnings $8,369 $8,038 $7,600 $6,570 $2,365 Federal Income Tax 3,924 3,480 3,627 2,482 940 Deferred Federal Income Tax (298) (186) (179) 565 589 State Income Tax 690 610 610 706 746 Deferred State Income Tax (16) 72 (154) 74 151 Amortization of Investment (202) (211) (217) (210) (212) Tax Credit Interest on Long-term Debt 5,193 4,825 5,692 5,803 6,147 Amortization of Debt Discount 72 64 119 143 431 and Expense Rents (annual interest 572 561 592 610 627 component) Other Interest 799 909 713 1,003 1,489 Total $19,103 $18,162 $18,402 $17,746 $13,273 FIXED CHARGES: Interest on Long-term Debt $5,193 $4,825 $5,692 $5,803 $6,147 Amortization of Debt Discount 72 64 119 143 431 and Expense Rents (annual interest 572 561 592 610 627 component) Other Interest 799 909 713 1,003 1,489 Total $6,636 $6,359 $7,116 $7,559 $8,694 Ratio of Earnings to Fixed 2.88 2.86 2.59 2.35 1.53 Charges * Assumes conversions of options outstanding and repurchase of Common Shares outstanding with proceeds.