EXHIBIT 11

UNITIL CORPORATION AND SUBSIDIARY COMPANIES

COMPUTATION OF EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING

(Millions, except for per share data)

(UNAUDITED)

	Three Months Ended March 31,
	2007		2006
Net Income	$	2.6	$	2.0
Less: Dividend Requirements on Preferred Stock		—		—
Net Income Applicable to Common Stock	$	2.6	$	2.0
Weighted Average Number of Common Shares Outstanding – Basic (000’s)		5,626,553		5,576,551
Dilutive Effect of Stock Options and Restricted Stock (000’s)		17,070		14,353
Weighted Average Number of Common Shares Outstanding – Diluted (000’s)		5,643,623		5,590,904
Earnings Per Share – Basic	$	0.46	$	0.36
Earnings Per Share – Diluted	$	0.46	$	0.36