Exhibit 11.1

UNITIL CORPORATION

COMPUTATION IN SUPPORT OF EARNINGS PER SHARE

	Year Ended December 31,
	2012		2011		2010
EARNINGS PER SHARE (000’s, except per share data)
Net Income	$	18,196	$	16,439	$	9,616
Less: Dividend Requirements on Preferred Stock		102		131		132
Net Income Applicable to Common Stock	$	18,094	$	16,308	$	9,484
Average Number of Common Shares Outstanding—Basic		12,669		10,880		10,823
Dilutive Effect of Stock Options and Restricted Stock		3		3		1
Average Number of Common Shares Outstanding—Diluted		12,672		10,883		10,824
Earnings Per Share—Basic	$	1.43	$	1.50	$	0.88
Earnings Per Share—Diluted	$	1.43	$	1.50	$	0.88