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,
	2014		2013
Net Income	$	12.6	$	10.8
Less: Dividend Requirements on Preferred Stock		—		—
Net Income Applicable to Common Stock	$	12.6	$	10.8
Weighted Average Number of Common Shares Outstanding – Basic (000’s)		13,819		13,748
Dilutive Effect of Stock Options and Restricted Stock (000’s)		3		2
Weighted Average Number of Common Shares Outstanding – Diluted (000’s)		13,822		13,750
Earnings Per Share – Basic	$	0.91	$	0.79
Earnings Per Share – Diluted	$	0.91	$	0.79