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,
	2021		2020
Net Income	$	18.9	$	15.2
Less: Dividend Requirements on Preferred Stock		—		—
Net Income Applicable to Common Stock	$	18.9	$	15.2
Weighted Average Number of Common Shares Outstanding – Basic (000’s)		14,994		14,934
Dilutive Effect of Stock Options and Restricted Stock (000’s)		2		4
Weighted Average Number of Common Shares Outstanding – Diluted (000’s)		14,996		14,938
Earnings Per Share – Basic	$	1.26	$	1.02
Earnings Per Share – Diluted	$	1.26	$	1.02

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