EXHIBIT 11.

UNITIL CORPORATION AND SUBSIDIARY COMPANIES

COMPUTATION OF EARNINGS PER AVERAGE COMMON SHARE
OUTSTANDING

(Millions except common shares and per share data)

(UNAUDITED)



|                                                                       |  |                                 |       |                                |   |       |  |      |       |  |   |      
|---------------------------------------------------------------------- |  | ------------------------------- | ----- | ------------------------------ | - | ----- |  | ---- | ----- |  | - | -----
|                                                                       |  | Three Months EndedSeptember 30, |       | Nine Months EndedSeptember 30,
|                                                                       |  | 2008                            |       | 2007                           |   | 2008  |  | 2007
|Net Income                                                             |  | $                               | 1.5   |                                | $ | 1.6   |  | $    | 6.5   |  | $ | 6.0  
|Less: Dividend Requirements on Preferred Stock                         |  |                                 |      |                                |   |      |  |      | 0.1   |  |   | 0.1  
|                                                                       |  |                                 |       |                                |   |       |  |      |       |  |   |      
|Net Income Applicable to Common Stock                                  |  | $                               | 1.5   |                                | $ | 1.6   |  | $    | 6.4   |  | $ | 5.9  
|                                                                       |  |                                 |       |                                |   |       |  |      |       |  |   |      
|                                                                       |  |                                 |       |                               
|Weighted Average Number of Common Shares Outstanding  Basic (000s)   |  |                                 | 5,745 |                                |   | 5,659 |  |      | 5,733 |  |   | 5,643
|                                                                       |  |                                 |       |                               
|Dilutive Effect of Stock Options and Restricted Stock (000s)          |  |                                 | 3     |                                |   | 9     |  |      | 5     |  |   | 16   
|                                                                       |  |                                 |       |                               
|Weighted Average Number of Common Shares Outstanding  Diluted (000s) |  |                                 | 5,748 |                                |   | 5,668 |  |      | 5,738 |  |   | 5,659
|                                                                       |  |                                 |       |                               
|Earnings Per Share  Basic                                             |  | $                               | 0.27  |                                | $ | 0.28  |  | $    | 1.12  |  | $ | 1.04 
|                                                                       |  |                                 |       |                               
|Earnings Per Share  Diluted                                           |  | $                               | 0.27  |                                | $ | 0.28  |  | $    | 1.12  |  | $ | 1.04