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 EndedJune 30, |       | Six Months EndedJune 30,
|                                                                       |  | 2008                       |       | 2007                     |   | 2008  |  | 2007
|Net Income                                                             |  | $                          | 1.7   |                          | $ | 1.8   |  | $    | 5.0   |  | $ | 4.4  
|Less: Dividend Requirements on Preferred Stock                         |  |                            | 0.1   |                          |   | 0.1   |  |      | 0.1   |  |   | 0.1  
|                                                                       |  |                            |       |                          |   |       |  |      |       |  |   |      
|Net Income Applicable to Common Stock                                  |  | $                          | 1.6   |                          | $ | 1.7   |  | $    | 4.9   |  | $ | 4.3  
|                                                                       |  |                            |       |                          |   |       |  |      |       |  |   |      
|                                                                       |  |                            |       |                         
|Weighted Average Number of Common Shares Outstanding  Basic (000s)   |  |                            | 5,736 |                          |   | 5,642 |  |      | 5,728 |  |   | 5,634
|                                                                       |  |                            |       |                         
|Dilutive Effect of Stock Options and Restricted Stock (000s)          |  |                            | 5     |                          |   | 21    |  |      | 5     |  |   | 19   
|                                                                       |  |                            |       |                         
|Weighted Average Number of Common Shares Outstanding  Diluted (000s) |  |                            | 5,741 |                          |   | 5,663 |  |      | 5,733 |  |   | 5,653
|                                                                       |  |                            |       |                         
|Earnings Per Share  Basic                                             |  | $                          | 0.28  |                          | $ | 0.30  |  | $    | 0.85  |  | $ | 0.76 
|                                                                       |  |                            |       |                         
|Earnings Per Share  Diluted                                           |  | $                          | 0.28  |                          | $ | 0.30  |  | $    | 0.85  |  | $ | 0.76