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Common Stock And Preferred Stock
 6 Months Ended
Jun. 30, 2011
Common Stock And Preferred Stock  
Common Stock And Preferred Stock

NOTE 3 – COMMON STOCK AND PREFERRED STOCK

Common Stock

The Company's common stock trades under the symbol "UTL".

On April 21, 2011, the Company's shareholders approved an increase in the authorized shares of the Company's common stock. Shareholders approved an amendment to the Company's Articles of Incorporation to increase the authorized number of shares of the Company's common stock, from 16,000,000 shares to 25,000,000 shares in the aggregate. The Company had 10,934,630, 10,869,603 and 10,890,262 of common shares outstanding at June 30, 2011, June 30, 2010 and December 31, 2010, respectively.

Dividend Reinvestment and Stock Purchase Plan – During the first six months of 2011, the Company sold 20,038 shares of its common stock, at an average price of $23.66 per share, in connection with its Dividend Reinvestment and Stock Purchase Plan (DRP) and its 401(k) plans resulting in net proceeds of approximately $474,000. The DRP provides participants in the plan a method for investing cash dividends on the Company's common stock and cash payments in additional shares of the Company's common stock.

Stock Plan – On February 9, 2011, 24,330 restricted shares were issued in conjunction with the 2003 Restricted Stock Plan (Restricted Stock Plan) with an aggregate market value at the date of issuance of $554,237. There were 43,993 and 37,797 non-vested shares under the Restricted Stock Plan as of June 30, 2011 and 2010, respectively. The weighted average grant date fair value of these shares was $22.11 and $22.03, respectively. The compensation expense associated with the issuance of shares under the Restricted Stock Plan is being recognized over the vesting period and was $0.4 million and $0.3 million for the six months ended June 30, 2011 and 2010, respectively. At June 30, 2011, there was approximately $1.2 million of total unrecognized compensation cost under the Restricted Stock Plan which is expected to be recognized over approximately 2.7 years. There were no forfeitures or cancellations under the Restricted Stock Plan during the six months ended June 30, 2011.

On March 24, 2011, the Board of Directors of the Company amended the Company's 2003 Restricted Stock Plan (the "Amendment") and restated the 2003 Restricted Stock Plan, as amended, in its entirety as the Company's Amended and Restated 2003 Stock Plan (the "Stock Plan").The Amendment adds restricted stock units as a type of award that the Company may grant to the Company's employees, Directors or consultants pursuant to the Stock Plan. There were no restricted stock units issued under the Stock Plan during the six months ended June 30, 2011.

Preferred Stock

Details on preferred stock at June 30, 2011, June 30, 2010 and December 31, 2010 are shown below:

 

     June 30,      December 31,  
     2011      2010      2010  

Preferred Stock

         

Unitil Energy Preferred Stock, Non-Redeemable, Non-Cumulative:

         

6.00% Series, $100 Par Value,

    $ 0.2       $ 0.2       $ 0.2   

Fitchburg Preferred Stock, Redeemable, Cumulative:

         

5.125% Series, $100 Par Value

      0.8         0.8         0.8   

8.00% Series, $100 Par Value

      1.0         1.0         1.0   
                          

Total Preferred Stock

    $ 2.0       $ 2.0       $ 2.0   
                          

 

Shares Outstanding

    June 30,      December 31,  
     2011      2010      2010  

Preferred Stock

         

Unitil Energy Preferred Stock, Non-Redeemable, Non-Cumulative:

         

6.00% Series, $100 Par Value,

      2,250         2,250         2,250   

Fitchburg Preferred Stock, Redeemable, Cumulative:

         

5.125% Series, $100 Par Value

      7,861         7,901         7,901   

8.00% Series, $100 Par Value

      9,696         9,742         9,742   

There were $0.1 million and $0.1 million of total dividends declared on Preferred Stock in both the three and six months ended June 30, 2011 and June 30, 2010, respectively.