Exhibit 11
American Safety Insurance Holdings, Ltd. and subsidiaries
Computation of Earnings Per Share
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Basic: Earnings (loss) available to common shareholders | $ | 4,954,095 | $ | (4,294,598 | ) | $ | 17,418,336 | $ | 8,515,865 | |||||||
Weighted average common shares outstanding | 10,303,121 | 10,326,661 | 10,297,303 | 10,521,209 | ||||||||||||
Basic earnings per common share | $ | 0.48 | $ | (0.42 | ) | $ | 1.69 | $ | 0.81 | |||||||
Diluted: Earnings (loss) available to common Shareholders | $ | 4,954,095 | $ | (4,294,598 | ) | $ | 17,418,336 | $ | 8,515,865 | |||||||
Weighted average common shares Outstanding | 10,303,121 | 10,326,661 | 10,297,303 | 10,521,209 | ||||||||||||
Weighted average common shares equivalents associated with options and restricted stock | 305,017 | - | 238,724 | 261,532 | ||||||||||||
Total weighted average common shares for diluted purposes | 10,608,138 | 10,326,661 | 10,536,027 | 10,782,741 | ||||||||||||
Diluted earnings per common Share | $ | 0.47 | $ | (0.42 | ) | $ | 1.65 | $ | 0.79 |