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Exhibit 11-1
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
Earnings Per Share of Common Stock and Common Stock Equivalents
($ and shares in thousands, except per share data)
($ and shares in thousands, except per share data)
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
Net income applicable to common stock | $ | 17,045 | $ | 63,158 | ||||
Average number of common shares outstanding | 16,641 | 16,935 | ||||||
Net income per share — Basic | $ | 1.02 | $ | 3.73 | ||||
Average number of common shares outstanding | 16,641 | 16,935 | ||||||
Add: Assumed exercise of stock options and vesting of stock grants | 338 | 387 | ||||||
Common and common equivalent shares outstanding | 16,979 | 17,322 | ||||||
Net income per share — Diluted | $ | 1.00 | $ | 3.65 |
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