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)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| Net income applicable to common stock | $ | 16,225 | $ | 21,432 | $ | 52,240 | $ | 57,082 | ||||||||
| Average number of common shares outstanding | 15,780 | 16,966 | 16,170 | 16,929 | ||||||||||||
| Net income per share — Basic | $ | 1.03 | $ | 1.26 | $ | 3.23 | $ | 3.37 | ||||||||
| Average number of common shares outstanding | 15,780 | 16,966 | 16,170 | 16,929 | ||||||||||||
| Add: Assumed exercise of stock options and vesting of stock grants | 369 | 368 | 333 | 348 | ||||||||||||
| Common and common equivalent shares outstanding | 16,149 | 17,334 | 16,503 | 17,277 | ||||||||||||
| Net income per share — Diluted | $ | 1.00 | $ | 1.24 | $ | 3.17 | $ | 3.30 | ||||||||