Navigators (NAVG) 10-Q 2011 Q1 Quarterly report

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)

	Three Months Ended
	March 31,
	2011			2010
Net income applicable to common stock	$	(7,893	)	$	17,045
Average number of common shares outstanding		15,739			16,641
Net income per share — Basic	$	(0.50	)	$	1.02
Average number of common shares outstanding		15,739			16,641
Add: Assumed exercise of stock options and vesting of stock grants		—			338
Common and common equivalent shares outstanding		15,739			16,979
Net income per share — Diluted	$	(0.50	)	$	1.00