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Content analysis
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8th grade Avg
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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)
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| Three Months Ended |
| Nine Months Ended |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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Net income applicable to common stock |
| $ | 6,280 |
| $ | 6,308 |
| $ | 24,230 |
| $ | 17,175 |
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Average number of common shares outstanding |
| 12,612 |
| 8,535 |
| 12,584 |
| 8,515 |
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Net income per share - Basic |
| $ | 0.50 |
| $ | 0.74 |
| $ | 1.93 |
| $ | 2.02 |
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Average number of common shares outstanding |
| 12,612 |
| 8,535 |
| 12,584 |
| 8,515 |
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Add: Assumed exercise of stock options and vesting of stock grants |
| 67 |
| 156 |
| 104 |
| 125 |
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Common and common equivalent shares outstanding |
| 12,679 |
| 8,691 |
| 12,688 |
| 8,640 |
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Net income per share - Diluted |
| $ | 0.50 |
| $ | 0.73 |
| $ | 1.91 |
| $ | 1.99 |
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