Navigators (NAVG) 10-Q 2005 Q2 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 June 30,				Six Months Ended June 30,
	2005		2004		2005		2004
Net income applicable to common stock	$	11,280	$	9,037	$	20,979	$	17,950
Average number of common shares outstanding	12,763		12,587		12,720		12,570
Net income per share - Basic	$	0.88	$	0.72	$	1.65	$	1.43
Average number of common shares outstanding	12,763		12,587		12,720		12,570
Add: Assumed exercise of stock options and vesting of stock grants	90		60		95		101
Common and common equivalent shares outstanding	12,853		12,647		12,815		12,671
Net income per share - Diluted	$	0.88	$	0.71	$	1.64	$	1.42

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