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Content analysis
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H.S. freshman 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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| September 30, |
| September 30, |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
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Net income (loss) applicable to common stock |
| $ | (12,725 | ) | $ | 6,280 |
| $ | 8,254 |
| $ | 24,230 |
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Average number of common shares outstanding |
| 12,791 |
| 12,612 |
| 12,744 |
| 12,584 |
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Net income (loss) per share - Basic |
| $ | (0.99 | ) | $ | 0.50 |
| $ | 0.65 |
| $ | 1.93 |
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Average number of common shares outstanding |
| 12,791 |
| 12,612 |
| 12,744 |
| 12,584 |
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Add: Assumed exercise of stock options and vesting of stock grants |
| — |
| 67 |
| 105 |
| 104 |
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Common and common equivalent shares outstanding |
| 12,791 |
| 12,679 |
| 12,849 |
| 12,688 |
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Net income (loss) per share - Diluted |
| $ | (0.99 | ) | $ | 0.50 |
| $ | 0.64 |
| $ | 1.91 |
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