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)
September 30, | September 30, | September 30, | September 30, | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net income applicable to common stockholders | $ | 9,504 | $ | 18,970 | $ | 1,611 | $ | 36,015 | ||||||||
Average number of common shares outstanding | 15,373 | 16,100 | 15,555 | 16,369 | ||||||||||||
Net income per share - basic | $ | 0.62 | $ | 1.18 | $ | 0.10 | $ | 2.20 | ||||||||
Average number of common shares outstanding | 15,373 | 16,100 | 15,555 | 16,369 | ||||||||||||
Add: Assumed exercise of stock options and vesting of stock grants | 353 | 322 | 389 | 317 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Common and common equivalent shares outstanding | 15,726 | 16,422 | 15,944 | 16,686 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net income per share - diluted | $ | 0.60 | $ | 1.16 | $ | 0.10 | $ | 2.16 |