Navigators (NAVG) 10-Q 2011 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)

		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