Exhibit 11-1
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Computation of Per Share Earnings
The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2012 and 2011:
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
In thousands, except share and per share amounts | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (loss) | $ | 14,899 | $ | 9,504 | $ | 22,803 | $ | 1,611 | ||||||||
Basic weighted average shares | 14,006,361 | 15,372,670 | 13,992,901 | 15,554,670 | ||||||||||||
Effect of common stock equivalents: | ||||||||||||||||
Assumed exercise of stock options and vesting of stock grants | 202,398 | 353,180 | 253,046 | 389,134 | ||||||||||||
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Diluted weighted average shares | 14,208,759 | 15,725,850 | 14,245,947 | 15,943,804 | ||||||||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ | 1.06 | $ | 0.62 | $ | 1.63 | $ | 0.10 | ||||||||
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Diluted | $ | 1.05 | $ | 0.60 | $ | 1.60 | $ | 0.10 | ||||||||
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