Navigators (NAVG) 10-K 2012 FY Annual 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

	Year Ended December 31,
In thousands, except share and per share amounts	2012		2011		2010
Net income (loss)	$	63,762	$	25,597	$	69,578
Basic weighted average shares		14,052,311		14,980,429		16,064,770
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		275,509		202,856		350,496
Diluted weighted average shares		14,327,820		15,183,285		16,415,266
Net income (loss) per common share:
Basic	$	4.54	$	1.71	$	4.33
Diluted	$	4.45	$	1.69	$	4.24