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 nine months ended September 30, 2013 and 2012:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
In thousands, except share and per share amounts | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income (loss) | $ | 21,286 | $ | 12,915 | $ | 49,133 | $ | 35,718 | ||||||||
Basic weighted average shares | 14,144,478 | 14,026,855 | 14,120,788 | 14,004,302 | ||||||||||||
Effect of common stock equivalents: | ||||||||||||||||
Assumed exercise of stock options and vesting of stock grants | 263,935 | 245,622 | 259,155 | 250,999 | ||||||||||||
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Diluted weighted average shares | 14,408,413 | 14,272,477 | 14,379,943 | 14,255,301 | ||||||||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ | 1.50 | $ | 0.92 | $ | 3.48 | $ | 2.55 | ||||||||
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Diluted | $ | 1.48 | $ | 0.90 | $ | 3.42 | $ | 2.51 | ||||||||
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