Navigators (NAVG) 10-Q 2007 Q3 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)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Net income applicable to common stock	$	25,033	$	18,333	$	69,080	$	51,956
Average number of common shares outstanding		16,843		16,685		16,796		16,664
Net income per share — Basic	$	1.49	$	1.10	$	4.11	$	3.12
Average number of common shares outstanding		16,843		16,685		16,796		16,664
Add: Assumed exercise of stock options and vesting of stock grants		153		142		171		148
Common and common equivalent shares outstanding		16,996		16,827		16,967		16,812
Net income per share — Diluted	$	1.47	$	1.09	$	4.07	$	3.09