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)
($ and shares in thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Net income applicable to common stock | $ | 17,421 | $ | 24,375 | $ | 40,671 | $ | 44,047 | ||||||||
| Average number of common shares outstanding | 16,773 | 16,786 | 16,817 | 16,771 | ||||||||||||
| Net income per share — Basic | $ | 1.04 | $ | 1.45 | $ | 2.42 | $ | 2.63 | ||||||||
| Average number of common shares outstanding | 16,773 | 16,786 | 16,817 | 16,771 | ||||||||||||
| Add: Assumed exercise of stock options and vesting of stock grants | 139 | 133 | 185 | 176 | ||||||||||||
| Common and common equivalent shares outstanding | 16,912 | 16,919 | 17,002 | 16,947 | ||||||||||||
| Net income per share — Diluted | $ | 1.03 | $ | 1.44 | $ | 2.39 | $ | 2.60 | ||||||||