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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Net income applicable to common stock | $ | 1,001 | $ | 25,033 | $ | 41,672 | $ | 69,080 | ||||||||
| Average number of common shares outstanding | 16,772 | 16,843 | 16,802 | 16,796 | ||||||||||||
| Net income per share — Basic | $ | 0.06 | $ | 1.49 | $ | 2.48 | $ | 4.11 | ||||||||
| Average number of common shares outstanding | 16,772 | 16,843 | 16,802 | 16,796 | ||||||||||||
| Add: Assumed exercise of stock options and vesting of stock grants | 155 | 153 | 178 | 171 | ||||||||||||
| Common and common equivalent shares outstanding | 16,927 | 16,996 | 16,980 | 16,967 | ||||||||||||
| Net income per share — Diluted | $ | 0.06 | $ | 1.47 | $ | 2.45 | $ | 4.07 | ||||||||