Navigators (NAVG) 10-Q 2016 Q3 Quarterly report

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, 2016:

	Three Months Ended September 30,				Nine Months Ended September 30,
amounts in thousands, except share and per share amounts	2016		2015		2016		2015
Net income		22,013		18,201		61,135		63,314
Basic weighted average shares		14,557,376		14,411,927		14,528,917		14,384,291
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		513,046		399,168		469,468		383,658
Diluted weighted average shares		15,070,422		14,811,095		14,998,385		14,767,949
Net income per common share:
Basic	$	1.51	$	1.26	$	4.21	$	4.40
Diluted	$	1.46	$	1.23	$	4.08	$	4.29