Navigators (NAVG) 10-K 2018 FY Annual report

EXHIBIT 11.1

	Years Ended December 31,
amounts in thousands, except  per share amounts	2018		2017		2016
Net Income	$	34,239	$	40,494	$	82,726
Basic Weighted Average Shares		29,720		29,441		29,074
Effect of Common Stock Equivalents:
Assumed Vesting of StockGrants		473		630		958
Diluted Weighted Average Shares		30,193		30,071		30,032
Net Income per Common Share:
Basic	$	1.15	$	1.38	$	2.85
Diluted	$	1.13	$	1.35	$	2.75