Exhibit 11 American Safety Insurance Group, Ltd. and Subsidiaries Computation of Earnings Per Share Three Months Ended Nine Months Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 1997 1998 1997 1998 ---- ---- ---- ---- Basic: Earnings Available to Common Shareholders.......................................... $655,769 $1,598,183 $ 2,222,291 $4,203,743 ======== ========== ========== ========== Weighted Average Common Shares Outstanding........................................... 2,872,830 6,074,770 2,872,830 5,522,497 Basic Earnings per Common Share....................... $.23 $.26 $.77 $.76 ==== ==== ==== ==== Diluted: Earnings Available to Common Shareholders.......................................... $655,769 $1,598,183 $2,222,291 $4,203,743 ======== ========== ========== ========== Weighted Average Common Shares Outstanding........................................... 2,872,830 6,074,770 2,872,830 5,522,497 Weighted Average Common Share Equivalents Associated with Options................... 101,303 44,319 101,303 84,960 Total Weighted Average Common Shares................................................ 2,974,133 6,119,089 2,974,133 5,607,457 ========= ========= ========= ========= Diluted Earnings per Common Share..................... $.22 $.26 $.75 $.75 ==== ==== ==== ====