Exhibit 11 American Safety Insurance Group, Ltd. and subsidiaries Computation of Earnings Per Share Three Months Ended March 31 March 31 1998 1999 -------- -------- Basic: Earnings Available to Common Shareholders....................................... $1,023,733 $1,719,178 ========== ========== Weighted Average Common Shares Outstanding........................................ 4,429,730 6,077,750 Basic Earnings Per Common Shares .................. $ .23 $ .28 ========== ========== Diluted: Earnings Available to Common Shareholders....................................... $1,023,733 $1,719,178 ========== ========== Weighted Average Common Shares Outstanding........................................ 4,429,730 6,077,750 Weighted Average Common Shares Equivalents Associated with Options 80,725 30,791 Total Weighted Average Common Shares............................................. 4,510,455 6,108,541 ========= ========= Diluted Earnings per Common Shares $ .23 $ .28 ========== ========== 18