-18-
Exhibit 11
American Safety Insurance Group, Ltd. and subsidiaries
Computation of Earnings Per Share
Three Months Ended Six Months Ended
-------------------- -----------------
June 30 June 30 June 30 June 30
1998 1999 1998 1999
------ ------ ------ -----
Basic:
Earnings Available to Common
Shareholders................................. $1,581,827 $1,441,397 $2,605,560 $3,160,575
========== ========== ========== ==========
Weighted Average Common Shares
Outstanding.................................. 6,044,914 6,064,010 5,241,784 6,070,823
Basic Earnings Per Common
Shares ...................................... $ .26 $ .24 $ .50 $ .52
========== ========== ========== ==========
Diluted:
Earnings Available to Common
Shareholders................................. $1,581,827 $1,441,397 $2,605,560 $3,160,575
========== ========== ========== ==========
Weighted Average Common Shares
Outstanding.................................. 6,044,914 6,064,010 5,241,784 6,070,823
Weighted Average Common Shares
Equivalents Associated with
Options...................................... 130,236 23,799 105,617 29,118
Total Weighted Average Common
Shares....................................... 6,175,150 6,087,809 5,347,401 6,099,941
========== ========= ========= =========
Diluted Earnings per Common
Shares....................................... $ .26 $ .24 $ .49 $ .52
========== ========== ========== ==========