-19- Exhibit 11 American Safety Insurance Group, Ltd. and subsidiaries Computation of Earnings Per Share Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 1998 1999 1998 1999 ------ ------ ------ ----- Basic: Earnings Available to Common Shareholders.............................. $1,598,183 $1,359,263 $4,203,743 $4,519,838 ========== ========== ========== ========== Weighted Average Common Shares Outstanding............................... 6,074,770 6,009,208 5,522,497 6,050,059 Basic Earnings Per Common Shares ................................... $ .26 $ .23 $ .76 $ .75 ========== ========== ========== ========== Diluted: Earnings Available to Common Shareholders.............................. $1,598,183 $1,359,263 $4,203,743 $4,519,838 ========== ========== ========== ========== Weighted Average Common Shares Outstanding............................... 6,074,770 6,009,208 5,522,497 6,050,059 Weighted Average Common Shares Equivalents Associated with Options................................... 44,319 18,459 84,960 27,641 Total Weighted Average Common Shares.................................... 6,119,089 6,027,667 5,607,457 6,077,700 ========= ========= ========= ========= Diluted Earnings per Common Shares.................................... $ .26 $ .23 $ .75 $ .74 ========== ========== ========== ==========