Exhibit 11 American Safety Insurance Group, Ltd. and Subsidiaries Computation of Earnings Per Share March 31, March 31, 1997 1998 ------------- ------------ Basic: Earnings Available to Common Shareholders............................ $ 862,295 $1,023,737 ============= ============= Weighted Average Common Shares Outstanding............................. 2,872,830 4,429,730 Basic Earnings per Common Share......... $ .30 $ .23 ============= ============= Diluted: Earnings Available to Common Shareholders............................ $ 862,295 $1,023,733 ============= ============= Weighted Average Common Shares Outstanding............................. 2,872,830 4,429,730 Weighted Average Common Share Equivalents Associated with Options:.... 91,101 80,725 Total Weighted Average Common Shares.................................. 2,963,931 4,510,455 ============= ============= Diluted Earnings per Common Share....... $ .29 $ .23 ============= =============