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, 1997 1998 1997 1998 ------------- ------------ ------------- ------------ Basic: Earnings Available to Common Shareholders............................ $ 704,227 $1,581,827 $ 1,566,522 $2,605,560 ============= ============= ============= ============= Weighted Average Common Shares Outstanding............................. 2,872,830 6,044,914 2,872,830 5,241,784 Basic Earnings per Common Share......... $ .25 $ .26 $ .55 $ .50 ============= ============= ============= ============= Diluted: Earnings Available to Common Shareholders............................ $ 704,227 $1,581,827 $1,566,522 $ 2,605,560 ============= ============= ============= ============= Weighted Average Common Shares Outstanding............................. 2,872,830 6,044,914 2,872,830 5,241,784 Weighted Average Common Share Equivalents Associated with Options:.... 91,101 130,236 91,101 105,617 Total Weighted Average Common Shares.................................. 2,963,931 6,175,150 2,963,931 5,347,401 ============= ============= ============= ============= Diluted Earnings per Common Share....... $ .24 $ .26 $ .53 $ .49 ============= ============= ============= =============