Exhibit 11

American Safety Insurance Holdings, Ltd. and subsidiaries

Computation of Earnings Per Share

	Three Months Ended September 30,					Nine Months Ended September 30,
	2009		2008			2009		2008
Basic: Earnings (loss) available to common shareholders	$	4,954,095	$	(4,294,598	)	$	17,418,336	$	8,515,865
Weighted average common shares outstanding		10,303,121		10,326,661			10,297,303		10,521,209
Basic earnings per common share	$	0.48	$	(0.42	)	$	1.69	$	0.81
Diluted: Earnings (loss) available to common Shareholders	$	4,954,095	$	(4,294,598	)	$	17,418,336	$	8,515,865
Weighted average common shares Outstanding		10,303,121		10,326,661			10,297,303		10,521,209
Weighted average common shares equivalents associated with options and restricted stock		305,017		-			238,724		261,532
Total weighted average common shares for diluted purposes		10,608,138		10,326,661			10,536,027		10,782,741
Diluted earnings per common Share	$	0.47	$	(0.42	)	$	1.65	$	0.79