Exhibit 11

American Safety Insurance Holdings, Ltd. and Subsidiaries
Computation of Earnings Per Share
(Dollars in thousands except per-share data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Basic:
Earnings available to common shareholders	$	5,797	$	7,202	$	17,750	$	19,872
Weighted average common shares Outstanding		10,377,890		10,271,184		10,416,979		10,282,976
Basic earnings per common share	$	0.56	$	0.70	$	1.70	$	1.93
Diluted:
Earnings available to common Shareholders	$	5,797	$	7,202	$	17,750	$	19,872
Weighted average common shares Outstanding		10,377,890		10,271,184		10,416,979		10,282,976
Weighted average common shares equivalents associated with options and restricted stock		324,069		341,097		334,333		332,572
Total weighted average common shares for diluted purposes		10,701,959		10,612,281		10,751,312		10,615,548
Diluted earnings per common Share	$	0.54	$	0.68	$	1.65	$	1.87