EXHIBIT 11

AMERICAN SAFETY INSURANCE HOLDINGS, LTD.

COMPUTATION OF EARNINGS PER SHARE

(dollars in thousands except per share data)

		September 30,		September 30,		September 30,
	For the Years Ended December 31,
	2011		2010		2009
Basic:
Earnings available to common Shareholders	$	10,842	$	30,508	$	24,325
Weighted average common shares outstanding		10,393,766		10,302,525		10,307,592
Basic earnings per common share	$	1.04	$	2.96	$	2.36
Diluted:
Earnings available to common Shareholders	$	10,842	$	30,508	$	24,325
Weighted average common shares outstanding		10,393,766		10,302,525		10,307,592
Weighted average common shares attributable to stock options and restricted stock		345,408		343,579		250,159
Total weighted average common shares		10,739,174		10,646,104		10,557,751
Diluted earnings per common share	$	1.01	$	2.87	$	2.30