Exhibit 11

American Safety Insurance Holdings, Ltd. and Subsidiaries

Computation of Earnings Per Share

(dollars in thousands except per-share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Basic:
Earnings available to common shareholders	$	2,167	$	4,052	$	6,223	$	11,953
Weighted average common shares outstanding		10,256,634		10,429,188		10,238,667		10,436,848
Basic earnings per common share	$	0.21	$	0.39	$	0.61	$	1.15
Diluted:
Earnings available to common shareholders	$	2,167	$	4,052	$	6,223	$	11,953
Weighted average common shares outstanding		10,256,634		10,429,188		10,238,667		10,436,848
Weighted average common shares equivalents associated with options and restricted stock		298,588		335,354		305,960		339,550
Total weighted average common shares for diluted purposes		10,555,222		10,764,542		10,544,627		10,776,398
Diluted earnings per common share	$	0.21	$	0.38	$	0.59	$	1.11

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