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,
	2012		2011		2012		2011
Basic:
Earnings available to common shareholders	$	6,206	$	5,797	$	12,429	$	17,750
Weighted average common shares outstanding		10,113,871		10,377,890		10,196,538		10,416,979
Basic earnings per common share	$	0.61	$	0.56	$	1.22	$	1.70
Diluted:
Earnings available to common shareholders	$	6,206	$	5,797	$	12,429	$	17,750
Weighted average common shares outstanding		10,113,871		10,377,890		10,196,538		10,416,979
Weighted average common shares equivalents associated with options and restricted stock		306,906		324,069		306,278		334,333
Total weighted average common shares for diluted purposes		10,420,777		10,701,959		10,502,816		10,751,312
Diluted earnings per common share	$	0.60	$	0.54	$	1.18	$	1.65

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