EXHIBIT 11

AMERICAN SAFETY INSURANCE HOLDINGS, LTD.

COMPUTATION OF EARNINGS PER SHARE

(dollars in thousands except per share data)

	For the Years Ended December 31,
	2012		2011		2010
Basic:
Earnings available to common Shareholders	$	11,839	$	10,842	$	30,508
Weighted average common shares outstanding		10,073,304		10,393,766		10,302,525
Basic earnings per common share	$	1.18	$	1.04	$	2.96
Diluted:
Earnings available to common Shareholders	$	11,839	$	10,842	$	30,508
Weighted average common shares outstanding		10,073,304		10,393,766		10,302,525
Weighted average common shares attributable to stock options and restricted stock		309,583		345,408		343,579
Total weighted average common shares		10,382,887		10,739,174		10,646,104
Diluted earnings per common share	$	1.14	$	1.01	$	2.87