EXHIBIT 11

American Safety Insurance Holdings, Ltd. and Subsidiaries

Computation of Earnings Per Share

(dollars in thousands except per-share data)

	Three Months Ended March 31,
	2013		2012
Basic:
Earnings available to common shareholders	$	5,493	$	4,056
Weighted average common shares outstanding		9,441,533		10,220,700
Basic earnings per common share	$	0.58	$	0.40
Diluted:
Earnings available to common shareholders	$	5,493	$	4,056
Weighted average common shares outstanding		9,441,533		10,220,700
Weighted average common shares equivalents associated with options and restricted stock		307,730		313,032
Total weighted average common shares for diluted purposes		9,749,263		10,533,732
Diluted earnings per common share	$	0.56	$	0.39