Exhibit 11

American Safety Insurance Holdings, Ltd. and Subsidiaries

Computation of Earnings Per Share

(dollars in thousands except per-share data)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Basic:
Earnings available to common shareholders	$	34,811	$	2,167	$	40,303	$	6,223
Weighted average common shares outstanding		9,538,924		10,256,634		9,490,498		10,238,667
Basic earnings per common share	$	3.65	$	0.21	$	4.25	$	0.61
Diluted:
Earnings available to common shareholders	$	34,811	$	2,167	$	40,303	$	6,223
Weighted average common shares outstanding		9,538,924		10,256,634		9,490,498		10,238,667
Weighted average common shares equivalents associated with options and restricted stock		285,304		298,588		296,455		305,960
Total weighted average common shares for diluted purposes		9,824,228		10,555,222		9,786,953		10,544,627
Diluted earnings per common share	$	3.54	$	0.21	$	4.12	$	0.59