EXHIBIT 11-1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
Earnings Per Share of Common Stock and Common Stock Equivalents

($ and shares in thousands, except per share data)

	Year Ended December 31,
	2007		2006		2005
Net income applicable to common stock	$	95,620	$	72,563	$	23,564
Average number of common shares outstanding		16,812		16,722		13,528
Net income per share—Basic	$	5.69	$	4.34	$	1.74
Average number of common shares outstanding		16,812		16,722		13,528
Add: Assumed exercise of stock options and vesting of stock grants		193		134		129
Common and common equivalent shares outstanding		17,005		16,856		13,657
Net income per share—Diluted	$	5.62	$	4.30	$	1.73