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)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2009		2008		2009		2008
Net income applicable to common stock	$	23,650	$	17,421	$	35,650	$	40,671
Average number of common shares outstanding		16,938		16,773		16,910		16,817
Net income per share — Basic	$	1.40	$	1.04	$	2.11	$	2.42
Average number of common shares outstanding		16,938		16,773		16,910		16,817
Add: Assumed exercise of stock options and vesting of stock grants		55		139		100		185
Common and common equivalent shares outstanding		16,993		16,912		17,010		17,002
Net income per share — Diluted	$	1.39	$	1.03	$	2.10	$	2.39