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				Nine Months Ended
	September 30,				September 30,
	2009		2008		2009		2008
Net income applicable to common stock	$	21,432	$	1,001	$	57,082	$	41,672
Average number of common shares outstanding		16,966		16,772		16,929		16,802
Net income per share — Basic	$	1.26	$	0.06	$	3.37	$	2.48
Average number of common shares outstanding		16,966		16,772		16,929		16,802
Add: Assumed exercise of stock options and vesting of stock grants		368		155		348		178
Common and common equivalent shares outstanding		17,334		16,927		17,277		16,980
Net income per share — Diluted	$	1.24	$	0.06	$	3.30	$	2.45