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,
	2009		2008		2007
Net income applicable to common stock	$	63,158	$	51,692	$	95,620
Average number of common shares outstanding		16,935		16,802		16,812
Net income per share — Basic	$	3.73	$	3.08	$	5.69
Average number of common shares outstanding		16,935		16,802		16,812
Add: Assumed exercise of stock options and vesting of stock grants		387		190		193
Common and common equivalent shares outstanding		17,322		16,992		17,005
Net income per share — Diluted	$	3.65	$	3.04	$	5.62