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,
	2010		2009		2010		2009
Net income applicable to common stock	$	18,970	$	23,650	$	36,015	$	35,650
Average number of common shares outstanding		16,100		16,938		16,369		16,910
Net income per share — Basic	$	1.18	$	1.40	$	2.20	$	2.11
Average number of common shares outstanding		16,100		16,938		16,369		16,910
Add: Assumed exercise of stock options and vesting of stock grants		322		55		317		100
Common and common equivalent shares outstanding		16,422		16,993		16,686		17,010
Net income per share — Diluted	$	1.16	$	1.39	$	2.16	$	2.10