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,
	2010		2009		2010		2009
Net income applicable to common stock	$	16,225	$	21,432	$	52,240	$	57,082
Average number of common shares outstanding		15,780		16,966		16,170		16,929
Net income per share — Basic	$	1.03	$	1.26	$	3.23	$	3.37
Average number of common shares outstanding		15,780		16,966		16,170		16,929
Add: Assumed exercise of stock options and vesting of stock grants		369		368		333		348
Common and common equivalent shares outstanding		16,149		17,334		16,503		17,277
Net income per share — Diluted	$	1.00	$	1.24	$	3.17	$	3.30