EXHIBIT 11-1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Computation of Per Share Earnings

Earnings Per Share of Common Stock and Common Stock Equivalents

	Year Ended December 31,
In thousands, except share and per share amounts	2014		2013		2012
Net income	$	95,329	$	63,466	$	63,762
Basic weighted average shares		14,259,768		14,133,925		14,052,311
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		386,601		211,628		275,509
Diluted weighted average shares		14,646,369		14,345,553		14,327,820
Net income per common share:
Basic	$	6.69	$	4.49	$	4.54
Diluted	$	6.51	$	4.42	$	4.45