EX-11.1 3 a2106964zex-11_1.htm EXHIBIT 11.1
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EXHIBIT 11-1


THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF PER SHARE EARNINGS

Earnings Per Share of Common Stock and Common Stock Equivalents

(In thousands, except per share data)

 
   Year Ended December 31,
 
   2002
   2001
   2000
Net income applicable to common stock   $ 16,397   $ 3,668   $ 7,032

Average number of common shares outstanding
 
 
8,463
 
 
8,419
 
 
8,414

Net income per share—Basic
 
$
1.94
 
$
0.44
 
$
0.84

Average number of common shares outstanding
 
 
8,463
 
 
8,419
 
 
8,414
Add: Assumed exercise of stock options and grants     213     128     —
   
 
 
Common and common equivalent shares outstanding     8,676     8,547     8,414
   
 
 
Net income per share—Diluted   $ 1.89   $ 0.43   $ 0.84


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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS Earnings Per Share of Common Stock and Common Stock Equivalents (In thousands, except per share data)