EX-11.1 4 a2130867zex-11_1.htm EXHIBIT 11.1

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,

 

 

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

7,685

 

$

16,397

 

$

3,668

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

9,446

 

8,463

 

8,419

 

 

 

 

 

 

 

 

 

Net income per share – Basic

 

$

0.81

 

$

1.94

 

$

0.44

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

9,446

 

8,463

 

8,419

 

Add:  Assumed exercise of stock options and grants

 

139

 

213

 

128

 

 

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

9,585

 

8,676

 

8,547

 

 

 

 

 

 

 

 

 

Net income per share – Diluted

 

$

0.80

 

$

1.89

 

$

0.43