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,
	2004		2003		2002
Net income applicable to common stock	$	34,865	$	7,685	$	16,397
Average number of common shares outstanding		12,598		9,446		8,463
Net income per share—Basic	$	2.77	$	0.81	$	1.94
Average number of common shares outstanding		12,598		9,446		8,463
Add: Assumed exercise of stock options and vesting of stock grants		117		139		213
Common and common equivalent shares outstanding		12,715		9,585		8,676
Net income per share—Diluted	$	2.74	$	0.80	$	1.89