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,
	2005		2004		2003
Net income applicable to common stock	$	23,564	$	34,865	$	7,685
Average number of common shares outstanding		13,528		12,598		9,446
Net income per share—Basic	$	1.74	$	2.77	$	0.81
Average number of common shares outstanding		13,528		12,598		9,446
Add: Assumed exercise of stock options and vesting of stock grants		128		117		139
Common and common equivalent shares outstanding		13,657		12,715		9,585
Net income per share—Diluted	$	1.73	$	2.74	$	0.80