Exhibit 11-1
The Navigators Group, Inc. and Subsidiaries
Computation of per Share Earnings
Earnings Per Share of Common Stock and Common Stock Equivalents
($ and shares in thousands, except per share data)

	Year Ended December 31,
	2006		2005		2004
Net income applicable to common stock	$	72,563	$	23,564	$	34,865
Average number of common shares outstanding		16,722		13,528		12,598
Net income per share—Basic	$	4.34	$	1.74	$	2.77
Average number of common shares outstanding		16,722		13,528		12,598
Add: Assumed exercise of stock options and vesting of stock grants		134		129		117
Common and common equivalent shares outstanding		16,856		13,657		12,715
Net income per share—Diluted	$	4.30	$	1.73	$	2.74