EX-11 2 a04-5536_1ex11.htm EX-11

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)

 

 

 

 

Three Month Ended
March 31,

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

8,913

 

$

4,710

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,554

 

8,494

 

 

 

 

 

 

 

Net income per share – Basic

 

$

0.71

 

$

0.55

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,554

 

8,494

 

Add:  Assumed exercise of stock options and vesting of stock grants

 

100

 

230

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

12,654

 

8,724

 

 

 

 

 

 

 

Net income per share – Diluted

 

$

0.70

 

$

0.54

 

 

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