EX-11.1 2 a04-8672_1ex11d1.htm EX-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

 

($ and shares in thousands, except per share data)

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

9,037

 

$

6,157

 

$

17,950

 

$

10,867

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,587

 

8,516

 

12,570

 

8,505

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Basic

 

$

0.72

 

$

0.72

 

$

1.43

 

$

1.28

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,587

 

8,516

 

12,570

 

8,505

 

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

 

60

 

134

 

101

 

128

 

 

 

 

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

12,647

 

8,650

 

12,671

 

8,633

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Diluted

 

$

0.71

 

$

0.71

 

$

1.42

 

$

1.26