EX-11.1 5 a04-12587_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
September 30,

 

Nine Months Ended
September 30,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

6,280

 

$

6,308

 

$

24,230

 

$

17,175

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,612

 

8,535

 

12,584

 

8,515

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Basic

 

$

0.50

 

$

0.74

 

$

1.93

 

$

2.02

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,612

 

8,535

 

12,584

 

8,515

 

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

 

67

 

156

 

104

 

125

 

 

 

 

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

12,679

 

8,691

 

12,688

 

8,640

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Diluted

 

$

0.50

 

$

0.73

 

$

1.91

 

$

1.99

 

 

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