EX-11.1 3 a05-14115_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,

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

11,280

 

$

9,037

 

$

20,979

 

$

17,950

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,763

 

12,587

 

12,720

 

12,570

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Basic

 

$

0.88

 

$

0.72

 

$

1.65

 

$

1.43

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,763

 

12,587

 

12,720

 

12,570

 

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

 

90

 

60

 

95

 

101

 

 

 

 

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

12,853

 

12,647

 

12,815

 

12,671

 

 

 

 

 

 

 

 

 

 

 

Net income per share - Diluted

 

$

0.88

 

$

0.71

 

$

1.64

 

$

1.42

 

 

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