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				Six Months Ended
	June 30,				June 30,
	2006		2005		2006		2005
Net income applicable to common stock	$	18,098	$	11,280	$	33,623	$	20,979
Average number of common shares outstanding	16,668		12,763		16,654		12,720
Net income per share - Basic	$	1.09	$	0.88	$	2.02	$	1.65
Average number of common shares outstanding	16,668		12,763		16,654		12,720
Add: Assumed exercise of stock options and vesting of stock grants	123		90		185		95
Common and common equivalent shares outstanding	16,791		12,853		16,839		12,815
Net income per share - Diluted	$	1.08	$	0.88	$	2.00	$	1.64

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