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					Nine Months Ended
	September 30,					September 30,
	2006		2005			2006		2005
Net income (loss) applicable to common stock	$	18,333	$	(12,725	)	$	51,956	$	8,254
Average number of common shares outstanding	16,685		12,791			16,664		12,744
Net income (loss) per share - Basic	$	1.10	$	(0.99	)	$	3.12	$	0.65
Average number of common shares outstanding	16,685		12,791			16,664		12,744
Add: Assumed exercise of stock options and vesting of stock grants	142		—			148		105
Common and common equivalent shares outstanding	16,827		12,791			16,812		12,849
Net income (loss) per share - Diluted	$	1.09	$	(0.99	)	$	3.09	$	0.64

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