EX-11.1 2 a07-11220_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

 

 

 

March 31,

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

19,672

 

$

15,525

 

 

 

 

 

 

 

Average number of common shares outstanding

 

16,756

 

16,639

 

 

 

 

 

 

 

Net income per share - Basic

 

$

1.17

 

$

0.93

 

 

 

 

 

 

 

Average number of common shares outstanding

 

16,756

 

16,639

 

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

 

128

 

118

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

16,884

 

16,757

 

 

 

 

 

 

 

Net income per share - Diluted

 

$

1.17

 

$

0.93