Exhibit 11-1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF PER SHARE EARNINGS

The following table presents the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010:

		September 30,		September 30,		September 30,		September 30,
	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands except share and per share amounts	2011		2010		2011		2010
Net income (loss)	$	13,898	$	16,225	$	15,509	$	52,240
Basic weighted average shares		14,796,309		15,779,902		15,243,603		16,170,493
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		308,115		369,088		325,767		332,605
Diluted weighted average shares		15,104,424		16,148,990		15,569,370		16,503,098
Net income (loss) per common share:
Basic	$	0.94	$	1.03	$	1.02	$	3.23
Diluted	$	0.92	$	1.00	$	1.00	$	3.17