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 months ended March 31, 2012 and 2011:

	Three Months Ended March 31,
In thousands, except share and per share amounts	2012		2011
Net income (loss)	$	7,904	$	(7,893	)
Basic weighted average shares		13,979,442		15,738,693
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		195,434		—
Diluted weighted average shares		14,174,875		15,738,693
Net income (loss) per common share:
Basic	$	0.57	$	(0.50	)
Diluted	$	0.56	$	(0.50	)