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 six months ended June 30, 2012 and 2011:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except share and per share amounts	2012		2011		2012		2011
Net income (loss)	$	14,899	$	9,504	$	22,803	$	1,611
Basic weighted average shares		14,006,361		15,372,670		13,992,901		15,554,670
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		202,398		353,180		253,046		389,134
Diluted weighted average shares		14,208,759		15,725,850		14,245,947		15,943,804
Net income (loss) per common share:
Basic	$	1.06	$	0.62	$	1.63	$	0.10
Diluted	$	1.05	$	0.60	$	1.60	$	0.10