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, 2012 and 2011:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except share and per share amounts	2012		2011		2012		2011
Net income (loss)	$	12,915	$	13,898	$	35,718	$	15,509
Basic weighted average shares		14,026,855		14,796,309		14,004,302		15,243,603
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		245,622		308,115		250,999		325,767
Diluted weighted average shares		14,272,477		15,104,424		14,255,301		15,569,370
Net income (loss) per common share:
Basic	$	0.92	$	0.94	$	2.55	$	1.02
Diluted	$	0.90	$	0.92	$	2.51	$	1.00