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, 2013 and 2012:

	Three Months Ended March 31,
In thousands, except share and per share amounts	2013		2012
Net income (loss)	$	13,910	$	7,904
Basic weighted average shares		14,085,821		13,979,442
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		289,136		195,433
Diluted weighted average shares		14,374,957		14,174,875
Net income (loss) per common share:
Basic	$	0.99	$	0.57
Diluted	$	0.97	$	0.56