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, 2013 and 2012:

	Three Months Ended June 30,				Six Months Ended June 30,
In thousands, except share and per share amounts	2013		2012		2013		2012
Net income (loss)	$	13,937	$	14,899	$	27,847	$	22,803
Basic weighted average shares		14,131,422		14,006,361		14,108,747		13,992,901
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		296,695		202,398		325,485		253,046
Diluted weighted average shares		14,428,117		14,208,759		14,434,232		14,245,947
Net income (loss) per common share:
Basic	$	0.99	$	1.06	$	1.97	$	1.63
Diluted	$	0.97	$	1.05	$	1.93	$	1.60