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, 2013 and 2012:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands, except share and per share amounts	2013		2012		2013		2012
Net income (loss)	$	21,286	$	12,915	$	49,133	$	35,718
Basic weighted average shares		14,144,478		14,026,855		14,120,788		14,004,302
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		263,935		245,622		259,155		250,999
Diluted weighted average shares		14,408,413		14,272,477		14,379,943		14,255,301
Net income (loss) per common share:
Basic	$	1.50	$	0.92	$	3.48	$	2.55
Diluted	$	1.48	$	0.90	$	3.42	$	2.51