EXHIBIT 11-1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Computation of Per Share Earnings

Earnings Per Share of Common Stock and Common Stock Equivalents

	Year Ended December 31,
In thousands, except share and per share amounts	2013		2012		2011
Net income	$	63,466	$	63,762	$	25,597
Basic weighted average shares		14,133,925		14,052,311		14,980,429
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		211,628		275,509		202,856
Diluted weighted average shares		14,345,553		14,327,820		15,183,285
Net income per common share:
Basic	$	4.49	$	4.54	$	1.71
Diluted	$	4.42	$	4.45	$	1.69