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, 2014 and 2013:

	Three Months Ended June 30,				Six Months Ended June 30,
In thousands, except share and per share amounts	2014		2013		2014		2013
Net income	$	16,861	$	13,937	$	44,829	$	27,847
Basic weighted average shares		14,259,753		14,131,422		14,246,701		14,108,747
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		117,723		296,695		155,039		325,485
Diluted weighted average shares		14,377,476		14,428,117		14,401,740		14,434,232
Net income per common share:
Basic	$	1.18	$	0.99	$	3.15	$	1.97
Diluted	$	1.17	$	0.97	$	3.11	$	1.93

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