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, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands, except share and per share amounts	2014		2013		2014		2013
Net income	$	31,225	$	21,286	$	76,054	$	49,133
Basic weighted average shares		14,265,260		14,144,478		14,252,910		14,120,788
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		348,484		263,935		324,387		259,155
Diluted weighted average shares		14,613,744		14,408,413		14,577,297		14,379,943
Net income per common share:
Basic	$	2.19	$	1.50	$	5.34	$	3.48
Diluted	$	2.14	$	1.48	$	5.22	$	3.42