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 months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
amounts in thousands, except share and per share amounts	2015		2014
Net income	$	25,929	$	27,968
Basic weighted average shares		14,327,606		14,233,504
Effect of common stock equivalents:
Assumed exercise of stock options and vesting of stock grants		310,231		174,912
Diluted weighted average shares		14,637,837		14,408,416
Net income per common share:
Basic	$	1.81	$	1.96
Diluted	$	1.77	$	1.94