EXHIBIT 11-1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF PER SHARE EARNINGS

Earnings Per Share of Common Stock and Common Stock Equivalents
($ and shares in thousands, except per share data)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Net income applicable to common stock	$	24,375	$	18,098	$	44,047	$	33,623
Average number of common shares outstanding		16,786		16,668		16,771		16,654
Net income per share — Basic	$	1.45	$	1.09	$	2.63	$	2.02
Average number of common shares outstanding		16,786		16,668		16,771		16,654
Add: Assumed exercise of stock options and vesting of stock grants		133		123		176		185
Common and common equivalent shares outstanding		16,919		16,791		16,947		16,839
Net income per share — Diluted	$	1.44	$	1.08	$	2.60	$	2.00