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
	March 31,
	2008		2007
Net income applicable to common stock	$	23,250	$	19,672
Average number of common shares outstanding		16,862		16,756
Net income per share — Basic	$	1.38	$	1.17
Average number of common shares outstanding		16,862		16,756
Add: Assumed exercise of stock options and vesting of stock grants		190		128
Common and common equivalent shares outstanding		17,052		16,884
Net income per share — Diluted	$	1.36	$	1.17