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				Nine Months Ended
	September 30,				September 30,
	2008		2007		2008		2007
Net income applicable to common stock	$	1,001	$	25,033	$	41,672	$	69,080
Average number of common shares outstanding		16,772		16,843		16,802		16,796
Net income per share — Basic	$	0.06	$	1.49	$	2.48	$	4.11
Average number of common shares outstanding		16,772		16,843		16,802		16,796
Add: Assumed exercise of stock options and vesting of stock grants		155		153		178		171
Common and common equivalent shares outstanding		16,927		16,996		16,980		16,967
Net income per share — Diluted	$	0.06	$	1.47	$	2.45	$	4.07