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)

	Year Ended December 31,
	2008		2007		2006
Net income applicable to common stock	$	51,692	$	95,620	$	72,563
Average number of common shares outstanding		16,802		16,812		16,722
Net income per share — Basic	$	3.08	$	5.69	$	4.34
Average number of common shares outstanding		16,802		16,812		16,722
Add: Assumed exercise of stock options and vesting of stock grants		190		193		134
Common and common equivalent shares outstanding		16,992		17,005		16,856
Net income per share — Diluted	$	3.04	$	5.62	$	4.30