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,
	2009		2008
Net income applicable to common stock	$	12,000	$	23,250
Average number of common shares outstanding		16,882		16,862
Net income per share — Basic	$	0.71	$	1.38
Average number of common shares outstanding		16,882		16,862
Add: Assumed exercise of stock options and vesting of stock grants		120		190
Common and common equivalent shares outstanding		17,002		17,052
Net income per share — Diluted	$	0.71	$	1.36