EX-11.1 2 navg-ex111_701.htm EX-11.1 navg-ex111_701.htm

EXHIBIT 11-1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Per Share Earnings

 

Earnings Per Share of Common Stock and Common Stock Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

amounts in thousands, except share and per share amounts

 

2015

 

 

2014

 

 

2013

 

Net income

 

$

81,057

 

 

$

95,329

 

 

$

63,466

 

Basic weighted average shares

 

 

14,392,522

 

 

 

14,259,768

 

 

 

14,133,925

 

Effect of common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Assumed exercise of stock options and vesting

   of stock grants

 

 

433,223

 

 

 

386,601

 

 

 

211,628

 

Diluted weighted average shares

 

 

14,825,745

 

 

 

14,646,369

 

 

 

14,345,553

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

5.63

 

 

$

6.69

 

 

$

4.49

 

Diluted

 

$

5.47

 

 

$

6.51

 

 

$

4.42