EX-11.1 3 navg-ex111_6.htm EX-11.1 navg-ex111_6.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

 

2016

 

 

2015

 

 

2014

 

Net income

 

$

82,726

 

 

$

81,057

 

 

$

95,329

 

Basic weighted average shares(1)

 

 

29,073,803

 

 

 

28,785,044

 

 

 

28,519,536

 

Effect of common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Assumed exercise of stock options and vesting

   of stock grants

 

 

957,806

 

 

 

866,446

 

 

 

773,202

 

Diluted weighted average shares

 

 

30,031,609

 

 

 

29,651,490

 

 

 

29,292,738

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.85

 

 

$

2.82

 

 

$

3.34

 

Diluted

 

$

2.75

 

 

$

2.73

 

 

$

3.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) We completed a two-for-one stock split on January 20, 2017. All share and per share data has been retroactively restated on a post-split basis.