EX-11.1 2 a05-7972_1ex11d1.htm EX-11.1

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,

 

 

 

2005

 

2004

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

9,699

 

$

8,913

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,677

 

12,554

 

 

 

 

 

 

 

Net income per share - Basic

 

$

0.77

 

$

0.71

 

 

 

 

 

 

 

Average number of common shares outstanding

 

12,677

 

12,554

 

Add: Assumed exercise of stock options and vesting of stock grants

 

83

 

100

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

12,760

 

12,654

 

 

 

 

 

 

 

Net income per share - Diluted

 

$

0.76

 

$

0.70