EXHIBIT 11

AMERICAN SAFETY INSURANCE HOLDINGS, LTD.

COMPUTATION OF EARNINGS PER SHARE

	For the Years Ended December 31,
	2007	2006	2005
Basic:
Earnings available to common Shareholders	$28,191,812	$20,532,198	$14,656,410
Weighted average common shares outstanding	10,648,408	8,729,734	6,736,938
Basic earnings per common share	$ 2.65	$ 2.35	$ 2.18
Diluted:
Earnings available to common Shareholders	$28,191,812	$20,532,198	$14,656,410
Weighted average common shares outstanding	10,648,408	8,729,734	6,736,938
Weighted average common shares equivalents associated with options	348,798	365,689	426,954
Total weighted average common shares	10,997,206	9,095,423	7,163,892
Diluted earnings per common share	$ 2.56	$ 2.26	$ 2.05