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				Six Months Ended
	June 30,				June 30,
	2008		2007		2008		2007
Net income applicable to common stock	$	17,421	$	24,375	$	40,671	$	44,047
Average number of common shares outstanding		16,773		16,786		16,817		16,771
Net income per share — Basic	$	1.04	$	1.45	$	2.42	$	2.63
Average number of common shares outstanding		16,773		16,786		16,817		16,771
Add: Assumed exercise of stock options and vesting of stock grants		139		133		185		176
Common and common equivalent shares outstanding		16,912		16,919		17,002		16,947
Net income per share — Diluted	$	1.03	$	1.44	$	2.39	$	2.60