MGIC Investment (MTG) 10-Q 2004 Q3 Quarterly report

EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three and Nine Month Periods Ended September 30, 2004 and 2003

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2004		2003		2004		2003
			(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding		97,760		98,489		97,987		98,879
Net income	$	134,069	$	105,129	$	418,666	$	390,016
Basic earnings per share	$	1.37	$	1.07	$	4.27	$	3.94
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
Average common shares outstanding		97,760		98,489		97,987		98,879
Common stock equivalents		626		336		591		204
Adjusted weighted average diluted shares outstanding		98,386		98,825		98,578		99,083
Net income	$	134,069	$	105,129	$	418,666	$	390,016
Diluted earnings per share	$	1.36	$	1.06	$	4.25	$	3.94