MGIC Investment (MTG) 10-Q 2005 Q2 Quarterly report

EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three and Six Month Periods Ended June 30, 2005 and 2004

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2005		2004		2005		2004
			(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding		92,594		98,623		93,930		98,648
Net income	$	174,357	$	154,524	$	356,370	$	284,597
Basic earnings per share	$	1.88	$	1.57	$	3.79	$	2.88
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
Average common shares outstanding		92,594		98,623		93,930		98,648
Common stock equivalents		588		641		615		585
Adjusted weighted average diluted shares outstanding		93,182		99,264		94,545		99,233
Net income	$	174,357	$	154,524	$	356,370	$	284,597
Diluted earnings per share	$	1.87	$	1.56	$	3.77	$	2.87