MGIC Investment (MTG) 10-Q 2008 Q3 Quarterly report

EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME (LOSS) PER SHARE
Three and Nine Months Ended September 30, 2008 and 2007

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
	(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding		123,834			80,786			110,647			81,480
Net loss	$	(113,274	)	$	(372,469	)	$	(245,567	)	$	(203,391	)
Basic (loss) earnings per share	$	(0.91	)	$	(4.61	)	$	(2.22	)	$	(2.50	)
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
Average common shares outstanding		123,834			80,786			110,647			81,480
Common stock equivalents		—			—			—			—
Adjusted weighted average diluted shares outstanding (1)		123,834			80,786			110,647			81,480
Net loss	$	(113,274	)	$	(372,469	)	$	(245,567	)	$	(203,391	)
Diluted (loss) earnings per share	$	(0.91	)	$	(4.61	)	$	(2.22	)	$	(2.50	)

(1) Per Statement of Financial Accounting Standards No. 128, “Earnings Per Share”, for the three and nine months ended September 30, 2008 and 2007 the diluted weighted-average shares are equivalent to the basic weighted average shares due to a net loss from continuing operations.