Radian (RDN) 10-Q 2011 Q2 Quarterly report

EXHIBIT 11

Radian Group Inc.

Schedule of Net Income (Loss) per Share

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except per-share amounts and market prices)	2011		2010			2011		2010
Net income (loss)	$	137,115	$	(475,080	)	$	240,121	$	(785,435	)
Average diluted stock options outstanding	1,030		—			1,030		—
Average exercise price per share	$	3.10	$	—		$	3.10	$	—
Average market price per share—diluted basis	$	5.09	$	—		$	6.29	$	—
Average common shares outstanding	132,185		110,282			132,185		96,420
Increase in share due to potential exercise of common stock equivalents—diluted basis (1)	1,429		—			1,539		—
Adjusted shares outstanding—diluted	133,614		110,282			133,724		96,420
Net income (loss) per share—basic	$	1.04	$	(4.31	)	$	1.82	$	(8.15	)
Net income (loss) per share—diluted	$	1.03	$	(4.31	)	$	1.80	$	(8.15	)

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(1) For the three and six months ended June 30, 2011, 3,268,525 shares of our common stock equivalents issued under our stock-based compensation plans were not included in the calculation of diluted net income per share as of such date because they were anti-dilutive. As a result of our net loss for the three and six months ended June 30, 2010, 4,427,985 shares of our common stock equivalents issued under our stock-based compensations plans were not included in the calculation of diluted net loss per share because they were anti-dilutive.