EXHIBIT 11
Radian Group Inc.
Schedule of Net Income Per Share
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
(In thousands, except per-share amounts and market prices) | ||||||||||||||||
Net income | $ | 111,674 | $ | 108,922 | $ | 216,446 | $ | 212,855 | ||||||||
Preferred stock dividend adjustment | (0 | ) | (825 | ) | (0 | ) | (1,650 | ) | ||||||||
Adjusted net income | $ | 111,674 | $ | 108,097 | $ | 216,446 | $ | 211,205 | ||||||||
Average diluted stock options outstanding | 5,589.1 | 5,102.8 | 5,658.1 | 5,297.7 | ||||||||||||
Average exercise price per share | $ | 29.36 | $ | 27.58 | $ | 29.27 | $ | 27.21 | ||||||||
Average market price per share—diluted basis | $ | 37.86 | $ | 51.88 | $ | 36.79 | $ | 48.80 | ||||||||
Average common shares outstanding | 93,341 | 94,708 | 93,367 | 94,466 | ||||||||||||
Increase in shares due to exercise of options—diluted basis | 1,019 | 1,679 | 961 | 1,668 | ||||||||||||
Adjusted shares outstanding—diluted | 94,360 | 96,387 | 94,328 | 96,134 | ||||||||||||
Net income per share—basic | $ | 1.20 | $ | 1.14 | $ | 2.32 | $ | 2.24 | ||||||||
Net income per share—diluted | $ | 1.18 | $ | 1.12 | $ | 2.29 | $ | 2.20 | ||||||||