Radian (RDN) 10-Q 2004 Q2 Quarterly report

EXHIBIT 11

Radian Group Inc.

Schedule of Net Income Per Share

	Quarter Ended June 30				Six Months Ended June 30
(In thousands, except per-share amounts and market prices)	2004		2003		2004		2003
Net income available to common stockholders	$	120,503	$	111,674	$	240,513	$	216,446
Average diluted stock options outstanding		5,068.5		5,589.1		5,174.1		5,658.1
Average exercise price per share	$	33.21	$	29.36	$	33.11	$	29.27
Average market price per share - diluted basis	$	46.26	$	37.86	$	45.81	$	36.79
Average common shares outstanding		93,844		93,341		93,933		93,367
Increase in shares due to exercise of options – diluted basis		1,059		1,019		1,058		961
Adjusted shares outstanding – diluted		94,903		94,360		94,991		94,328
Net income per share – basic	$	1.28	$	1.20	$	2.56	$	2.32
Net income per share – diluted	$	1.27	$	1.18	$	2.53	$	2.29