Radian (RDN) 10-Q 2004 Q3 Quarterly report

EXHIBIT 11

Radian Group Inc.

Schedule of Net Income Per Share

(In thousands, except per-share amounts and market prices)	Three Months Ended September 30				Nine Months Ended September 30
	2004		2003		2004		2003
Net income available to common stockholders	$	122,171	$	113,978	$	362,684	$	330,424
Average diluted stock options outstanding		4,999.0		5,334.8		5,511.7		5,500.3
Average exercise price per share	$	26.48	$	29.58	$	30.90	$	29.37
Average market price per share - diluted basis	$	45.67	$	44.81	$	45.67	$	39.46
Average common shares outstanding		92,384		93,558		93,416		93,431
Increase in shares due to exercise of options – diluted basis		1,003		1,328		1,040		1,083
Adjusted shares outstanding – diluted		93,387		94,886		94,456		94,514
Net income per share – basic	$	1.32	$	1.22	$	3.88	$	3.54
Net income per share – diluted	$	1.31	$	1.20	$	3.84	$	3.50