Radian (RDN) 10-Q 2005 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)	2005		2004		2005		2004
Net Income	$	140,224	$	120,503	$	255,836	$	240,513
Interest expense on convertible senior debentures (net of tax)		802		804		1,604		1,608
Net income available to common stockholders	$	141,026	$	121,307	$	257,440	$	242,121
Average diluted stock options outstanding		5,031.7		5,068.5		5,076.2		5,174.1
Average exercise price per share	$	46.26	$	33.21	$	36.92	$	33.11
Average market price per share—diluted basis	$	47.22	$	46.26	$	47.68	$	45.81
Average common shares outstanding		85,464		93,844		87,476		93,933
Increase in share due to exercise of options—diluted basis		854		1,059		913		1,058
Increase in shares-contingently convertible debt		3,798		3,810		3,798		3,810
Adjusted shares outstanding—diluted		90,116		98,713		92,187		98,801
Net income per share—basic	$	1.64	$	1.28	$	2.92	$	2.56
Net income per share—diluted	$	1.56	$	1.23	$	2.79	$	2.45