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 | ||||