EXHIBIT 11
Radian Group Inc.
Schedule of Net Income per Share
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
(In thousands, except per-share amounts and market prices) | 2005 | 2004 | 2005 | 2004 | ||||||||
Net income | $ | 162,557 | $ | 122,171 | $ | 418,393 | $ | 362,684 | ||||
Interest expense on convertible senior debentures (net of tax) | 267 | 805 | 1,871 | 2,413 | ||||||||
Net income available to common stockholders | $ | 162,824 | $ | 122,976 | $ | 420,264 | $ | 365,097 | ||||
Average diluted stock options outstanding | 4,383.8 | 4,999.0 | 4,845.4 | 5,511.7 | ||||||||
Average exercise price per share | $ | 38.17 | $ | 26.48 | $ | 37.34 | $ | 30.90 | ||||
Average market price per share—diluted basis | $ | 48.80 | $ | 45.67 | $ | 48.80 | $ | 45.67 | ||||
Average common shares outstanding | 84,567 | 92,384 | 86,507 | 93,416 | ||||||||
Increase in shares due to exercise of options—diluted basis | 860 | 1,003 | 895 | 1,040 | ||||||||
Increase in shares-contingently convertible debt | 1,266 | 3,810 | 2,954 | 3,810 | ||||||||
Adjusted shares outstanding—diluted | 86,693 | 97,197 | 90,356 | 98,266 | ||||||||
Net income per share—basic | $ | 1.92 | $ | 1.32 | $ | 4.84 | $ | 3.88 | ||||
Net income per share—diluted | $ | 1.88 | $ | 1.27 | $ | 4.65 | $ | 3.72 | ||||