Radian (RDN) 10-Q 2009 Q2 Quarterly report

EXHIBIT 11

Radian Group Inc.

Schedule of Net Income (Loss) per Share

	Three Months Ended June 30					Six Months Ended June 30
(In thousands, except per-share amounts and market prices)	2009		2008			2009		2008
Net income (loss)	$	231,875	$	(392,524	)	$	14,438	$	(196,886	)
Average diluted stock options outstanding		—		—			—		—
Average exercise price per share	$	—	$	—		$	—	$	—
Average market price per share—diluted basis	$	—	$	—		$	—	$	—
Average common shares outstanding		81,396		79,967			81,400		79,960
Increase in share due to exercise of common stock equivalents—diluted basis (1)		844		—			836		—
Adjusted shares outstanding—diluted		82,240		79,967			82,236		79,960
Net income (loss) per share—basic	$	2.85	$	(4.91	)	$	0.18	$	(2.46	)
Net income (loss) per share—diluted	$	2.82	$	(4.91	)	$	0.18	$	(2.46	)

(1) For the three and six months ended June 30, 2009, 3,780,500 shares of our common stock equivalents issued under our stock-based compensations plans were not included in the calculation of diluted net income per share because they were anti-dilutive. As a result of our net loss for the three and six months ended June 30, 2008, 4,371,633 shares of our common stock equivalents were not included in the calculation of diluted earnings per share because they were anti-dilutive.