Radian (RDN) 10-Q 2009 Q3 Quarterly report

EXHIBIT 11

Radian Group Inc.

Schedule of Net (Loss) Income per Share

	Three Months Ended September 30					Nine Months Ended September 30
(In thousands, except per-share amounts and market prices)	2009			2008		2009			2008
Net (loss) income	$	(70,450	)	$	36,699	$	(56,012	)	$	(160,187	)
Average diluted stock options outstanding		—			471.8		—			—
Average exercise price per share	$	—		$	2.48	$	—		$	—
Average market price per share—diluted basis	$	—		$	3.04	$	—		$	—
Average common shares outstanding		81,749			79,960		81,761			79,603
Increase in share due to exercise of common stock equivalents—diluted basis (1)		—			511		—			—
Adjusted shares outstanding—diluted		81,749			80,471		81,761			79,603
Net (loss) income per share—basic	$	(0.86	)	$	0.46	$	(0.69	)	$	(2.01	)
Net (loss) income per share—diluted	$	(0.86	)	$	0.46	$	(0.69	)	$	(2.01	)

(1) As a result of our net loss for the three and nine months ended September 30, 2009, 4,752,900 shares of our common stock equivalents issued under our stock-based compensations plans were not included in the calculation of diluted net loss per share because they were anti-dilutive. As a result of our net loss for the nine months ended September 30, 2008, 5,235,491 shares of our common stock equivalents issued under our stock-based compensation plans were not included in the calculation of diluted net loss per share because they were anti-dilutive. For the three months ended September 30, 2008, 4,082,849 shares of our common stock equivalents were not included in the calculation of diluted earnings per share because they were anti-dilutive.