RADIAN GROUP INC.
STATEMENT RE-COMPUTATION OF PER SHARE EARNINGS
EXHIBIT 11
Quarter Ended Nine Months Ended
September 30 September 30
2002 2001 2002 2001
(In thousands, except per-share amounts and market prices)
Net income $ 106,561 $ 91,532 $ 319,416 $ 264,366
Preferred stock dividend adjustment (825) (825) (2,475) (2,475)
Premium paid to redeem preferred stock (3,003) -- (3,003) --
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Adjusted net income $ 102,733 $ 90,707 $ 313,938 $ 261,891
Average diluted stock options outstanding 5,058.7 5359.8 5,218.1 6,029.0
Average exercise price per share $ 22.13 $ 24.46 $ 25.52 $ 24.81
Average market price per share - diluted basis $ 41.25 $ 39.07 $ 46.28 $ 36.46
Average common shares outstanding 94,761 93,281 94,564 89,360
Increase in shares due to exercise of options - diluted
basis 1,274 1,503 1,537 1,532
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Adjusted shares outstanding - diluted 96,035 94,784 96,101 90,892
Net income per share - basic $ 1.08 $ .97 $ 3.32 $ 2.93
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Net income per share - diluted $ 1.07 $ .96 $ 3.27 $ 2.88
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