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EXHIBIT 11
CMAC Investment Corporation
Schedule of Net Income Per Share
Quarter Ended June 30 Six Months Ended June 30
1996 1995 1996 1995
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(In thousands, except per-share amounts and market prices)
Net income ....................................................... $15,271 $12,542 $29,698 $23,843
Preferred stock dividend adjustment .............................. (825) (825) (1,650) (1,650)
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Adjusted net income .............................................. $14,446 $11,717 $28,048 $22,193
Average dilutive stock options outstanding ....................... 770.0 763.7 762.3 763.7
Average exercise price per share ................................. $28.38 $24.26 $ 28.15 $ 24.26
Average market prices - primary basis ............................ $54.52 $ 40.75 $ 53.77 $ 37.61
Average market price - fully diluted basis ....................... $ 57.13 $ 43.38 $ 56.82 $ 40.36
Average common share outstanding ................................. 11,168 11,052 11,156 11,027
Increase in shares due to exercise of options -primary basis ..... 369 309 363 271
Increase in shares due to exercise of options -fully diluted basis 387 336 385 305
Adjusted shares outstanding - primary ............................ 11,537 11,361 11,519 11,298
Adjusted shares outstanding - fully diluted ...................... 11,555 11,388 11,541 11,332
Net income per share - primary and diluted ....................... $ 1.25 $ 1.03 $ 2.43 $ 1.96
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