1
                           CMAC INVESTMENT CORPORATION
                        SCHEDULE OF NET INCOME PER SHARE




                                                                     QUARTER ENDED MARCH 31
                                                                   -------------------------
                                                                      1997           1996(1)
                                                                   --------         --------    
(In thousands, except per-share amounts and market prices)

                                                                                       
Net income ..................................................      $ 17,284         $ 14,427    
Preferred stock dividend adjustment .........................          (825)            (825)   
                                                                   --------         --------    
Adjusted net income .........................................      $ 16,459         $ 13,602    
                                                                                                
Average dilutive stock options outstanding ..................       1,576.9          1,509.1    
Average exercise price per share ............................      $  16.13         $  13.95    
Average market prices - primary basis .......................      $  34.91         $  26.51    
Average market price - fully diluted basis ..................      $  34.91(2)      $  28.25    
                                                                                                
Average common share outstanding ............................        22,417           22,287    
Increase in shares due to exercise of options -                                                 
 primary basis ..............................................           846              715    
Increase in shares due to exercise of options -                                                 
 fully diluted basis ........................................           846(2)           764    
                                                                                                
Adjusted shares outstanding - primary .......................        23,263           23,002    
Adjusted shares outstanding - fully diluted .................        23,263(2)        23,051    
                                                                                                
Net income per share - primary and fully diluted ............      $   0.71         $   0.59    
                                                                   ========         ========    

                                                                   
(1)      All share and per-share data have been restated to reflect the stock
         split. See Note 3.

(2)      Market price at March 31, 1997 was $33.38 and therefore, the average
         market price for the quarter has been used in the computation of fully
         diluted shares outstanding and net income per share on a fully diluted
         basis.



                                                                    EXHIBIT 11.1