EXHIBIT 11
----------
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (1)
For The Years Ended December 31, 1999, 1998 and 1997
1999 1998 1997
---- ---- ----
(In thousands, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding 108,061 112,135 116,332
========= ========= =========
Net income $ 470,201 $ 385,465 $ 323,750
========= ========= =========
Net income per share $ 4.35 $ 3.44 $ 2.78
========= ========= =========
DILUTED EARNINGS PER SHARE
Adjusted shares outstanding:
Average common shares outstanding 108,061 112,135 116,332
Net shares to be issued upon exercise of
common stock equivalents 1,197 1,447 1,592
--------- --------- ---------
Adjusted shares outstanding 109,258 113,582 117,924
========= ========= =========
Net income $ 470,201 $ 385,465 $ 323,750
========= ========= =========
Net income per share $ 4.30 $ 3.39 $ 2.75
========= ========= =========
(1) Per Statement of Financial Accounting Standards No. 128, "Earnings Per
Share".