EXHIBIT 11

                                     MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
                                   STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
                               Three and Six Month Periods Ended June 30, 2000 and 1999


                                                        Three Months Ended                    Six Months Ended
                                                             June 30,                             June 30,
                                                  --------------------------------     --------------------------------
                                                       2000               1999              2000               1999
                                                       ----               ----              ----               ----
                                                            (In thousands of dollars, except per share data)

                                                                                              
BASIC EARNINGS PER SHARE
Average common shares outstanding                      105,924            109,059           105,887            109,031
                                                  =============      =============     =============      =============
Net income                                        $    136,103       $    112,934      $    263,323       $    213,352
                                                  =============      =============     =============      =============
Basic earnings per share                          $       1.28       $       1.04      $       2.49       $       1.96
                                                  =============      =============     =============      =============

DILUTED EARNINGS PER SHARE

Adjusted shares outstanding:
  Average common shares outstanding                    105,924            109,059           105,887            109,031
  Net shares to be issued upon exercise of
    dilutive stock options after applying
    treasury stock method                                  921              1,195               987              1,098
                                                  -------------      -------------     -------------      -------------
  Adjusted shares outstanding                          106,845            110,254           106,874            110,129
                                                  =============      =============     =============      =============
Net income                                        $    136,103       $    112,934      $    263,323       $    213,352
                                                  =============      =============     =============      =============
Diluted earnings per share                        $       1.27       $       1.02      $       2.46       $       1.94
                                                  =============      =============     =============      =============