EXHIBIT 11
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three and Six Month Periods Ended June 30, 2002 and 2001
Three Months Ended Six Months Ended
June 30, June 30,
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2002 2001 2002 2001
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(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares
outstanding 105,181 107,111 105,733 106,997
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Net income $ 170,936 $ 161,218 $ 340,123 $ 319,142
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Basic earnings per share $ 1.63 $ 1.51 $ 3.22 $ 2.98
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DILUTED EARNINGS PER SHARE
Adjusted shares outstanding:
Average common shares
outstanding 105,181 107,111 105,733 106,997
Net shares to be issued upon
exercise of dilutive stock
options after applying
treasury stock method 740 991 737 957
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Adjusted shares outstanding 105,921 108,102 106,470 107,954
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Net income $ 170,936 $ 161,218 $ 340,123 $ 319,142
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Diluted earnings per share $ 1.61 $ 1.49 $ 3.19 $ 2.96
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