EXHIBIT 11.1
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THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RESTATED NET INCOME PER SHARE (1)
Years Ended December 31, 2001, 2000 and 1999
2001 2000 1999
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(Dollars in thousands except per share data)
Basic net income per common share:
Net income $ 307,212 $ 260,212 $ 204,466
Average common shares outstanding 44,444 44,254 44,893
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Basic net income per common share $ 6.91 $ 5.88 4.55
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Diluted net income per common share:
Net Income $ 307,212 $ 260,212 $ 204,466
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Average common shares outstanding 44,444 44,254 44,893
Net shares to be issued upon exercise of dilutive
stock option after applying treasury stock method 890 765 351
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Average shares outstanding 45,334 45,019 45,244
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Diluted net income per common share $ 6.78 $ 5.78 $ 4.52
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(1) Restated to conform with Statement of Financial Accounting Standards
No. 128, Earnings per Share.