EXHIBIT 11.1
THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE
YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
2002 2001 2000
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(Dollars in thousands, except per share data)
BASIC NET INCOME PER COMMON SHARE:
Net income $ 346,217 $ 307,212 $ 260,212
Average common shares outstanding 89,843 88,887 88,507
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Basic net income per common share $ 3.85 $ 3.46 $ 2.94
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DILUTED NET INCOME PER COMMON SHARE:
Net Income $ 346,217 $ 307,212 $ 260,212
Average common shares outstanding 89,843 88,887 88,507
Net shares to be issued upon exercise of dilutive
stock options and other dilutive components 1,537 1,781 1,530
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Average shares outstanding 91,380 90,668 90,037
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Diluted net income per common share $ 3.79 $ 3.39 $ 2.89
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