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, 1999, 1998 and 1997
1999 1998 1997
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(In thousands, except for per share data)
Basic net income per common share:
Net income $204,466 $190,360 $175,309
Average common shares outstanding 44,893 47,091 50,079
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Basic net income per common share $ 4.55 $ 4.04 $ 3.50
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Diluted net income per common share:
Net income $204,466 $190,360 $175,309
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Average common shares outstanding 44,893 47,091 50,079
Net shares to be issued upon exercise of dilutive
stock options after applying treasury stock method 351 208 186
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Average shares outstanding 45,244 47,299 50,265
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Diluted net income per common share $ 4.52 $ 4.02 $ 3.49
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(1) Restated to conform with Statement of Financial Accounting
Standards No. 128, Earnings per Share.