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, 2000, 1999 and 1998
2000 1999 1998
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(Dollars in thousands, except per share data)
Basic net income per common share:
Net income $260,212 $204,466 $190,360
Average common shares outstanding 44,254 44,893 47,091
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Basic net income per common share $ 5.88 $ 4.55 $ 4.04
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Diluted net income per common share:
Net Income $260,212 $204,466 $190,360
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Average common shares outstanding 44,254 44,893 47,091
Net shares to be issued upon exercise of dilutive
stock option after applying treasury stock method 765 351 208
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Average shares outstanding 45,019 45,244 47,299
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Diluted net income per common share $ 5.78 $ 4.52 $ 4.02
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(1) Restated to conform with Statement of Financial Accounting Standards No.
128, Earnings per Share.