EXHIBIT 11.1
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THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE
YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
1996 1995 1994
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PRIMARY NET INCOME PER SHARE ($ in thousands, except for per share data)
Adjusted shares outstanding:
Average common shares outstanding 34,952 35,003 35,000
Net shares to be issued upon
exercise of dilutive stock
options after applying
treasury stock method 88 119 --
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Average shares outstanding 35,040 35,122 35,000
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Net income $157,918 $135,231 $106,132
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Primary net income per share $ 4.51 $ 3.85 $ 3.03
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FULLY DILUTED NET INCOME PER SHARE
Adjusted shares outstanding:
Average common shares outstanding 34,952 35,003 35,000
Net shares to be issued upon
exercise of dilutive stock
options after applying
treasury stock method 127 123 --
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Average shares outstanding 35,079 35,126 35,000
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Net income $157,918 $135,231 $106,132
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Fully diluted net income per share $ 4.50 $ 3.85 $ 3.03
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