EXHIBIT 11.1
THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RESTATED NET INCOME PER SHARE (1)
Years Ended December 31, 1998, 1997 and 1996
1998 1997 1996
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(In thousands, except for per share data)
Basic net income per common share:
Net income $190,360 $175,309 $157,918
Average common shares outstanding 31,394 33,386 34,952
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Basic net income per common share $ 6.06 $ 5.25 $ 4.52
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Diluted net income per common share:
Net income $190,360 $175,309 $157,918
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Average common shares outstanding 31,394 33,386 34,952
Net shares to be issued upon exercise of dilutive
stock options after applying treasury stock method 139 124 88
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Average shares outstanding 31,533 33,510 35,040
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Diluted net income per common share $ 6.04 $ 5.23 $ 4.51
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(1) Restated to conform with Statement of Financial Accounting Standards No.
128, Earnings per Share.