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<PAGE> 1
Exhibit 11.1
RADIAN GROUP INC.
SCHEDULE OF NET INCOME PER SHARE
<TABLE>
<CAPTION>
QUARTER NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
------------------ ------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
(In thousands, except per-share amounts and market prices)
Net income .................................... $ 64,069 $ 37,488 $ 184,527 $ 99,935
Preferred stock dividend adjustment ........... (825) (825) (2,475) (2,475)
--------- --------- --------- ---------
Adjusted net income ........................... $ 63,244 $ 36,663 $ 182,052 $ 97,460
Average diluted stock options outstanding ..... 1,853.4 2,319.1 1,983.1 2,412.6
Average exercise price per share .............. 31.82 27.94 30.76 27.99
Average market price per share - diluted basis 62.42 48.32 51.55 45.49
Average common shares outstanding ............. 37,740 36,974 37,584 36,914
Increase in shares due to exercise of options -
diluted basis ................................ 451 791 481 879
Adjusted shares outstanding - diluted ......... 38,191 37,765 38,065 37,793
Net income per share - basic .................. $ 1.68 $ 0.99 $ 4.84 $ 2.64
========= ========= ========= =========
Net income per share - diluted ................ $ 1.66 $ 0.97 $ 4.78 $ 2.58
========= ========= ========= =========
</TABLE>
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