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<PAGE>
EXHIBIT 11.1
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THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------ --------------------------------
(In thousands, except per share data) 2000 1999 2000 1999
------------ ------------- -------------- -------------
<S> <C> <C> <C> <C>
Basic net income per common share:
Net income $69,256 $54,503 $194,225 $147,614
============ ============= ============== =============
Average common shares outstanding 44,213 44,774 44,240 44,963
============ ============= ============== =============
Basic net income per common share $ 1.57 $ 1.22 $ 4.39 $ 3.28
============ ============= ============== =============
Diluted net income per common share:
Net income $69,256 $54,503 $194,225 $147,614
============ ============= ============== =============
Average common shares outstanding 44,213 44,774 44,240 44,963
Net shares to be issued upon exercise of
dilutive stock options after applying
treasury stock method 926 448 657 268
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Average shares outstanding 45,139 45,222 44,897 45,231
============ ============= ============== =============
Diluted net income per common share $ 1.53 $ 1.21 $ 4.33 $ 3.26
============ ============= ============== =============
</TABLE>
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