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<PAGE>
EXHIBIT 11.1
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THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RESTATED NET INCOME PER SHARE /(1)/
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
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(In thousands, except for per share data) 2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic net income per common share:
Net income $64,979 $49,459 $124,969 $93,111
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Average common shares outstanding 44,094 44,887 44,249 45,058
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Basic net income per common share $ 1.47 $ 1.10 $ 2.82 $ 2.07
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Diluted net income per common share:
Net income $64,979 $49,459 $124,969 $93,111
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Average common shares outstanding 44,094 44,887 44,249 45,058
Net shares to be issued upon exercise of dilutive
stock options after applying treasury stock method 642 283 500 190
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Average shares outstanding 44,736 45,170 44,749 45,248
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Diluted net income per common share $ 1.45 $ 1.09 $ 2.79 $ 2.06
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</TABLE>
(1) Restated to conform with Statement of Financial Accounting Standards No.
128, Earnings per Share.
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