EXHIBIT 11

Radian Group Inc.

Schedule of Net Income Per Share

	Quarter Ended June 30,						Six Months Ended June 30,
	2003			2002			2003			2002
(In thousands, except per-share amounts and market prices)
Net income	$	111,674		$	108,922		$	216,446		$	212,855
Preferred stock dividend adjustment		(0	)		(825	)		(0	)		(1,650	)
Adjusted net income	$	111,674		$	108,097		$	216,446		$	211,205
Average diluted stock options outstanding		5,589.1			5,102.8			5,658.1			5,297.7
Average exercise price per share	$	29.36		$	27.58		$	29.27		$	27.21
Average market price per share—diluted basis	$	37.86		$	51.88		$	36.79		$	48.80
Average common shares outstanding		93,341			94,708			93,367			94,466
Increase in shares due to exercise of options—diluted basis		1,019			1,679			961			1,668
Adjusted shares outstanding—diluted		94,360			96,387			94,328			96,134
Net income per share—basic	$	1.20		$	1.14		$	2.32		$	2.24
Net income per share—diluted	$	1.18		$	1.12		$	2.29		$	2.20