EXHIBIT 11

Radian Group Inc.

Schedule of Net Income Per Share

	Quarter Ended September 30,					Nine Months Ended September 30,
(In thousands, except per-share amounts and market prices)	2003		2002			2003		2002
Net income	$	113,978	$	106,561		$	330,424	$	319,416
Preferred stock dividend adjustment		—		(825	)		—		(2,475	)
Premium paid to redeem preferred stock		—		(3,003	)		—		(3,003	)
Adjusted net income	$	113,978	$	102,733		$	330,424	$	313,938
Average diluted stock options outstanding		5,334.8		5,058.7			5,500.3		5,218.1
Average exercise price per share	$	29.58	$	22.13		$	29.37	$	25.52
Average market price per share - diluted basis	$	44.81	$	41.25		$	39.46	$	46.28
Average common shares outstanding		93,558		94,761			93,431		94,564
Increase in shares due to exercise of options – diluted basis		1,328		1,274			1,083		1,537
Adjusted shares outstanding – diluted		94,886		96,035			94,514		96,101
Net income per share – basic	$	1.22	$	1.08		$	3.54	$	3.32
Net income per share – diluted	$	1.20	$	1.07		$	3.50	$	3.27