EXHIBIT 11

Radian Group Inc.

Schedule of Net Income Per Share

	Quarter Ended March 31
(In thousands, except per-share amounts and market prices)	2005		2004
Net Income	$	115,612	$	120,010
Interest expense on convertible senior debentures (net of tax)		802		804
Net income available to common stockholders	$	116,414	$	120,814
Average diluted stock options outstanding		5,120.7		5,280.0
Average exercise price per share	$	36.70	$	33.00
Average market price per share – diluted basis	$	49.10	$	45.36
Average common shares outstanding		89,488		94,022
Increase in share due to exercise of options – diluted basis		972		1,056
Increase in shares-contingently convertible debt		3,798		3,810
Adjusted shares outstanding - diluted		94,258		98,888
Net income per share – basic	$	1.29	$	1.28
Net income per share – diluted	$	1.24	$	1.22