EXHIBIT 11

Radian Group Inc.

Schedule of Net Income per Share

	Three Months Ended June 30					Six Months Ended June 30
(In thousands, except per-share amounts and market prices)	2008			2007		2008			2007
Net (loss) income	$	(392,524	)	$	21,083	$	(196,886	)	$	134,550
Average diluted stock options outstanding		—			2,939.9		—			3,074.3
Average exercise price per share	$	—		$	45.36	$	—		$	45.37
Average market price per share—diluted basis	$	—		$	58.84	$	—		$	58.37
Average common shares outstanding		79,967			79,627		79,960			79,295
Increase in share due to exercise of options—diluted basis (1)		—			918		—			984
Adjusted shares outstanding—diluted		79,967			80,545		79,960			80,279
Net (loss) income per share—basic	$	(4.91	)	$	0.26	$	(2.46	)	$	1.70
Net (loss) income per share—diluted	$	(4.91	)	$	0.26	$	(2.46	)	$	1.68

(1) As a result of our net loss for the three and six month periods ended June 30, 2008, 4,371,633 shares of common stock issued under our stock-based compensation plans were not included in the calculation of diluted earnings per share because they were anti-dilutive.