EXHIBIT 11

Radian Group Inc.

Schedule of Net Income per Share

	Three Months Ended March 31
(In thousands, except per-share amounts and market prices)	2009			2008
Net (loss) income	$	(217,437	)	$	195,638
Average diluted stock options outstanding		—			—
Average exercise price per share	$	—		$	—
Average market price per share—diluted basis	$	—		$	—
Average common shares outstanding		80,902			79,930
Increase in shares due to common stock equivalents—diluted basis (1)		—			110
Adjusted shares outstanding—diluted		80,902			80,040
Net (loss) income per share—basic	$	(2.69	)	$	2.45
Net (loss) income per share—diluted	$	(2.69	)	$	2.44

(1) As a result of our net loss for the three months ended March 31, 2009, 4,600,512 shares of our common stock equivalents issued under our stock-based compensations plans were not included in the calculation of diluted net loss per share because they were anti-dilutive. For the three months ended March 31, 2008, 4,298,251 shares of our common stock equivalents were not included in the calculation of diluted earnings per share because they were anti-dilutive.