EXHIBIT 11.1

THE PMI GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF NET INCOME PER SHARE

Years Ended December 31, 2003, 2002 and 2001

	2003		2002		2001
	(Dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	299,433	$	346,217	$	307,212
Average common shares outstanding		89,915		89,843		88,887
Basic net income per common share	$	3.33	$	3.85	$	3.46
Diluted net income per common share:
Net Income	$	299,433	$	346,217	$	307,212
Average common shares outstanding		89,915		89,843		88,887
Net shares to be issued upon exercise of dilutive stock options and other dilutive components		1,130		1,537		1,781
Average shares outstanding		91,045		91,380		90,668
Diluted net income per common share	$	3.29	$	3.79	$	3.39