EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME (LOSS) PER SHARE
Three and Six Months Ended June 30, 2009 and 2008

	Three Months Ended						Six Months Ended
	June 30,						June 30,
				As adjusted						As adjusted
	2009			2008			2009			2008
	(In thousands of dollars)
BASIC EARNINGS PER SHARE
Average common shares outstanding		124,244			123,834			124,122			103,981
Net loss	$	(339,835	)	$	(99,885	)	$	(524,395	)	$	(134,382	)
Basic (loss) earnings per share	$	(2.74	)	$	(0.81	)	$	(4.22	)	$	(1.29	)
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
Average common shares outstanding		124,244			123,834			124,122			103,981
Common stock equivalents		—			—			—			—
Adjusted weighted average diluted shares outstanding (1)		124,244			123,834			124,122			103,981
Net loss	$	(339,835	)	$	(99,885	)	$	(524,395	)	$	(134,382	)
Diluted (loss) earnings per share	$	(2.74	)	$	(0.81	)	$	(4.22	)	$	(1.29	)

(1) Per Statement of Financial Accounting Standards No. 128, “Earnings Per Share”, for the three and six months ended June 30, 2009 and 2008 the diluted weighted-average shares are equivalent to the basic weighted average shares due to a net loss from continuing operations.