EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three Months Ended March 31, 2003 and 2002

		Three Months Ended
		March 31,
		2003		2002
BASIC EARNINGS PER SHARE
Average common shares outstanding			99,532		106,194
Net income		$	141,110	$	169,187
Basic earnings per share		$	1.42	$	1.59
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
	Average common shares outstanding		99,532		106,194
	Net shares to be issued upon exercise of dilutive stock options after applying treasury stock method		92		737
	Adjusted weighted average diluted shares outstanding		99,624		106,931
Net income		$	141,110	$	169,187
Diluted earnings per share		$	1.42	$	1.58