EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three and Six Month Periods Ended June 30, 2003 and 2002

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2003		2002		2003		2002
		(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding			98,615		105,181		99,073		105,733
Net income		$	143,777	$	170,936	$	284,887	$	340,123
Basic earnings per share		$	1.46	$	1.63	$	2.88	$	3.22
DILUTED EARNINGS PER SHARE
Adjusted shares outstanding:
	Average common shares outstanding		98,615		105,181		99,073		105,733
	Net shares to be issued upon exercise of dilutive stock options after applying treasury stock method		166		740		129		737
	Adjusted shares outstanding		98,781		105,921		99,202		106,470
Net income		$	143,777	$	170,936	$	284,887	$	340,123
Diluted earnings per share		$	1.46	$	1.61	$	2.87	$	3.19