EXHIBIT 11

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

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2003		2002		2003		2002
		(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding			98,489		102,825		98,879		104,793
Net income		$	105,129	$	151,570	$	390,016	$	491,693
Basic earnings per share		$	1.07	$	1.47	$	3.94	$	4.69
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
	Average common shares outstanding		98,489		102,825		98,879		104,793
	Common stock equivalents		336		536		204		718
	Adjusted weighted average diluted shares outstanding		98,825		103,361		99,083		105,511
Net income		$	105,129	$	151,570	$	390,016	$	491,693
Diluted earnings per share		$	1.06	$	1.47	$	3.94	$	4.66