EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three Months Ended March 31,2007 and 2006

	Three Months Ended
	March 31,
	2007		2006
	(In thousands of dollars)
BASIC EARNINGS PER SHARE
Average common shares outstanding		81,890		86,577
Net income	$	92,363	$	163,453
Basic earnings per share	$	1.13	$	1.89
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
Average common shares outstanding		81,890		86,577
Common stock equivalents		464		650
Adjusted weighted average diluted shares outstanding		82,354		87,227
Net income	$	92,363	$	163,453
Diluted earnings per share	$	1.12	$	1.87