EXHIBIT 11

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
Three and Six Month Periods Ended June 30, 2006 and 2005

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2006		2005		2006		2005
	(In thousands of dollars, except per share data)
BASIC EARNINGS PER SHARE
Average common shares outstanding		85,668		92,594		86,122		93,930
Net income	$	149,839	$	174,357	$	313,292	$	356,370
Basic earnings per share	$	1.75	$	1.88	$	3.64	$	3.79
DILUTED EARNINGS PER SHARE
Adjusted weighted average shares outstanding:
Average common shares outstanding		85,668		92,594		86,122		93,930
Common stock equivalents		591		588		631		615
Adjusted weighted average diluted shares outstanding		86,259		93,182		86,753		94,545
Net income	$	149,839	$	174,357	$	313,292	$	356,370
Diluted earnings per share	$	1.74	$	1.87	$	3.61	$	3.77