EXHIBIT 11

Radian Group Inc.

Schedule of Net Income per Share

	Three Months Ended March 31
(In thousands, except per-share amounts and market prices)	2006		2005
Net income	$	163,698	$	115,612
Interest expense on convertible senior debentures (net of tax)		—		802
Net income available to common stockholders	$	163,698	$	116,414
Average diluted stock options outstanding		4,468.3		5,120.7
Average exercise price per share	$	43.12	$	36.70
Average market price per share—diluted basis	$	57.84	$	49.10
Average common shares outstanding		82,937		89,488
Increase in shares due to exercise of options—diluted basis		770		972
Increase in shares-contingently convertible debt		—		3,798
Adjusted shares outstanding—diluted		83,707		94,258
Net income per share—basic	$	1.97	$	1.29
Net income per share—diluted	$	1.96	$	1.24