EXHIBIT 11

Radian Group Inc.

Schedule of Net (Loss) Income per Share

	Three Months Ended September 30					Nine Months Ended September 30
(In thousands, except per-share amounts and market prices)	2008		2007			2008			2007
Net (loss) income	$	36,699	$	(703,864	)	$	(160,187	)	$	(569,314	)
Average diluted stock options outstanding		471.8		—			—			—
Average exercise price per share	$	2.48	$	—		$	—		$	—
Average market price per share—diluted basis	$	3.04	$	—		$	—		$	—
Average common shares outstanding		79,960		79,800			79,603			79,467
Increase in share due to exercise of options—diluted basis (1)		511		—			—			—
Adjusted shares outstanding—diluted		80,471		79,800			79,603			79,467
Net (loss) income per share—basic	$	0.46	$	(8.82	)	$	(2.01	)	$	(7.16	)
Net (loss) income per share—diluted	$	0.46	$	(8.82	)	$	(2.01	)	$	(7.16	)

(1) As a result of our net loss for the nine month period ended September 30, 2008, 5,235,491 share equivalents issued under our stock-based compensation plans were not included in the calculation of diluted earnings per share because they were anti-dilutive. For the three months ended September 30, 2008, 4,082,849 share equivalents were not included in the calculation of diluted earnings per share because they were anti-dilutive.