Horace Mann Educators (HMN) 10-K 2014 FY Annual report

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2014, 2013 and 2012

(Amounts in thousands, except per share data)

	Year Ended December 31,
	2014			2013			2012
Basic:
Net income	$	104,243		$	110,893		$	103,866
Weighted average number of common shares during the period		41,646			40,377			39,514
Net income per share - basic	$	2.50		$	2.75		$	2.63
Diluted:
Net income	$	104,243		$	110,893		$	103,866
Weighted average number of common shares during the period		41,646			40,377			39,514
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		137			211			222
Common stock units related to deferred compensation for Directors		-			-			112
Common stock units related to deferred compensation for employees		70			112			116
Restricted common stock units related to incentive compensation		378			933			1,424
Total common and common equivalent shares adjusted to calculate diluted earnings per share		42,231			41,633			41,388
Net income per share – diluted	$	2.47		$	2.66		$	2.51
Percentage of dilution compared to basic net income per share		1.2	%		3.3	%		4.6	%