Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2015, 2014 and 2013
(Amounts in thousands, except per share data)
| Year Ended December 31, | |||||||||||||||
| 2015 | 2014 | 2013 | |||||||||||||
| Basic: | |||||||||||||||
| Net income | $ | 93,482 | $ | 104,243 | $ | 110,893 | |||||||||
| Weighted average number of common shares during the period | 41,915 | 41,646 | 40,377 | ||||||||||||
| Net income per share - basic | $ | 2.23 | $ | 2.50 | $ | 2.75 | |||||||||
| Diluted: | |||||||||||||||
| Net income | $ | 93,482 | $ | 104,243 | $ | 110,893 | |||||||||
| Weighted average number of common shares during the period | 41,915 | 41,646 | 40,377 | ||||||||||||
| Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: | 158 | 137 | 211 | ||||||||||||
| Stock options | |||||||||||||||
| Common stock units related to deferred compensation for employees | 55 | 70 | 112 | ||||||||||||
| Restricted common stock units related to incentive compensation | 297 | 378 | 933 | ||||||||||||
| Total common and common equivalent shares adjusted to calculate diluted earnings per share | 42,425 | 42,231 | 41,633 | ||||||||||||
| Net income per share – diluted | $ | 2.20 | $ | 2.47 | $ | 2.66 | |||||||||
| Percentage of dilution compared to basic net income per share | 1.3 | % | 1.2 | % | 3.3 | % | |||||||||