Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2016, 2015 and 2014
(Amounts in thousands, except per share data)
| Year Ended December 31, | ||||||||||||
| 2016 | 2015 | 2014 | ||||||||||
| Basic: | ||||||||||||
| Net income | $ | 83,765 | $ | 93,482 | $ | 104,243 | ||||||
| Weighted average number of common shares during the period | 41,158 | 41,915 | 41,646 | |||||||||
| Net income per share - basic | $ | 2.04 | $ | 2.23 | $ | 2.50 | ||||||
| Diluted: | ||||||||||||
| Net income | $ | 83,765 | $ | 93,482 | $ | 104,243 | ||||||
| Weighted average number of common shares during the period | 41,158 | 41,915 | 41,646 | |||||||||
| Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: | ||||||||||||
| Stock options | 100 | 158 | 137 | |||||||||
| Common stock units related to deferred compensation for employees | 52 | 55 | 70 | |||||||||
| Restricted common stock units related to incentive compensation | 166 | 297 | 378 | |||||||||
| Total common and common equivalent shares adjusted to calculate diluted earnings per share | 41,476 | 42,425 | 42,231 | |||||||||
| Net income per share – diluted | $ | 2.02 | $ | 2.20 | $ | 2.47 | ||||||
| Percentage of dilution compared to basic net income per share | 1.0 | % | 1.3 | % | 1.2 | % | ||||||