Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income (Loss) per Share
For the Three and Nine Months Ended September 30, 2004 and 2003
(Amounts in thousands, except per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||
Basic - assumes no dilution: | |||||||||||||||
Net income (loss) for the period | $ | (12,644 | ) | $ | (14,266 | ) | $ | 27,984 | $ | (4,084 | ) | ||||
Weighted average number of common shares outstanding during the period | 42,773 | 42,722 | 42,743 | 42,710 | |||||||||||
Net income (loss) per share – basic | $ | (0.30 | ) | $ | (0.34 | ) | $ | 0.65 | $ | (0.10 | ) | ||||
Diluted - assumes full dilution: | |||||||||||||||
Net income (loss) for the period | $ | (12,644 | ) | $ | (14,266 | ) | $ | 27,984 | $ | (4,084 | ) | ||||
Weighted average number of common shares outstanding during the period | 42,773 | 42,722 | 42,743 | 42,710 | |||||||||||
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: | |||||||||||||||
Stock options | 67 | 39 | 49 | 20 | |||||||||||
Common stock units related to Deferred Equity Compensation Plan for Directors | 156 | 143 | 156 | 143 | |||||||||||
Common stock units related to Deferred Compensation Plan for Employees | 26 | 29 | 26 | 29 | |||||||||||
Total common and common equivalent shares adjusted to calculate diluted earnings per share | 43,022 | 42,933 | 42,974 | 42,902 | |||||||||||
Net income (loss) per share – diluted | $ | (0.30 | ) | $ | (0.34 | ) | $ | 0.65 | $ | (0.10 | ) | ||||