Horace Mann Educators (HMN) 10-Q 2006 Q1 Quarterly report

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Three Months Ended March 31, 2006 and 2005

(Amounts in thousands, except per share data)

	Three Months Ended March 31,
	2006		2005
Basic - assumes no dilution:
Net income for the period	$	23,246	$	26,648
Weighted average number of common shares outstanding during the period		42,987		42,865
Net income per share – basic	$	0.54	$	0.62
Diluted - assumes full dilution:
Net income for the period	$	23,246	$	26,648
Interest expense, net of tax, on dilutive Senior Convertible Notes		677		684
Adjusted net income for the period	$	23,923	$	27,332
Weighted average number of common shares outstanding during the period		42,987		42,865
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		163		128
Common stock units related to Deferred Equity Compensation Plan for Directors		194		162
Common stock units related to Deferred Compensation Plan for Employees		147		145
Restricted common stock units related to Incentive Compensation Plan		238		—
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		4,085		4,343
Total common and common equivalent shares adjusted to calculate diluted earnings per share		47,814		47,643
Net income per share – diluted	$	0.50	$	0.57