Horace Mann Educators (HMN) 10-Q 2011 Q3 Quarterly report

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three and Nine Months Ended September 30, 2011 and 2010

(Amounts in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Basic – assumes no dilution:
Net income		$	23,128		$	20,166		$	37,252		$	65,750
Weighted average number of common shares outstanding during the period			39,919			39,411			39,854			39,294
Net income per share – basic		$	0.58		$	0.51		$	0.93		$	1.67
Diluted – assumes full dilution:
Net income		$	23,128		$	20,166		$	37,252		$	65,750
Weighted average number of common shares outstanding during the period			39,919			39,411			39,854			39,294
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options			162			304			231			253
Common stock units related to deferred compensation for Directors			112			106			112			106
Common stock units related to deferred compensation for Employees			114			194			114			194
Restricted common stock units related to incentive compensation			1,144			1,100			1,144			1,100
Total common and common equivalent shares adjusted to calculate diluted earnings per share			41,451			41,115			41,455			40,947
Net income per share – diluted		$	0.56		$	0.49		$	0.90		$	1.61