Horace Mann Educators (HMN) 10-K 2011 FY Annual report

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2011, 2010 and 2009

(Amounts in thousands, except per share data)

	Year Ended December 31,
	2011			2010			2009
Basic - assumes no dilution:
Net income for the period	$	70,480		$	80,862		$	73,486
Weighted average number of common shares outstanding during the period		39,866			39,350			39,175
Net income per share - basic	$	1.77		$	2.05		$	1.88
Diluted - assumes full dilution:
Net income for the period	$	70,480		$	80,862		$	73,486
Weighted average number of common shares outstanding during the period		39,866			39,350			39,175
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		206			255			113
Common stock units related to deferred compensation for Directors		114			107			232
Common stock units related to deferred compensation for Employees		115			195			191
Restricted common stock units related to incentive compensation		1,136			1,106			821
Total common and common equivalent shares adjusted to calculate diluted earnings per share		41,437			41,013			40,532
Net income per share – diluted	$	1.70		$	1.97		$	1.81
Percentage of dilution compared to basic net income per share		4.0	%		3.9	%		3.7	%