Horace Mann Educators (HMN) 10-Q 2012 Q2 Quarterly report

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income (Loss) per Share (Unaudited)

For the Three and Six Months Ended June 30, 2012 and 2011

(Amounts in thousands, except per share data)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2012		2011			2012		2011
			As Adjusted					As Adjusted
Basic – assumes no dilution:
Net income (loss)	$	13,103	$	(11,851	)	$	39,774	$	13,956
Weighted average number of common shares outstanding during the period		39,544		39,893			39,669		39,822
Net income (loss) per share – basic	$	0.33	$	(0.30	)	$	1.00	$	0.35
Diluted – assumes full dilution:
Net income (loss)	$	13,103	$	(11,851	)	$	39,774	$	13,956
Weighted average number of common shares outstanding during the period		39,544		39,893			39,669		39,822
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (1):
Stock options		229		—			214		267
Common stock units related to deferred compensation for Directors		115		—			115		111
Common stock units related to deferred compensation for Employees		117		—			117		113
Restricted common stock units related to incentive compensation		1,299		—			1,299		1,133
Total common and common equivalent shares adjusted to calculate diluted earnings per share		41,304		39,893			41,414		41,446
Net income (loss) per share – diluted	$	0.32	$	(0.30	)	$	0.96	$	0.34

(1) As a result of the Company’s net loss for the three months ended June 30, 2011, common equivalent shares are excluded from diluted shares due to their antidilutive effect for this period.