Horace Mann Educators (HMN) 10-K 2018 FY Annual report

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2018, 2017 and 2016

(Amounts in thousands, except per share data)

	Year Ended December 31,
	2018			2017			2016
Basic:
Net income	$	18,343		$	169,459		$	83,765
Weighted average number of common shares during the period	41,570			41,365			41,158
Net income per share - basic	$	0.44		$	4.10		$	2.04
Diluted:
Net income	$	18,343		$	169,459		$	83,765
Weighted average number of common shares during the period	41,570			41,365			41,158
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options	100			112			100
Common stock units related to deferred compensation for employees	25			25			52
Restricted common stock units related to incentive compensation	199			63			166
Total common and common equivalent shares adjusted to calculate diluted earnings per share	41,894			41,565			41,476
Net income per share – diluted	$	0.44		$	4.08		$	2.02
Percentage of dilution compared to basic net income per share	—		%	0.5		%	1.0		%