Exhibit 11

                       Horace Mann Educators Corporation
                      Computation of Net Income per Share
              For the Three Months Ended March 31, 2000 and 1999
                 (Amounts in thousands, except per share data)



                                                          Three Months Ended
                                                              March 31,
                                                         --------------------
                                                           2000         1999
                                                         -------      -------
                                                                
Basic - assumes no dilution:

Net income (loss) for the period                         $12,726      $17,051
                                                         -------      -------
Weighted average number of common
 shares outstanding during the period                     41,156       41,806
                                                         -------      -------

Net income (loss) per share - basic                      $  0.31      $  0.41
                                                         =======      =======


Diluted - assumes full dilution:

Net income (loss) for the period                         $12,726      $17,051
                                                         -------      -------

Weighted average number of common
   shares outstanding during the period                   41,156       41,806
Weighted average number of common
   equivalent shares to reflect the dilutive
   effect of common stock equivalent securities:
     Stock options                                            88          360
     Common stock units related to Deferred
       Equity Compensation Plan for Directors                 73           51
     Common stock units related to Deferred
       Compensation Plan for Employees                         8            6
     Warrants                                                  -           96
                                                         -------      -------
Total common and common equivalent shares
   adjusted to calculate diluted earnings per share       41,325       42,319
                                                         -------      -------

Net income (loss) per share - diluted                    $  0.31      $  0.40
                                                         =======      =======

Percentage of dilution compared
   to basic net income (loss) per share                        -          2.4%