Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Three and Six Months Ended June 30, 2000 and 1999
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
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2000 1999 2000 1999
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Basic - assumes no dilution:
Net income (loss) for the period $ 9,682 $10,422 $22,408 $27,473
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Weighted average number of common
shares outstanding during the period 40,913 41,131 41,034 41,467
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Net income (loss) per share - basic $ 0.24 $ 0.25 $ 0.55 $ 0.66
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Diluted - assumes full dilution:
Net income (loss) for the period $ 9,682 $10,422 $22,408 $27,473
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Weighted average number of common
shares outstanding during the period 40,913 41,131 41,034 41,467
Weighted average number of common
equivalent shares to reflect the dilutive
effect of common stock equivalent securities:
Stock options 67 365 79 362
Common stock units related to Deferred
Equity Compensation Plan for Directors 97 65 97 65
Common stock units related to Deferred
Compensation Plan for Employees 8 6 8 6
Warrants - 96 - 96
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Total common and common equivalent
shares adjusted to calculate diluted
earnings per share 41,085 41,663 41,218 41,996
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Net income (loss) per share - diluted $ 0.23 $ 0.25 $ 0.54 $ 0.65
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Percentage of dilution compared
to basic net income (loss) per share 4.2% 0.0% 1.8% 1.5%