Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2000, 1999 and 1998
(Amounts in thousands, except per share data)
Year Ended December 31,
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2000 1999 1998
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Basic - assumes no dilution:
Net income for the period $20,841 $44,505 $85,312
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Weighted average number of common
shares outstanding during the period 40,782 41,246 43,239
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Net income per share - basic $ 0.51 $ 1.08 $ 1.97
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Diluted - assumes full dilution:
Net income for the period $20,841 $44,505 $85,312
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Weighted average number of common
shares outstanding during the period 40,782 41,246 43,239
Weighted average number of common
equivalent shares to reflect the dilutive
effect of common stock equivalent securities:
Stock options 62 387 451
Common stock units related to Deferred
Equity Compensation Plan for Directors 114 69 49
Common stock units related to Deferred
Compensation Plan for Employees 9 6 1
Warrants - - 98
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Total common and common equivalent
shares adjusted to calculate diluted
earnings per share 40,967 41,708 43,838
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Net income per share - diluted $ 0.51 $ 1.07 $ 1.95
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Percentage of dilution compared to
basic net income per share 0.0% 0.9% 1.0%