Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2001, 2000 1999
(Amounts in thousands, except per share data)
Year Ended December 31,
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2001 2000 1999
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Basic - assumes no dilution:
Net income for the period $ 25,587 $ 20,841 $ 44,505
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Weighted average number of common
shares outstanding during the period 40,617 40,782 41,246
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Net income per share - basic $ 0.63 $ 0.51 $ 1.08
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Diluted - assumes full dilution:
Net income for the period $ 25,587 $ 20,841 $ 44,505
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Weighted average number of common
shares outstanding during the period 40,617 40,782 41,246
Weighted average number of common
equivalent shares to reflect the dilutive
effect of common stock equivalent securities:
Stock options 125 62 387
Common stock units related to Deferred
Equity Compensation Plan for Directors 121 114 69
Common stock units related to Deferred
Compensation Plan for Employees 14 9 6
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Total common and common equivalent
shares adjusted to calculate diluted
earnings per share 40,877 40,967 41,708
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Net income per share - diluted $ 0.63 $ 0.51 $ 1.07
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Percentage of dilution compared to
basic net income per share 0.0% 0.0% 0.9%