Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2002, 2001 and 2000
(Amounts in thousands, except per share data)
Year Ended December 31,
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2002 2001 2000
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Basic - assumes no dilution:
Net income for the period $11,333 $25,587 $20,841
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Weighted average number of common
shares outstanding during the period 40,941 40,617 40,782
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Net income per share - basic $ 0.28 $ 0.63 $ 0.51
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Diluted - assumes full dilution:
Net income for the period $11,333 $25,587 $20,841
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Weighted average number of common
shares outstanding during the period 40,941 40,617 40,782
Weighted average number of common
equivalent shares to reflect the dilutive
effect of common stock equivalent securities:
Stock options 87 125 62
Common stock units related to Deferred
Equity Compensation Plan for Directors 140 121 114
Common stock units related to Deferred
Compensation Plan for Employees 31 14 9
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Total common and common equivalent
shares adjusted to calculate diluted
earnings per share 41,199 40,877 40,967
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Net income per share - diluted $ 0.28 $ 0.63 $ 0.51
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Percentage of dilution compared to
basic net income per share 0.0% 0.0% 0.0%