Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Three Months Ended March 31, 1996 and 1995
(Amounts in thousands, except per share data)
Three Months Ended March 31,
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1996 1995
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Primary - reported:
Weighted average number of common shares
outstanding during the period 23,424 28,960
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Net income for the period $15,433 $17,116
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Net income per share - assuming no dilution $ 0.66 $ 0.59
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Primary:
Weighted average number of common shares
outstanding during the period 23,424 28,960
Weighted average number of common equivalent
shares to reflect the dilutive effect of
common stock equivalent securities:
Warrants 117 107
Stock options 324 147
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Total common and common equivalent shares 23,865 29,214
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Net income per share $ 0.65 $ 0.59
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Percentage of dilution compared to reported
net income per share 1.5% 0.0%
Fully diluted:
Weighted average number of common shares
outstanding during the period 23,424 28,960
Weighted average number of common equivalent
shares to reflect the dilutive effect of
common stock equivalent securities:
Warrants 117 107
Stock options 324 147
Weighted average number of common equivalent
shares to reflect the dilutive effect of
convertible notes - 2,857
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Total common and common equivalent shares
adjusted to calculate fully diluted
earnings per share 23,865 32,071
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Net income for the period $15,433 $17,116
Interest expense, net of tax,
on convertible notes - 1,006
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Adjusted net income for the period $15,433 $18,122
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Net income per share -
assuming full dilution $ 0.65 $ 0.57
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Percentage of dilution compared to
reported net income per share 1.5% 3.4%