Exhibit 11
                       Horace Mann Educators Corporation
                      Computation of Net Income per Share
              For the Three Months Ended March 31, 1998 and 1997
                 (Amounts in thousands, except per share data)


                                                                             Three Months Ended
                                                                                 March 31,
                                                                              1998       1997
                                                                             -------    -------
                                                                                  
Basic - assumes no dilution:

Net income for the period                                                    $22,459    $19,400
                                                                             -------    -------

Weighted average number of common
  shares outstanding during the period                                        44,176     47,330
                                                                             -------    -------

Net income per share - basic                                                 $  0.51    $  0.41
                                                                             =======    =======

Diluted - assumes full dilution:

Net income for the period                                                    $22,459    $19,400
                                                                             -------    -------

Weighted average number of common
  shares outstanding during the period                                        44,176     47,330
Weighted average number of common equivalent shares to
  reflect the dilutive effect of common stock equivalent securities:
     Warrants                                                                    259        246
     Stock options                                                               492        449
     Common stock units related to Deferred
       Equity Compensation Plan for Directors                                     34         20
                                                                             -------    -------

Total common and common equivalent shares
  adjusted to calculate diluted earnings per share                            44,961     48,045
                                                                             -------    -------

Net income per share - diluted                                               $  0.50    $  0.40
                                                                             =======    =======

Percentage of dilution compared to basic net income per share                    2.0%       2.4%