Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Three Months Ended March 31, 1999 and 1998
(Amounts in thousands, except per share data)
Three Months Ended
March 31,
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1999 1998
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Basic - assumes no dilution:
Net income for the period $17,051 $22,459
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Weighted average number of common
shares outstanding during the period 41,806 44,176
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Net income per share - basic $ 0.41 $ 0.51
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Diluted - assumes full dilution:
Net income for the period $17,051 $22,459
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Weighted average number of common
shares outstanding during the period 41,806 44,176
Weighted average number of common
equivalent shares to reflect the dilutive
effect of common stock equivalent securities:
Warrants 96 259
Stock options 360 492
Common stock units related to Deferred
Equity Compensation Plan for Directors 51 34
Common stock units related to Deferred
Compensation Plan for Employees 6 -
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Total common and common equivalent shares
adjusted to calculate diluted earnings per share 42,319 44,961
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Net income per share - diluted $ 0.40 $ 0.50
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Percentage of dilution compared
to basic net income per share 2.4% 2.0%