Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2003, 2002 and 2001
(Amounts in thousands, except per share data)
Year Ended December 31,
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2003 2002 2001
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Basic - assumes no dilution:
Net income for the period............... $ 18,975 $ 11,333 $ 25,587
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Weighted average number of common
shares outstanding during the period... 42,713 40,941 40,617
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Net income per share - basic............ $ 0.44 $ 0.28 $ 0.63
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Diluted - assumes full dilution:
Net income for the period............... $ 18,975 $ 11,333 $ 25,587
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Weighted average number of common
shares outstanding during the period... 42,713 40,941 40,617
Weighted average number of common
equivalent shares to reflect the
dilutive effect of common stock
equivalent securities:
Stock options........................ 16 87 125
Common stock units related to
Deferred Equity Compensation
Plan for Directors.................. 148 140 121
Common stock units related to
Deferred Compensation Plan for
Employees........................... 27 31 14
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Total common and common equivalent
shares adjusted to calculate
diluted earnings per share............. 42,904 41,199 40,877
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Net income per share - diluted.......... $ 0.44 $ 0.28 $ 0.63
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Percentage of dilution compared to
basic net income per share............. 0.0% 0.0% 0.0%