EX-11 2 d269690dex11.htm EX-11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2011, 2010 and 2009

(Amounts in thousands, except per share data)

|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Basic - assumes no dilution: |  |  |  |  |  |  |  |  |  |  |  |
Net income for the period |  | $ | 70,480 |  |  | $ | 80,862 |  |  | $ | 73,486 |
Weighted average number of common shares outstanding during the period |  |  | 39,866 |  |  |  | 39,350 |  |  |  | 39,175 |
Net income per share - basic |  | $ | 1.77 |  |  | $ | 2.05 |  |  | $ | 1.88 |
Diluted - assumes full dilution: |  |  |  |  |  |  |  |  |  |  |  |
Net income for the period |  | $ | 70,480 |  |  | $ | 80,862 |  |  | $ | 73,486 |
Weighted average number of common shares outstanding during the period |  |  | 39,866 |  |  |  | 39,350 |  |  |  | 39,175 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 206 |  |  |  | 255 |  |  |  | 113 |
Common stock units related to deferred compensation for Directors |  |  | 114 |  |  |  | 107 |  |  |  | 232 |
Common stock units related to deferred compensation for Employees |  |  | 115 |  |  |  | 195 |  |  |  | 191 |
Restricted common stock units related to incentive compensation |  |  | 1,136 |  |  |  | 1,106 |  |  |  | 821 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share |  |  | 41,437 |  |  |  | 41,013 |  |  |  | 40,532 |
Net income per share – diluted |  | $ | 1.70 |  |  | $ | 1.97 |  |  | $ | 1.81 |
Percentage of dilution compared to basic net income per share |  |  | 4.0 | % |  |  | 3.9 | % |  |  | 3.7 | %