EX-11 3 d343761dex11.htm EX-11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income (Loss) per Share (Unaudited)

For the Three and Six Months Ended June 30, 2012 and 2011

(Amounts in thousands, except per share data)

|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  |  |  |  | As Adjusted |  |  |  |  |  | As Adjusted |
Basic – assumes no dilution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 13,103 |  |  | $ | (11,851 | ) |  | $ | 39,774 |  |  | $ | 13,956 |
Weighted average number of common shares outstanding during the period |  |  | 39,544 |  |  |  | 39,893 |  |  |  | 39,669 |  |  |  | 39,822 |
Net income (loss) per share – basic |  | $ | 0.33 |  |  | $ | (0.30 | ) |  | $ | 1.00 |  |  | $ | 0.35 |
Diluted – assumes full dilution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 13,103 |  |  | $ | (11,851 | ) |  | $ | 39,774 |  |  | $ | 13,956 |
Weighted average number of common shares outstanding during the period |  |  | 39,544 |  |  |  | 39,893 |  |  |  | 39,669 |  |  |  | 39,822 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 229 |  |  |  | — |  |  |  | 214 |  |  |  | 267 |
Common stock units related to deferred compensation for Directors |  |  | 115 |  |  |  | — |  |  |  | 115 |  |  |  | 111 |
Common stock units related to deferred compensation for Employees |  |  | 117 |  |  |  | — |  |  |  | 117 |  |  |  | 113 |
Restricted common stock units related to incentive compensation |  |  | 1,299 |  |  |  | — |  |  |  | 1,299 |  |  |  | 1,133 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share |  |  | 41,304 |  |  |  | 39,893 |  |  |  | 41,414 |  |  |  | 41,446 |
Net income (loss) per share – diluted |  | $ | 0.32 |  |  | $ | (0.30 | ) |  | $ | 0.96 |  |  | $ | 0.34 |

(1) | As a result of the Company’s net loss for the three months ended June 30, 2011, common equivalent shares are excluded from diluted shares due to their antidilutive effect for this period.