EX-11 2 d398235dex11.htm EX-11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three and Nine Months Ended September 30, 2012 and 2011

(Amounts in thousands, except per share data)

|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  |  |  |  | As Adjusted |  |  |  |  |  | As Adjusted |
Basic – assumes no dilution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 32,266 |  |  | $ | 23,637 |  |  | $ | 72,040 |  |  | $ | 37,593 |
Weighted average number of common shares outstanding during the period |  |  | 39,381 |  |  |  | 39,919 |  |  |  | 39,572 |  |  |  | 39,854 |
Net income per share – basic |  | $ | 0.82 |  |  | $ | 0.59 |  |  | $ | 1.82 |  |  | $ | 0.94 |
Diluted – assumes full dilution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 32,266 |  |  | $ | 23,637 |  |  | $ | 72,040 |  |  | $ | 37,593 |
Weighted average number of common shares outstanding during the period |  |  | 39,381 |  |  |  | 39,919 |  |  |  | 39,572 |  |  |  | 39,854 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 244 |  |  |  | 162 |  |  |  | 210 |  |  |  | 231 |
Common stock units related to deferred compensation for Directors |  |  | 111 |  |  |  | 112 |  |  |  | 111 |  |  |  | 112 |
Common stock units related to deferred compensation for Employees |  |  | 117 |  |  |  | 114 |  |  |  | 117 |  |  |  | 114 |
Restricted common stock units related to incentive compensation |  |  | 1,285 |  |  |  | 1,144 |  |  |  | 1,285 |  |  |  | 1,144 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share |  |  | 41,138 |  |  |  | 41,451 |  |  |  | 41,295 |  |  |  | 41,455 |
Net income per share – diluted |  | $ | 0.78 |  |  | $ | 0.57 |  |  | $ | 1.74 |  |  | $ | 0.91 |