EX-11 5 v381762_ex11.htm EXHIBIT 11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three and Six Months Ended June 30, 2014 and 2013

(Amounts in thousands, except per share data)

|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 20,452 |  |  | $ | 25,995 |  |  | $ | 48,818 |  |  | $ | 53,007 |
Weighted average number of common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares during the period |  |  | 41,432 |  |  |  | 39,768 |  |  |  | 41,343 |  |  |  | 39,648 |
Net income per share – basic |  | $ | 0.49 |  |  | $ | 0.65 |  |  | $ | 1.18 |  |  | $ | 1.34 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 20,452 |  |  | $ | 25,995 |  |  | $ | 48,818 |  |  | $ | 53,007 |
Weighted average number of common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares during the period |  |  | 41,432 |  |  |  | 39,768 |  |  |  | 41,343 |  |  |  | 39,648 |
Weighted average number of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
common equivalent shares to reflect |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
the dilutive effect of common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock equivalent securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 146 |  |  |  | 420 |  |  |  | 141 |  |  |  | 378 |
Common stock units related to deferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
compensation for Directors |  |  | - |  |  |  | 117 |  |  |  | - |  |  |  | 117 |
Common stock units related to deferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
compensation for Employees |  |  | 110 |  |  |  | 112 |  |  |  | 110 |  |  |  | 112 |
Restricted common stock units related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to incentive compensation |  |  | 622 |  |  |  | 978 |  |  |  | 619 |  |  |  | 964 |
Total common and common equivalent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares adjusted to calculate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
diluted earnings per share |  |  | 42,310 |  |  |  | 41,395 |  |  |  | 42,213 |  |  |  | 41,219 |
Net income per share – diluted |  | $ | 0.48 |  |  | $ | 0.63 |  |  | $ | 1.16 |  |  | $ | 1.29 |