EX-11 4 v398473_ex11.htm EXHIBIT 11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2014, 2013 and 2012

(Amounts in thousands, except per share data)

|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Basic: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 104,243 |  |  | $ | 110,893 |  |  | $ | 103,866 |
Weighted average number of common shares during the period |  |  | 41,646 |  |  |  | 40,377 |  |  |  | 39,514 |
Net income per share - basic |  | $ | 2.50 |  |  | $ | 2.75 |  |  | $ | 2.63 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 104,243 |  |  | $ | 110,893 |  |  | $ | 103,866 |
Weighted average number of common shares during the period |  |  | 41,646 |  |  |  | 40,377 |  |  |  | 39,514 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 137 |  |  |  | 211 |  |  |  | 222 |
Common stock units related to deferred compensation for Directors |  |  | - |  |  |  | - |  |  |  | 112 |
Common stock units related to deferred compensation for employees |  |  | 70 |  |  |  | 112 |  |  |  | 116 |
Restricted common stock units related to incentive compensation |  |  | 378 |  |  |  | 933 |  |  |  | 1,424 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share |  |  | 42,231 |  |  |  | 41,633 |  |  |  | 41,388 |
Net income per share – diluted |  | $ | 2.47 |  |  | $ | 2.66 |  |  | $ | 2.51 |
Percentage of dilution compared to basic net income per share |  |  | 1.2 | % |  |  | 3.3 | % |  |  | 4.6 | %