EX-11 2 v448706_ex11.htm EXHIBIT 11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three and Nine Months Ended September 30, 2016 and 2015

(Amounts in thousands, except per share data)

|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 26,923 |  |  | $ | 21,984 |  |  | $ | 63,942 |  |  | $ | 72,442 |
Weighted average number of common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares during the period |  |  | 41,092 |  |  |  | 41,852 |  |  |  | 41,155 |  |  |  | 41,965 |
Net income per share – basic |  | $ | 0.66 |  |  | $ | 0.53 |  |  | $ | 1.55 |  |  | $ | 1.73 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 26,923 |  |  | $ | 21,984 |  |  | $ | 63,942 |  |  | $ | 72,442 |
Weighted average number of common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
shares during the period |  |  | 41,092 |  |  |  | 41,852 |  |  |  | 41,155 |  |  |  | 41,965 |
Weighted average number of common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
equivalent shares to reflect the dilutive effect |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of common stock equivalent securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 117 |  |  |  | 154 |  |  |  | 98 |  |  |  | 149 |
Common stock units related to deferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
compensation for employees |  |  | 55 |  |  |  | 57 |  |  |  | 55 |  |  |  | 57 |
Restricted common stock units related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to incentive compensation |  |  | 83 |  |  |  | 242 |  |  |  | 78 |  |  |  | 191 |
Total common and common equivalent shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
adjusted to calculate diluted earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
per share |  |  | 41,347 |  |  |  | 42,305 |  |  |  | 41,386 |  |  |  | 42,362 |
Net income per share – diluted |  | $ | 0.65 |  |  | $ | 0.52 |  |  | $ | 1.55 |  |  | $ | 1.71 |