EX-11 2 v456891_ex11.htm EXHIBIT 11

Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2016, 2015 and 2014

(Amounts in thousands, except per share data)

		Year Ended December 31,
			2016				2015				2014
Basic:
Net income		$	83,765			$	93,482			$	104,243
Weighted average number of common shares during the period			41,158				41,915				41,646
Net income per share - basic		$	2.04			$	2.23			$	2.50
Diluted:
Net income		$	83,765			$	93,482			$	104,243
Weighted average number of common shares during the period			41,158				41,915				41,646
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options			100				158				137
Common stock units related to deferred compensation for employees			52				55				70
Restricted common stock units related to incentive compensation			166				297				378
Total common and common equivalent shares adjusted to calculate diluted earnings per share			41,476				42,425				42,231
Net income per share – diluted		$	2.02			$	2.20			$	2.47
Percentage of dilution compared to basic net income per share			1.0	%			1.3	%			1.2	%