EX-11 5 dex11.txt STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Exhibit 11 Horace Mann Educators Corporation Computation of Net Income per Share For the Years Ended December 31, 2003, 2002 and 2001 (Amounts in thousands, except per share data) Year Ended December 31, ------------------------------------ 2003 2002 2001 ---------- ---------- ---------- Basic - assumes no dilution: Net income for the period............... $ 18,975 $ 11,333 $ 25,587 ---------- ---------- ---------- Weighted average number of common shares outstanding during the period... 42,713 40,941 40,617 ---------- ---------- ---------- Net income per share - basic............ $ 0.44 $ 0.28 $ 0.63 ========== ========== ========== Diluted - assumes full dilution: Net income for the period............... $ 18,975 $ 11,333 $ 25,587 ---------- ---------- ---------- Weighted average number of common shares outstanding during the period... 42,713 40,941 40,617 Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: Stock options........................ 16 87 125 Common stock units related to Deferred Equity Compensation Plan for Directors.................. 148 140 121 Common stock units related to Deferred Compensation Plan for Employees........................... 27 31 14 ---------- ---------- ---------- Total common and common equivalent shares adjusted to calculate diluted earnings per share............. 42,904 41,199 40,877 ---------- ---------- ---------- Net income per share - diluted.......... $ 0.44 $ 0.28 $ 0.63 ========== ========== ========== Percentage of dilution compared to basic net income per share............. 0.0% 0.0% 0.0%