EX-11 3 dex11.txt COMPUTATION OF NET INCOME PER SHARE Exhibit 11 Horace Mann Educators Corporation Computation of Net Income per Share For the Three Months Ended March 31, 2004 and 2003 (Amounts in thousands, except per share data) Three Months Ended March 31, ----------------------- 2004 2003 ---------- ---------- Basic - assumes no dilution: Net income for the period............................. $ 21,691 $ 8,099 ---------- ---------- Weighted average number of common shares outstanding during the period.................................... 42,722 42,700 ---------- ---------- Net income per share - basic.......................... $ 0.51 $ 0.19 ========== ========== Diluted - assumes full dilution: Net income for the period............................. $ 21,691 $ 8,099 ---------- ---------- Weighted average number of common shares outstanding during the period.................................... 42,722 42,700 Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: Stock options...................................... 34 5 Common stock units related to Deferred Equity Compensation Plan for Directors................... 151 134 Common stock units related to Deferred Compensation Plan for Employees................... 27 30 ---------- ---------- Total common and common equivalent shares adjusted to calculate diluted earnings per share................. 42,934 42,869 ---------- ---------- Net income per share - diluted........................ $ 0.51 $ 0.19 ========== ==========