Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Three and Six Months Ended June 30, 2004 and 2003

(Amounts in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2004		2003		2004		2003
Basic - assumes no dilution:
Net income for the period	$	18,937	$	2,083	$	40,628	$	10,182
Weighted average number of common shares outstanding during the period		42,732		42,707		42,727		42,704
Net income per share – basic	$	0.44	$	0.05	$	0.95	$	0.24
Diluted - assumes full dilution:
Net income for the period	$	18,937	$	2,083	$	40,628	$	10,182
Weighted average number of common shares outstanding during the period		42,732		42,707		42,727		42,704
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		58		25		46		13
Common stock units related to Deferred Equity Compensation Plan for Directors		151		139		151		139
Common stock units related to Deferred Compensation Plan for Employees		27		30		27		30
Total common and common equivalent shares adjusted to calculate diluted earnings per share		42,968		42,901		42,951		42,886
Net income per share – diluted	$	0.44	$	0.05	$	0.95	$	0.24