Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income (Loss) per Share

For the Three and Nine Months Ended September 30, 2004 and 2003

(Amounts in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2004			2003			2004		2003
Basic - assumes no dilution:
Net income (loss) for the period	$	(12,644	)	$	(14,266	)	$	27,984	$	(4,084	)
Weighted average number of common shares outstanding during the period		42,773			42,722			42,743		42,710
Net income (loss) per share – basic	$	(0.30	)	$	(0.34	)	$	0.65	$	(0.10	)
Diluted - assumes full dilution:
Net income (loss) for the period	$	(12,644	)	$	(14,266	)	$	27,984	$	(4,084	)
Weighted average number of common shares outstanding during the period		42,773			42,722			42,743		42,710
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		67			39			49		20
Common stock units related to Deferred Equity Compensation Plan for Directors		156			143			156		143
Common stock units related to Deferred Compensation Plan for Employees		26			29			26		29
Total common and common equivalent shares adjusted to calculate diluted earnings per share		43,022			42,933			42,974		42,902
Net income (loss) per share – diluted	$	(0.30	)	$	(0.34	)	$	0.65	$	(0.10	)