Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2004, 2003 and 2002

(Amounts in thousands, except per share data)

	Year Ended December 31,
	2004			2003			2002
Basic - assumes no dilution:
Net income for the period	$	56,313		$	18,975		$	11,333
Weighted average number of common shares outstanding during the period		42,762			42,713			40,941
Net income per share basic	$	1.32		$	0.44		$	0.28
Diluted - assumes full dilution:
Net income for the period	$	56,313		$	18,975		$	11,333
Interest expense, net of tax, on dilutive Senior Convertible Notes		2,737			—			—
Adjusted net income for the period	$	59,050		$	18,975		$	11,333
Weighted average number of common shares outstanding during the period		42,762			42,713			40,941
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		58			16			87
Common stock units related to Deferred Equity Compensation Plan for Directors		159			148			140
Common stock units related to Deferred Compensation Plan for Employees		25			27			31
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		4,343			—			—
Total common and common equivalent shares adjusted to calculate diluted earnings per share		47,347			42,904			41,199
Net income per share - diluted	$	1.25		$	0.44		$	0.28
Percentage of dilution compared to basic net income per share		5.3	%		0.0	%		0.0	%