Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Three and Nine Months Ended September 30, 2005 and 2004

(Amounts in thousands, except per share data)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2005		2004			2005		2004
Basic - assumes no dilution:
Net income (loss) for the period	$	1,021	$	(12,644	)	$	61,176	$	27,984
Weighted average number of common shares outstanding during the period		42,933		42,773			42,895		42,743
Net income (loss) per share – basic	$	0.02	$	(0.30	)	$	1.43	$	0.65
Diluted - assumes full dilution:
Net income (loss) for the period	$	1,021	$	(12,644	)	$	61,176	$	27,984
Interest expense, net of tax, on dilutive Senior Convertible Notes		—		—			2,054		2,054
Adjusted net income (loss) for the period	$	1,021	$	(12,644	)	$	63,230	$	30,038
Weighted average number of common shares outstanding during the period		42,933		42,773			42,895		42,743
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		227		—			134		49
Common stock units related to Deferred Equity Compensation Plan for Directors		188		—			188		156
Common stock units related to Deferred Compensation Plan for Employees		146		—			146		26
Restricted common stock units related to Incentive Compensation Plan		192		—			123		—
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		—		—			4,343		4,343
Total common and common equivalent shares adjusted to calculate diluted earnings per share		43,686		42,773			47,829		47,317
Net income (loss) per share – diluted	$	0.02	$	(0.30	)	$	1.32	$	0.63