Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2005, 2004 and 2003

(Amounts in thousands, except per share data)

	Year Ended December 31,
	2005			2004			2003
Basic - assumes no dilution:
Net income for the period	$	77,273		$	56,313		$	18,975
Weighted average number of common shares outstanding during the period		42,913			42,762			42,713
Net income per share - basic	$	1.80		$	1.32		$	0.44
Diluted - assumes full dilution:
Net income for the period	$	77,273		$	56,313		$	18,975
Interest expense, net of tax, on dilutive Senior Convertible Notes		2,737			2,737			—
Adjusted net income for the period	$	80,010		$	59,050		$	18,975
Weighted average number of common shares outstanding during the period		42,913			42,762			42,713
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		136			58			16
Common stock units related to Deferred Equity Compensation Plan for Directors		192			159			148
Common stock units related to Deferred Compensation Plan for Employees		146			25			27
Restricted common stock units related to Incentive Compensation Plan		155			—			—
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		47,885			47,347			42,904
Net income per share - diluted	$	1.67		$	1.25		$	0.44
Percentage of dilution compared to basic net income per share		7.2	%		5.3	%		0.0	%