Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Three and Six Months Ended June 30, 2006 and 2005

(Amounts in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2006		2005		2006		2005
Basic - assumes no dilution:
Net income for the period	$	27,500	$	33,507	$	50,746	$	60,155
Weighted average number of common shares outstanding during the period		42,999		42,886		42,993		42,876
Net income per share – basic	$	0.64	$	0.78	$	1.18	$	1.40
Diluted - assumes full dilution:
Net income for the period	$	27,500	$	33,507	$	50,746	$	60,155
Interest expense, net of tax, on dilutive Senior Convertible Notes		272		685		949		1,369
Adjusted net income for the period	$	27,772	$	34,192	$	51,695	$	61,524
Weighted average number of common shares outstanding during the period		42,999		42,886		42,993		42,876
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		59		84		100		101
Common stock units related to Deferred Equity Compensation Plan for Directors		214		184		214		184
Common stock units related to Deferred Compensation Plan for Employees		148		146		148		146
Restricted common stock units related to Incentive Compensation Plan		254		189		254		119
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		1,576		4,343		2,823		4,343
Total common and common equivalent shares adjusted to calculate diluted earnings per share		45,250		47,832		46,532		47,769
Net income per share – diluted	$	0.61	$	0.72	$	1.11	$	1.29