Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Three and Nine Months Ended September 30, 2006 and 2005

(Amounts in thousands, except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2006		2005		2006		2005
Basic - assumes no dilution:
Net income for the period	$	19,307	$	1,021	$	70,053	$	61,176
Weighted average number of common shares outstanding during the period		43,006		42,933		42,997		42,895
Net income per share – basic	$	0.45	$	0.02	$	1.63	$	1.43
Diluted - assumes full dilution:
Net income for the period	$	19,307	$	1,021	$	70,053	$	61,176
Interest expense, net of tax, on dilutive Senior Convertible Notes		200		—		1,149		2,054
Adjusted net income for the period	$	19,507	$	1,021	$	71,202	$	63,230
Weighted average number of common shares outstanding during the period		43,006		42,933		42,997		42,895
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		82		227		91		134
Common stock units related to Deferred Equity Compensation Plan for Directors		220		188		220		188
Common stock units related to Deferred Compensation Plan for Employees		149		146		149		146
Restricted common stock units related to Incentive Compensation Plan		262		192		262		123
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		1,283		—		2,304		4,343
Total common and common equivalent shares adjusted to calculate diluted earnings per share		45,002		43,686		46,023		47,829
Net income per share – diluted	$	0.43	$	0.02	$	1.55	$	1.32