Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three and Nine Months Ended September 30, 2007 and 2006

(Amounts in thousands, except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2007		2006		2007		2006
Basic - assumes no dilution:
Net income for the period	$	18,322	$	19,307	$	64,756	$	70,053
Weighted average number of common shares outstanding during the period		43,288		43,006		43,210		42,997
Net income per share – basic	$	0.42	$	0.45	$	1.50	$	1.63
Diluted - assumes full dilution:
Net income for the period	$	18,322	$	19,307	$	64,756	$	70,053
Interest expense, net of tax, on dilutive Senior Convertible Notes		—		200		279		1,149
Adjusted net income for the period	$	18,322	$	19,507	$	65,035	$	71,202
Weighted average number of common shares outstanding during the period		43,288		43,006		43,210		42,997
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		202		82		259		91
Common stock units related to Deferred Equity Compensation Plan for Directors		224		220		224		220
Common stock units related to Deferred Compensation Plan for Employees		218		149		218		149
Restricted common stock units related to Incentive Compensation Plan		336		262		336		262
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		—		1,283		593		2,304
Total common and common equivalent shares adjusted to calculate diluted earnings per share		44,268		45,002		44,840		46,023
Net income per share – diluted	$	0.41	$	0.43	$	1.45	$	1.55