Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three Months Ended March 31, 2008 and 2007

(Amounts in thousands, except per share data)

	Three Months Ended March 31,
	2008		2007
Basic - assumes no dilution:
Net income for the period	$	14,256	$	23,268
Weighted average number of common shares outstanding during the period		41,055		43,118
Net income per share – basic	$	0.35	$	0.54
Diluted - assumes full dilution:
Net income for the period	$	14,256	$	23,268
Interest expense, net of tax, on dilutive Senior Convertible Notes (1)		—		187
Adjusted net income for the period	$	14,256	$	23,455
Weighted average number of common shares outstanding during the period		41,055		43,118
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		60		252
Common stock units related to Deferred Equity Compensation Plan for Directors		213		216
Common stock units related to Deferred Compensation Plan for Employees		220		216
Restricted common stock units related to Incentive Compensation Plan		598		376
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes (1)		—		1,218
Total common and common equivalent shares adjusted to calculate diluted earnings per share		42,146		45,396
Net income per share – diluted	$	0.34	$	0.52

(1) On May 14, 2007, the Company redeemed all remaining Senior Convertible Notes.