Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share (Unaudited)

For the Three and Six Months Ended June 30, 2008 and 2007

(Amounts in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2008		2007		2008		2007
Basic - assumes no dilution:
Net income for the period	$	4,542	$	23,166	$	18,798	$	46,434
Weighted average number of common shares outstanding during the period		40,116		43,223		40,586		43,170
Net income per share – basic	$	0.11	$	0.54	$	0.46	$	1.08
Diluted - assumes full dilution:
Net income for the period	$	4,542	$	23,166	$	18,798	$	46,434
Interest expense, net of tax, on dilutive Senior Convertible Notes (1)		—		92		—		279
Adjusted net income for the period	$	4,542	$	23,258	$	18,798	$	46,713
Weighted average number of common shares outstanding during the period		40,116		43,223		40,586		43,170
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		32		352		43		293
Common stock units related to Deferred Equity Compensation Plan for Directors		237		217		237		217
Common stock units related to Deferred Compensation Plan for Employees		222		217		222		217
Restricted common stock units related to Incentive Compensation Plan		618		340		618		340
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes (1)		—		575		—		895
Total common and common equivalent shares adjusted to calculate diluted earnings per share		41,225		44,924		41,706		45,132
Net income per share – diluted	$	0.11	$	0.52	$	0.45	$	1.04

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