Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income per Share

For the Years Ended December 31, 2008, 2007 and 2006

(Amounts in thousands, except per share data)

	Year Ended December 31,
	2008		2007			2006
Basic - assumes no dilution:
Net income for the period	$	10,917	$	82,788		$	98,708
Weighted average number of common shares outstanding during the period		39,820		43,145			43,012
Net income per share - basic	$	0.27	$	1.92		$	2.29
Diluted - assumes full dilution:
Net income for the period	$	10,917	$	82,788		$	98,708
Interest expense, net of tax, on dilutive Senior Convertible Notes		—		279			1,336
Adjusted net income for the period	$	10,917	$	83,067		$	100,044
Weighted average number of common shares outstanding during the period		39,820		43,145			43,012
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities:
Stock options		7		233			114
Common stock units related to Deferred Equity Compensation Plan for Directors		254		228			214
Common stock units related to Deferred Compensation Plan for Employees		215		219			150
Restricted common stock units related to Incentive Compensation Plan		293		342			253
Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes		—		444			2,030
Total common and common equivalent shares adjusted to calculate diluted earnings per share		40,589		44,611			45,773
Net income per share – diluted	$	0.27	$	1.86		$	2.19
Percentage of dilution compared to basic net income per share		—		3.1	%		4.4	%