Exhibit 11

Horace Mann Educators Corporation

Computation of Net Income (Loss) per Share (Unaudited)

For the Three and Nine Months Ended September 30, 2009 and 2008

(Amounts in thousands, except per share data)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2009		2008			2009		2008
Basic - assumes no dilution:
Net income (loss)	$	19,281	$	(30,808	)	$	51,316	$	(12,010	)
Weighted average number of common shares outstanding during the period		39,180		39,062			39,172		40,074
Net income (loss) per share – basic	$	0.49	$	(0.79	)	$	1.31	$	(0.30	)
Diluted - assumes full dilution:
Net income (loss)	$	19,281	$	(30,808	)	$	51,316	$	(12,010	)
Weighted average number of common shares outstanding during the period		39,180		39,062			39,172		40,074
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (1):
Stock options		164		-			86		-
Common stock units related to Deferred Equity Compensation Plan for Directors		225		-			225		-
Common stock units related to Deferred Compensation Plan for Employees		190		-			190		-
Restricted common stock units related to Incentive Compensation Plan		881		-			881		-
Total common and common equivalent shares adjusted to calculate diluted earnings per share		40,640		39,062			40,554		40,074
Net income (loss) per share – diluted	$	0.48	$	(0.79	)	$	1.27	$	(0.30	)

(1) As a result of the Company’s net losses for the three and nine months ended September 30, 2008, common equivalent shares were excluded from diluted shares due to their antidilutive effect for these periods.