Exhibit 11

Horace Mann Educators Corporation

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

For the Three and Six Months Ended June 30, 2011 and 2010

(Amounts in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic – assumes no dilution:
Net income (loss)		$(11,817)		$22,981		$14,124		$45,584
Weighted average number of common shares outstanding during the period		39,893		39,263		39,822		39,235
Net income (loss) per share – basic		$    (0.30)		$    0.59		$    0.35		$    1.16
Diluted – assumes full dilution:
Net income (loss)		$(11,817)		$22,981		$14,124		$45,584
Weighted average number of common shares outstanding during the period		39,893		39,263		39,822		39,235
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (1):
Stock options		-		274		267		228
Common stock units related to deferred compensation for Directors		-		106		111		106
Common stock units related to deferred compensation for Employees		-		193		113		193
Restricted common stock units related to incentive compensation		-		1,093		1,133		1,093
Total common and common equivalent shares adjusted to calculate diluted earnings per share		39,893		40,929		41,446		40,855
Net income (loss) per share – diluted		$    (0.30)		$    0.56		$    0.34		$    1.12

(1) As a result of the Company’s net loss for the three months ended June 30, 2011, common equivalent shares are excluded from diluted shares due to their antidilutive effect for this period.