Attached files
Exhibit 11
Horace Mann Educators Corporation
Computation of Net Income per Share
For the Years Ended December 31, 2009, 2008 and 2007
(Amounts in thousands, except per share data)
| Year Ended December 31, | |||||||||||
| 2009 | 2008 | 2007 | |||||||||
| Basic - assumes no dilution: |
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| Net income for the period |
$ | 73,486 | $ | 10,917 | $ | 82,788 | |||||
| Weighted average number of common shares outstanding during the period |
39,175 | 39,820 | 43,145 | ||||||||
| Net income per share - basic |
$ | 1.88 | $ | 0.27 | $ | 1.92 | |||||
| Diluted - assumes full dilution: |
|||||||||||
| Net income for the period |
$ | 73,486 | $ | 10,917 | $ | 82,788 | |||||
| Interest expense, net of tax, on dilutive Senior Convertible Notes |
— | — | 279 | ||||||||
| Adjusted net income for the period |
$ | 73,486 | $ | 10,917 | $ | 83,067 | |||||
| Weighted average number of common shares outstanding during the period |
39,175 | 39,820 | 43,145 | ||||||||
| Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities: |
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| Stock options |
113 | 7 | 233 | ||||||||
| Common stock units related to Deferred Equity Compensation Plan for Directors |
232 | 254 | 228 | ||||||||
| Common stock units related to Deferred Compensation Plan for Employees |
191 | 215 | 219 | ||||||||
| Restricted common stock units related to Incentive Compensation Plan |
821 | 293 | 342 | ||||||||
| Weighted average number of common equivalent shares to reflect the dilutive effect of Senior Convertible Notes |
— | — | 444 | ||||||||
| Total common and common equivalent shares adjusted to calculate diluted earnings per share |
40,532 | 40,589 | 44,611 | ||||||||
| Net income per share – diluted |
$ | 1.81 | $ | 0.27 | $ | 1.86 | |||||
| Percentage of dilution compared to basic net income per share |
3.7 | % | — | 3.1 | % | ||||||