UIButton: how to center an image and a text using imageEdgeInsets and titleEdgeInsets?

For what it’s worth, here’s a general solution to positioning the image centered above the text without using any magic numbers. Note that the following code is outdated and you should probably use one of the updated versions below:

// the space between the image and text
CGFloat spacing = 6.0;

// lower the text and push it left so it appears centered 
//  below the image
CGSize imageSize = button.imageView.frame.size;
button.titleEdgeInsets = UIEdgeInsetsMake(
  0.0, - imageSize.width, - (imageSize.height + spacing), 0.0);

// raise the image and push it right so it appears centered
//  above the text
CGSize titleSize = button.titleLabel.frame.size;
button.imageEdgeInsets = UIEdgeInsetsMake(
  - (titleSize.height + spacing), 0.0, 0.0, - titleSize.width);

The following version contains changes to support iOS 7+ that have been recommended in comments below. I haven’t tested this code myself, so I’m not sure how well it works or whether it would break if used under previous versions of iOS.

// the space between the image and text
CGFloat spacing = 6.0;

// lower the text and push it left so it appears centered 
//  below the image
CGSize imageSize = button.imageView.image.size;
button.titleEdgeInsets = UIEdgeInsetsMake(
  0.0, - imageSize.width, - (imageSize.height + spacing), 0.0);

// raise the image and push it right so it appears centered
//  above the text
CGSize titleSize = [button.titleLabel.text sizeWithAttributes:@{NSFontAttributeName: button.titleLabel.font}];
button.imageEdgeInsets = UIEdgeInsetsMake(
  - (titleSize.height + spacing), 0.0, 0.0, - titleSize.width);

// increase the content height to avoid clipping
CGFloat edgeOffset = fabsf(titleSize.height - imageSize.height) / 2.0;
button.contentEdgeInsets = UIEdgeInsetsMake(edgeOffset, 0.0, edgeOffset, 0.0);

Swift 5.0 version

extension UIButton {
  func alignVertical(spacing: CGFloat = 6.0) {
    guard let imageSize = imageView?.image?.size,
      let text = titleLabel?.text,
      let font = titleLabel?.font
    else { return }

    titleEdgeInsets = UIEdgeInsets(
      top: 0.0,
      left: -imageSize.width,
      bottom: -(imageSize.height + spacing),
      right: 0.0
    )

    let titleSize = text.size(withAttributes: [.font: font])
    imageEdgeInsets = UIEdgeInsets(
      top: -(titleSize.height + spacing),
      left: 0.0,
      bottom: 0.0,
      right: -titleSize.width
    )

    let edgeOffset = abs(titleSize.height - imageSize.height) / 2.0
    contentEdgeInsets = UIEdgeInsets(
      top: edgeOffset,
      left: 0.0,
      bottom: edgeOffset,
      right: 0.0
    )
  }
}