EX-11 3 a2207644zex-11.htm EX-11
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Exhibit 11

NEENAH PAPER, INC. AND SUBSIDIARIES
STATEMENT REGARDING THE COMPUTATION OF
EARNINGS PER SHARE
(Dollars in millions, except share and per share amounts)

Earnings (loss) per basic common share

 
   Year Ended December 31,  
 
   2011   2010   2009  

Income (loss) from continuing operations

   $ 29.3   $ 25.0   $ (1.8 )

Distributed and undistributed amounts allocated to participating securities (a)

     (0.7 )   (0.1 )   —  
               

Income (loss) from continuing operations available to common stockholders

     28.6     24.9     (1.8 )

Income (loss) from discontinued operations, net of income taxes

     (0.2 )   134.1     0.6  

Distributed and undistributed amounts allocated to participating securities (a)

     —     (0.6 )   —  
               

Net income (loss) available to common stockholders

   $ 28.4   $ 158.4   $ (1.2 )
               

Weighted-average basic shares outstanding

     14,974     14,744     14,655  
               

Basic earnings per share

                    

Continuing operations

   $ 1.91   $ 1.69   $ (0.12 )

Discontinued operations

     (0.01 )   9.05     0.04  
               

  $ 1.90   $ 10.74   $ (0.08 )
               

Earnings (loss) per diluted common share

 
   Year Ended December 31,  
 
   2011   2010   2009  

Income (loss) from continuing operations

   $ 29.3   $ 25.0   $ (1.8 )

Distributed and undistributed amounts allocated to participating securities (a)

     (0.8 )   (0.1 )   —  
               

Income (loss) from continuing operations available to common stockholders

     28.5     24.9     (1.8 )

Income (loss) from discontinued operations, net of income taxes

     (0.2 )   134.1     0.6  

Distributed and undistributed amounts allocated to participating securities (a)

     —     (0.6 )   —  
               

Net income (loss) available to common stockholders

   $ 28.3   $ 158.4   $ (1.2 )
               

Weighted-average basic shares outstanding

     14,974     14,744     14,655  

Add: Assumed incremental shares under stock compensation plans

     675     768     —  
               

Weighted average diluted shares

     15,649     15,512     14,655  
               

Earnings (Loss) Per Common Share

                    

Diluted earnings per share

                    

Continuing operations

   $ 1.82   $ 1.61   $ (0.12 )

Discontinued operations

     (0.01 )   8.60     0.04  
               

  $ 1.81   $ 10.21   $ (0.08 )
               
(a)
In accordance with ASC Topic 260, for the years ended December 31, 2009 undistributed losses have been entirely allocated to common stockholders due to the fact that the holders of participating securities are not contractually obligated to share in the losses of the Company.



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