**Exhibit 11**

 

**NEENAH PAPER, INC. AND SUBSIDIARIES**

**STATEMENT REGARDING THE COMPUTATION OF**

**EARNINGS PER SHARE**

**(Dollars in millions, except share and per share amounts)**

** **
| ** **                                                                        | ** ** | **Year Ended December 31,** | ** ** |
|-----------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| ** **                                                                        | ** ** | **2010**                                   | ** ** | **2009** | ** ** | **2008** | ** ** |
| Income (loss) from   continuing operations                                        |       | $                                          | 25.0       |   | $ | (1.8 | ) | $ | (45.8 | ) |
| Distributed and   undistributed amounts allocated to participating securities (a) |       | (0.1                                       | )          | — |   | (0.1 | ) |
| Income (loss) from   continuing operations available to common stockholders       |       | 24.9                                       |       | (1.8 | ) | (45.9 | ) |
| Income (loss) from   discontinued operations, net of income taxes                 |       | 134.1                                      |       | 0.6 |   | (111.2 | ) |
| Distributed and   undistributed amounts allocated to participating securities (a) |       | (0.6                                       | )          | — |   | — |   |
| Net income (loss)   available to common stockholders                              |       | $                                          | 158.4      |   | $ | (1.2 | ) | $ | (157.1 | ) |
|                                                                              |       |                                       |       |   |   |   |   |
| Weighted-average   basic shares outstanding                                       |       | 14,744                                     |       | 14,655 |   | 14,642 |   |
| Add: Assumed   incremental shares under stock compensation plans                  |       | 768                                        |       | — |   | — |   |
| Assuming dilution                                                                 |       | 15,512                                     |       | 14,655 |   | 14,642 |   |
|                                                                              |       |                                       |       |   |   |   |   |
| **Earnings   (Loss) Per Common Share**                                            | ** ** | ** **                                 |       |   |   |   |   |
| Basic                                                                             |       |                                       |       |   |   |   |   |
| Continuing   operations                                                           |       | $                                          | 1.69       |   | $ | (0.12 | ) | $ | (3.14 | ) |
| Discontinued   operations                                                         |       | 9.05                                       |       | 0.04 |   | (7.59 | ) |
| ** **                                                                        |       | $                                          | 10.74      |   | $ | (0.08 | ) | $ | (10.73 | ) |
| Diluted                                                                           |       |                                       |       |   |   |   |   |
| Continuing   operations                                                           |       | $                                          | 1.61       |   | $ | (0.12 | ) | $ | (3.14 | ) |
| Discontinued   operations                                                         | ** ** | 8.60                                       |       | 0.04 |   | (7.59 | ) |
|                                                                              |       | $                                          | 10.21      |   | $ | (0.08 | ) | $ | (10.73 | ) |

 

----

(a)          In accordance with ASC Topic 260, for the years ended December 31, 2009 and 2008 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.

 

----