**Exhibit 11**

 

**NEENAH PAPER, INC. AND SUBSIDIARIES**

**STATEMENT REGARDING THE COMPUTATION OF**

**EARNINGS PER SHARE**

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

 
| ** **                                                                             | ** ** | **Year Ended December 31,** | ** ** |
|----------------------------------------------------------------------------------------|------------|----------------------------------|------------|
| ** **                                                                             | ** ** | **2009**                         | ** ** | **2008** | ** ** | **2007** | ** ** |
| Income (loss) from continuing operations                                               |       | $                                | (1.8       | ) | $ | (47.3 | ) | $ | 32.2 |   |
| Less: Distributed and undistributed amounts  allocated to participating securities (a) |       | —                           |       | 0.1 |   | 0.3 |   |
| Income (loss) from continuing operations available  to common stockholders             |       | (1.8                             | )          | (47.4 | ) | 31.9 |   |
| Income (loss) from discontinued operations, net of  income taxes                       |       | 0.6                              |       | (111.2 | ) | (22.0 | ) |
| Net income (loss) available to common stockholders                                     |       | $                                | (1.2       | ) | $ | (158.6 | ) | $ | 9.9 |   |
|                                                                                   |       |                             |       |   |   |   |   |
| Weighted-average basic shares outstanding                                              |       | 14,655                           |       | 14,642 |   | 14,874 |   |
| Add: Assumed incremental shares under stock  compensation plans                        |       | —                           |       | — |   | 267 |   |
| Assuming dilution                                                                      |       | 14,655                           |       | 14,642 |   | 15,141 |   |
|                                                                                   |       |                             |       |   |   |   |   |
| **Earnings (Loss) Per Common Share**                                                   |       |                             |       |   |   |   |   |
| Basic                                                                                  |       |                             |       |   |   |   |   |
| Continuing operations                                                                  |       | $                                | (0.12      | ) | $ | (3.24 | ) | $ | 2.15 |   |
| Discontinued operations                                                                |       | 0.04                             |       | (7.59 | ) | (1.48 | ) |
| ** **                                                                             |       | $                                | (0.08      | ) | $ | (10.83 | ) | $ | 0.67 |   |
| Diluted                                                                                |       |                             |       |   |   |   |   |
| Continuing operations                                                                  |       | $                                | (0.12      | ) | $ | (3.24 | ) | $ | 2.11 |   |
| Discontinued operations                                                                |       | 0.04                             |       | (7.59 | ) | (1.46 | ) |
|                                                                                   |       | $                                | (0.08      | ) | $ | (10.83 | ) | $ | 0.65 |   |

 

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(a)   In accordance with ASC Topic 260, for theyears ended December 31, 2009 and 2008 undistributed losses have beenentirely allocated to common stockholders due to the fact that the holders ofparticipating securities are not contractually obligated to share in the lossesof the Company.

 

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