EX 11.1



CHESAPEAKE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK

for the three years ended December 30, 2001

(Amounts in millions, except for per share amounts)

|                                                                                                                                           |         |        |        |   |         | 
|------------------------------------------------------------------------------------------------------------------------------------------ | ------- | ------ | ------ | - | ------- | 
|                                                                                                                                           | 2001    |        | 2000   |   | 1999    | 
|Basic:                                                                                                                                     |         |        |        |   |         | 
|Weighted average number of common shares outstanding                                                                                       | 15.1    |        | 15.8   |   | 20.1    | 
|                                                                                                                                           | ======  | ====== | ======
|Income (loss) from continuing operations                                                                                                   | $  10.5 |        | $ 11.2 |   | $  46.1 | 
|Discontinued operations:                                                                                                                   |         |        |        |   |         | 
|(Loss) income from discontinued operations                                                                                                 | -       |        | (33.4  | ) | 10.6    | 
|Gain (loss) on disposal of discontinued operations                                                                                         | 113.0   |        | (43.6  | ) | 194.1   | 
|Extraordinary item                                                                                                                         | -       |        | (1.5   | ) | -       | 
|                                                                                                                                           |         |        |       
|Net (loss) income                                                                                                                          | $123.5  |        | $(67.3 | ) | $250.8  | 
|                                                                                                                                           | ======  | ====== | ======
|Per share amount:                                                                                                                          |         |        |        |   |         | 
|Earnings from continuing operations                                                                                                        | $  0.70 |        | $ 0.71 |   | $  2.29 | 
|Discontinued operations                                                                                                                    | 7.48    |        | (4.87  | ) | 10.19   | 
|Extraordinary item                                                                                                                         | -       |        | (0.10  | ) | -       | 
|                                                                                                                                           |         |        |       
|Earnings                                                                                                                                   | $ 8.18  |        | $(4.26 | ) | $12.48  | 
|                                                                                                                                           | ======  | ====== | ======
|Diluted:                                                                                                                                   |         |        |        |   |         | 
|Weighted average number of common shares outstanding                                                                                       | 15.1    |        | 15.8   |   | 20.1    | 
|Net additional common shares issuable upon exercise of 
  dilutive options, determined by treasury stock method 
  using the average price | 0.1     |        | 0.2    |   | 0.3     | 
|                                                                                                                                           |         |        |       
|Common shares, equivalents and other potentially dilutive 
  securities                                                                    | 15.2    |        | 16.0   |   | 20.4    | 
|                                                                                                                                           | ======  | ====== | ======
|Income (loss) from continuing operations                                                                                                   | $  10.5 |        | $ 11.2 |   | $46.1   | 
|Discontinued operations:                                                                                                                   |         |        |        |   |         | 
|(Loss) income from discontinued operations                                                                                                 | -       |        | (33.4  | ) | 10.6    | 
|Gain (loss) on disposal of discontinued operations                                                                                         | 113.0   |        | (43.6  | ) | 194.1   | 
|Extraordinary item                                                                                                                         | -       |        | (1.5   | ) | -       | 
|                                                                                                                                           |         |        |       
|Net (loss) income                                                                                                                          | $123.5  |        | $(67.3 | ) | $250.8  | 
|                                                                                                                                           | ======  | ====== | ======
|Per share amount:                                                                                                                          |         |        |        |   |         | 
|Earnings from continuing operations                                                                                                        | $  0.69 |        | $0.70  |   | $2.26   | 
|Discontinued operations                                                                                                                    | 7.43    |        | (4.81  | ) | 10.03   | 
|Extraordinary item                                                                                                                         | -       |        | (0.09  | ) | -       | 
|                                                                                                                                           |         |        |       
|Earnings                                                                                                                                   | $  8.12 |        | $(4.20 | ) | $12.29  | 
|                                                                                                                                           | ======  | ====== | ======