Exhibit 11.1



CHESAPEAKE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK

for the three years ended January 2, 2005

(Amounts in millions, except for per share amounts)



|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|------------------------------------------------------------------------------------------------------------------------------------ |  | ---------- | ---- | ---- | - | ---- |  | - | ----
|                                                                                                                                     |  | 2004       |      | 2003 |   | 2002
|                                                                                                                                     |  | (Restated) |      |      |   |     
|Basic:                                                                                                                               |  |            |      |      |   |      |  |   |     
|Weighted average number of common shares outstanding                                                                                 |  |            | 18.5 |      |   | 15.2 |  |   | 15.1
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Income from continuing operations                                                                                                    |  | $          | 10.9 |      | $ | 22.1 |  | $ | 11.5
|Discontinued operations, net of income taxes                                                                                         |  |            |     |      |   | 4.4  |  |   | 10.4
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Net income                                                                                                                           |  | $          | 10.9 |      | $ | 26.5 |  | $ | 21.9
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Per share amount:                                                                                                                    |  |            |      |      |   |      |  |   |     
|Earnings from continuing operations                                                                                                  |  | $          | 0.59 |      | $ | 1.45 |  | $ | 0.76
|Discontinued operations, net of income taxes                                                                                         |  |            |     |      |   | 0.29 |  |   | 0.69
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Basic earnings per share                                                                                                             |  | $          | 0.59 |      | $ | 1.74 |  | $ | 1.45
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Diluted:                                                                                                                             |  |            |      |      |   |      |  |   |     
|Weighted average number of common shares outstanding                                                                                 |  |            | 18.5 |      |   | 15.2 |  |   | 15.1
|Net additional common shares issuable upon exercise of dilutive options, determined by treasury stock method using the average
price |  |            | 0.1  |      |   |     |  |   | 0.1 
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Common shares, equivalents and other potentially dilutive securities                                                                 |  |            | 18.6 |      |   | 15.2 |  |   | 15.2
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Income from continuing operations                                                                                                    |  | $          | 10.9 |      | $ | 22.1 |  | $ | 11.5
|Discontinued operations, net of income taxes                                                                                         |  |            |     |      |   | 4.4  |  |   | 10.4
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Net income                                                                                                                           |  | $          | 10.9 |      | $ | 26.5 |  | $ | 21.9
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Per share amount:                                                                                                                    |  |            |      |      |   |      |  |   |     
|Earnings from continuing operations                                                                                                  |  | $          | 0.59 |      | $ | 1.45 |  | $ | 0.76
|Discontinued operations, net of income taxes                                                                                         |  |            |     |      |   | 0.29 |  |   | 0.68
|                                                                                                                                     |  |            |      |      |   |      |  |   |     
|Diluted earnings per share                                                                                                           |  | $          | 0.59 |      | $ | 1.74 |  | $ | 1.44
|                                                                                                                                     |  |            |      |      |   |      |  |   |