EX 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
|Basic:                                                                                                                               |  |      |      |      |   |      |  |   |     
|Weighted average number of common shares outstanding                                                                                 |  |      | 18.5 |      |   | 15.2 |  |   | 15.1
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Income from continuing operations                                                                                                    |  | $    | 11.3 |      | $ | 22.1 |  | $ | 11.5
|Discontinued operations, net of income taxes                                                                                         |  |      |     |      |   | 4.4  |  |   | 10.4
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Net income                                                                                                                           |  | $    | 11.3 |      | $ | 26.5 |  | $ | 21.9
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Per share amount:                                                                                                                    |  |      |      |      |   |      |  |   |     
|Earnings from continuing operations                                                                                                  |  | $    | 0.61 |      | $ | 1.45 |  | $ | 0.76
|Discontinued operations, net of income taxes                                                                                         |  |      |     |      |   | 0.29 |  |   | 0.69
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Basic earnings per share                                                                                                             |  | $    | 0.61 |      | $ | 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                                                                                                    |  | $    | 11.3 |      | $ | 22.1 |  | $ | 11.5
|Discontinued operations, net of income taxes                                                                                         |  |      |     |      |   | 4.4  |  |   | 10.4
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Net income                                                                                                                           |  | $    | 11.3 |      | $ | 26.5 |  | $ | 21.9
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Per share amount:                                                                                                                    |  |      |      |      |   |      |  |   |     
|Earnings from continuing operations                                                                                                  |  | $    | 0.61 |      | $ | 1.45 |  | $ | 0.76
|Discontinued operations, net of income taxes                                                                                         |  |      |     |      |   | 0.29 |  |   | 0.68
|                                                                                                                                     |  |      |      |      |   |      |  |   |     
|Diluted earnings per share                                                                                                           |  | $    | 0.61 |      | $ | 1.74 |  | $ | 1.44
|                                                                                                                                     |  |      |      |      |   |      |  |   |