EX 11.1



CHESAPEAKE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK

for the three years ended December 28, 2003

(Amounts in millions, except for per share amounts)

|                                                                                                                                     |        |        |         |  |        | 
|------------------------------------------------------------------------------------------------------------------------------------ | ------ | ------ | ------- |  | ------ | 
|                                                                                                                                     | 2003   |        | 2002    |  | 2001   | 
|Basic:                                                                                                                               |        |        |         |  |        | 
|Weighted average number of common shares outstanding                                                                                 | 15.2   |        | 15.1    |  | 15.1   | 
|                                                                                                                                     | ====== | ====== | ====== 
|Income from continuing operations                                                                                                    | $ 26.5 |        | $ 20.5  |  | $ 10.5 | 
|Discontinued operations:                                                                                                             |        |        |         |  |        | 
|Gain on disposal of discontinued operations, net of taxes                                                                            | -      |        | 1.4     |  | 113.0  | 
|                                                                                                                                     |        |        |        
|Net income                                                                                                                           | $ 26.5 |        | $ 21.9  |  | $123.5 | 
|                                                                                                                                     | ====== | ====== | ====== 
|Per share amount:                                                                                                                    |        |        |         |  |        | 
|Earnings from continuing operations                                                                                                  | $ 1.74 |        | $  1.36 |  | $ 0.70 | 
|Discontinued operations, net of taxes                                                                                                | -      |        | 0.09    |  | 7.48   | 
|                                                                                                                                     |        |        |        
|Basic earnings per share                                                                                                             | $ 1.74 |        | $ 1.45  |  | $ 8.18 | 
|                                                                                                                                     | ====== | ====== | ====== 
|Diluted:                                                                                                                             |        |        |         |  |        | 
|Weighted average number of common shares outstanding                                                                                 | 15.2   |        | 15.1    |  | 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                                                                 | 15.2   |        | 15.2    |  | 15.2   | 
|                                                                                                                                     | ====== | ====== | ====== 
|Income from continuing operations                                                                                                    | $ 26.5 |        | $  20.5 |  | $ 10.5 | 
|Discontinued operations:                                                                                                             |        |        |         |  |        | 
|Gain on disposal of discontinued operations, net of taxes                                                                            | -      |        | 1.4     |  | 113.0  | 
|                                                                                                                                     |        |        |        
|Net income                                                                                                                           | $ 26.5 |        | $ 21.9  |  | $123.5 | 
|                                                                                                                                     | ====== | ====== | ====== 
|Per share amount:                                                                                                                    |        |        |         |  |        | 
|Earnings from continuing operations                                                                                                  | $ 1.74 |        | $  1.35 |  | $0.69  | 
|Discontinued operations, net of taxes                                                                                                | -      |        | 0.09    |  | 7.43   | 
|                                                                                                                                     |        |        |        
|Diluted earnings per share                                                                                                           | $ 1.74 |        | $  1.44 |  | $ 8.12 | 
|                                                                                                                                     | ====== | ====== | ======