EX 11.1

CHESAPEAKE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK

for the three years ended January 1, 2006

(Amounts in millions, except for per share amounts)



|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | ------ | - | -------------- | - | -------------- |  | - | ----
|                                                                                                                                     |  | 2005 |        |   | 2004(Restated) |   | 2003(Restated)
|Basic:                                                                                                                               |  |      |        |   |                |   |                |  |   |     
|Weighted average number of common shares outstanding                                                                                 |  |      | 19.4   |   |                |   | 18.5           |  |   | 15.2
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Income (loss) from continuing operations                                                                                             |  | $    | (315.0 | ) |                | $ | 11.7           |  | $ | 22.5
|Discontinued operations, net of income taxes                                                                                         |  |      | 0.7    |   |                |   |               |  |   | 4.4 
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Net income (loss)                                                                                                                    |  | $    | (314.3 | ) |                | $ | 11.7           |  | $ | 26.9
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Per share amount:                                                                                                                    |  |      |        |   |                |   |                |  |   |     
|Earnings (loss) from continuing operations                                                                                           |  | $    | (16.24 | ) |                | $ | 0.63           |  | $ | 1.48
|Discontinued operations, net of income taxes                                                                                         |  |      | 0.04   |   |                |   |               |  |   | 0.29
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Basic earnings (loss) per share                                                                                                      |  | $    | (16.20 | ) |                | $ | 0.63           |  | $ | 1.77
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Diluted:                                                                                                                             |  |      |        |   |                |   |                |  |   |     
|Weighted average number of common shares outstanding                                                                                 |  |      | 19.4   |   |                |   | 18.5           |  |   | 15.2
|Net additional common shares issuable upon exercise of dilutive options, determined by treasury stock method using the average
price |  |      |       |   |                |   | 0.1            |  |   |    
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Common shares, equivalents and other potentially dilutive securities                                                                 |  |      | 19.4   |   |                |   | 18.6           |  |   | 15.2
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Income (loss) from continuing operations                                                                                             |  | $    | (315.0 | ) |                | $ | 11.7           |  | $ | 22.5
|Discontinued operations, net of income taxes                                                                                         |  |      | 0.7    |   |                |   |               |  |   | 4.4 
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Net income (loss)                                                                                                                    |  | $    | (314.3 | ) |                | $ | 11.7           |  | $ | 26.9
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Per share amount:                                                                                                                    |  |      |        |   |                |   |                |  |   |     
|Earnings (loss) from continuing operations                                                                                           |  | $    | (16.24 | ) |                | $ | 0.63           |  | $ | 1.48
|Discontinued operations, net of income taxes                                                                                         |  |      | 0.04   |   |                |   |               |  |   | 0.29
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     
|Diluted earnings (loss) per share                                                                                                    |  | $    | (16.20 | ) |                | $ | 0.63           |  | $ | 1.77
|                                                                                                                                     |  |      |        |   |                |   |                |  |   |     

Note: The financial results for fiscal 2004 and 2003 have been restated to correct errors in the
Companys accounting for deferred income taxes. See Note 1  Restatement of Item 8 of this report.