EX 11.1



CHESAPEAKE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK

for the three years ended December 29, 2002

(Amounts in millions, except for per share amounts)

|                                                                                                                                     |         |        |         |  |        |  
|------------------------------------------------------------------------------------------------------------------------------------ | ------- | ------ | ------- |  | ------ | -
|                                                                                                                                     | 2002    |        | 2001    |  | 2000   |  
|Basic:                                                                                                                               |         |        |         |  |        |  
|Weighted average number of common shares outstanding                                                                                 | 15.1    |        | 15.1    |  | 15.8   |  
|                                                                                                                                     | ======  | ====== | ====== 
|Income (loss) from continuing operations before extraordinary item                                                                   | $ 20.5  |        | $ 10.5  |  | $ 11.2 |  
|Discontinued operations:                                                                                                             |         |        |         |  |        |  
|(Loss) income from discontinued operations, net of taxes                                                                             | -       |        | -       |  | (33.4  | )
|Gain (loss) on disposal of discontinued operations, net of taxes                                                                     | 1.4     |        | 113.0   |  | (43.6  | )
|Extraordinary item, net of taxes                                                                                                     | -       |        | -       |  | (1.5   | )
|                                                                                                                                     |         |        |        
|Net income (loss)                                                                                                                    | $ 21.9  |        | $123.5  |  | $(67.3 | )
|                                                                                                                                     | ======  | ====== | ====== 
|Per share amount:                                                                                                                    |         |        |         |  |        |  
|Earnings from continuing operations before extraordinary item                                                                        | $1.36   |        | $  0.70 |  | $ 0.71 |  
|Discontinued operations, net of taxes                                                                                                | 0.09    |        | 7.48    |  | (4.87  | )
|Extraordinary item, net of taxes                                                                                                     | -       |        | -       |  | (0.10  | )
|                                                                                                                                     |         |        |        
|Basic earnings per share                                                                                                             | $ 1.45  |        | $ 8.18  |  | $(4.26 | )
|                                                                                                                                     | ======  | ====== | ====== 
|Diluted:                                                                                                                             |         |        |         |  |        |  
|Weighted average number of common shares outstanding                                                                                 | 15.1    |        | 15.1    |  | 15.8   |  
|Net additional common shares issuable upon exercise of dilutive options, determined by treasury stock method using the average price | 0.1     |        | 0.1     |  | 0.2    |  
|                                                                                                                                     |         |        |        
|Common shares, equivalents and other potentially dilutive securities                                                                 | 15.2    |        | 15.2    |  | 16.0   |  
|                                                                                                                                     | ======  | ====== | ====== 
|Income (loss) from continuing operations before extraordinary item                                                                   | $ 20.5  |        | $  10.5 |  | $ 11.2 |  
|Discontinued operations:                                                                                                             |         |        |         |  |        |  
|(Loss) income from discontinued operations, net of taxes                                                                             | -       |        | -       |  | (33.4  | )
|Gain (loss) on disposal of discontinued operations, net of taxes                                                                     | 1.4     |        | 113.0   |  | (43.6  | )
|Extraordinary item, net of taxes                                                                                                     | -       |        | -       |  | (1.5   | )
|                                                                                                                                     |         |        |        
|Net income (loss)                                                                                                                    | $ 21.9  |        | $123.5  |  | $(67.3 | )
|                                                                                                                                     | ======  | ====== | ====== 
|Per share amount:                                                                                                                    |         |        |         |  |        |  
|Earnings from continuing operations before extraordinary item                                                                        | $  1.35 |        | $  0.69 |  | $0.70  |  
|Discontinued operations, net of taxes                                                                                                | 0.09    |        | 7.43    |  | (4.81  | )
|Extraordinary item, net of taxes                                                                                                     | -       |        | -       |  | (0.09  | )
|                                                                                                                                     |         |        |        
|Diluted earnings per share                                                                                                           | $  1.44 |        | $  8.12 |  | $(4.20 | )
|                                                                                                                                     | ======  | ====== | ======