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Exhibit 12
NEENAH PAPER, INC. AND SUBSIDIARIES
STATEMENT REGARDING THE COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratio of earnings to fixed charges)
|
| Year Ended December 31, |
| |||||||||||||
|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| |||||
Income from continuing operations before taxes |
| $ | 76.4 |
| $ | 72.8 |
| $ | 57.0 |
| $ | 41.3 |
| $ | 34.8 |
|
Plus fixed charges |
| 13.0 |
| 12.7 |
| 14.9 |
| 16.7 |
| 21.7 |
| |||||
Numerator |
| $ | 89.4 |
| $ | 85.5 |
| $ | 71.9 |
| $ | 58.0 |
| $ | 56.5 |
|
Interest expense (including amortization of debt issuance costs) |
| $ | 11.4 |
| $ | 11.2 |
| $ | 13.5 |
| $ | 15.6 |
| $ | 20.5 |
|
Interest portion of rent expense (a) |
| 1.6 |
| 1.5 |
| 1.4 |
| 1.1 |
| 1.2 |
| |||||
Fixed charges |
| $ | 13.0 |
| $ | 12.7 |
| $ | 14.9 |
| $ | 16.7 |
| $ | 21.7 |
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Ratio of earnings to fixed charges |
| 6.9x |
| 6.7x |
| 4.8x |
| 3.5x |
| 2.6x |
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(a) Represents one-third of rent expense which is deemed to be the financing portion of the lease agreements.