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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)
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| Year Ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Income from continuing operations before taxes |
| $ | 89.9 |
| $ | 75.5 |
| $ | 71.6 |
| $ | 53.5 |
| $ | 39.7 |
|
Plus fixed charges |
| 13.5 |
| 12.9 |
| 12.6 |
| 14.8 |
| 16.6 |
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Numerator |
| $ | 103.4 |
| $ | 88.4 |
| $ | 84.2 |
| $ | 68.3 |
| $ | 56.3 |
|
Interest expense (including amortization of debt issuance costs) |
| $ | 11.7 |
| $ | 11.4 |
| $ | 11.2 |
| $ | 13.5 |
| $ | 15.6 |
|
Interest portion of rent expense (a) |
| 1.8 |
| 1.5 |
| 1.4 |
| 1.3 |
| 1.0 |
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Fixed charges |
| $ | 13.5 |
| $ | 12.9 |
| $ | 12.6 |
| $ | 14.8 |
| $ | 16.6 |
|
Ratio of earnings to fixed charges |
| 7.7x |
| 6.9x |
| 6.7x |
| 4.6x |
| 3.4x |
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(a) Represents one-third of rent expense which is deemed to be the financing portion of the lease agreements.