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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, |
| |||||||||||||
|
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| |||||
Income (loss) before income taxes |
| $ | (49.0 | ) | $ | (41.3 | ) | $ | 63.3 |
| $ | 99.3 |
| $ | 110.1 |
|
Plus, fixed charges |
| 19.7 |
| 2.5 |
| 0.9 |
| 0.8 |
| 0.9 |
| |||||
Numerator |
| (29.3 | ) | (38.8 | ) | 64.2 |
| 100.1 |
| 111.0 |
| |||||
Interest expense (including amortization of debt issuance costs) |
| 18.2 |
| 1.4 |
| — |
| — |
| — |
| |||||
Interest portion of rent expense |
| 1.5 |
| 1.1 |
| 0.9 |
| 0.8 |
| 0.9 |
| |||||
Fixed charges |
| 19.7 |
| 2.5 |
| 0.9 |
| 0.8 |
| 0.9 |
| |||||
Ratio of earnings to fixed charges |
| (1 | ) | (1 | ) | 71.3 | x | 125.1 | x | 123.3 | x | |||||
(1) For the years ended December 31, 2005 and 2004, the Company’s earnings were insufficient to cover fixed charges by $49.0 and $41.3 million, respectively.