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Content analysis
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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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| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Income (loss) from continuing operations before taxes |
| $ | (6.8 | ) | $ | (44.3 | ) | $ | 28.5 |
| $ | 28.8 |
| $ | 43.4 |
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Plus fixed charges |
| 24.2 |
| 26.0 |
| 26.1 |
| 19.8 |
| 18.7 |
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Numerator |
| $ | 17.4 |
| $ | (18.3 | ) | $ | 54.6 |
| $ | 48.6 |
| $ | 62.1 |
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Interest expense (including amortization of debt issuance costs) |
| $ | 23.4 |
| $ | 25.0 |
| $ | 25.5 |
| $ | 19.4 |
| $ | 18.5 |
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Interest portion of rent expense (a) |
| 0.8 |
| 1.0 |
| 0.6 |
| 0.4 |
| 0.2 |
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Fixed charges |
| $ | 24.2 |
| $ | 26.0 |
| $ | 26.1 |
| $ | 19.8 |
| $ | 18.7 |
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Ratio of earnings to fixed charges (b) |
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| 2.1 | x | 2.5 | x | 3.3 | x | |||||
(a) Represents one-third of rent expense which is deemed to be the financing portion of the lease agreements.
(b) The deficit of earnings to fixed charges for the years ended December 31, 2009 and 2008 was $6.8 million and $44.3 million, respectively.