EX-12 2 a2227338zex-12.htm EX-12

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,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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

 

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

 

 

(a)         Represents one-third of rent expense which is deemed to be the financing portion of the lease agreements.