In an active noise reducing headphone, a signal processor is configured to apply first feedback filters to the feedback signal path, causing the feedback signal path to operate at a first gain level, as a function of frequency, during a first operating mode, and apply second feedback filters to the feedback signal path, causing the feedback signal path to operate at a second gain level less than the first gain level at some frequencies during a second operating mode. The first gain level is a level of gain that results in effective cancellation of sounds transmitted through or around the ear cup and through the user's head, and the second level is a level of gain that is matched to the level of sound of a typical wearer's voice transmitted through the wearer's head when wearing the headphone.