EX-12 3 ss01113c.htm EXHIBIT 12.2 EXHIBIT 12

EXHIBIT 12.2

BOISE CASCADE CORPORATION AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividend Requirements

                                   

Nine Months

 
   

Year Ended December 31

   

Ended September 30

 
   

-------------------------------------------------------------------------------------

   

-----------------------------

 
     

1995

   

1996

   

1997

   

1998

   

1999

     

1999

   

2000

 
   

--------------

 

--------------

 

----------------

 

----------------

 

--------------

   

-------------

 

-------------

 
                                               

Interest costs

 

$

135,130

 

$

128,360

 

$

137,350

 

$

159,870

 

$

146,124

   

$

109,096

 

$

114,627

 

Interest capitalized during the period

   

3,549

   

17,778

   

10,575

   

1,341

   

238

     

212

   

743

 

Interest factor related to noncapitalized leases (a)

   

8,600

   

12,982

   

11,931

   

11,308

   

13,065

     

9,571

   

8,710

 
   

--------------

 

--------------

 

----------------

 

----------------

 

--------------

   

-------------

 

-------------

 

Total fixed charges

   

147,279

   

159,120

   

159,856

   

172,519

   

159,427

     

118,879

   

124,080

 

Preferred stock dividend requirements -- pretax

   

59,850

   

65,207

   

44,686

   

19,940

   

17,129

     

16,940

   

15,807

 
   

--------------

 

--------------

 

----------------

 

----------------

 

--------------

   

-------------

 

-------------

 

Combined fixed charges and preferred
   dividend requirements

 


$


207,129

 


$


224,327

 


$


204,542

 


$


192,459

 


$


176,556

   


$


135,819

 


$


139,887

 
   

========

 

========

 

=========

 

=========

 

========

   

=======

 

=======

 

Income (loss) before income taxes,
   minority interest, and cumulative effect
   of accounting change

 



$



589,410

 



$



31,340

 



$



(28,930



)



$



(16,878



)



$



355,940

   



$



225,123

 



$



266,580

 

Undistributed (earnings) losses of less than 50%
   owned entities, net of distributions received

   


(36,861


)

 


(1,290


)

 


5,180

   


3,791

   


(6,115


)

   


(6,024


)

 


(3,609


)

Total fixed charges

   

147,279

   

159,120

   

159,856

   

172,519

   

159,427

     

118,879

   

124,080

 

Less interest capitalized

   

(3,549

)

 

(17,778

)

 

(10,575

)

 

(1,341

)

 

(238

)

   

(212

)

 

(743

)

   

--------------

 

--------------

 

----------------

 

----------------

 

--------------

   

-------------

 

-------------

 

Total earnings before fixed charges

 

$

696,279

 

$

171,392

 

$

125,531

 

$

158,091

 

$

509,014

   

$

337,766

 

$

386,308

 
   

========

 

========

 

=========

 

=========

 

========

   

=======

 

=======

 

Ratio of earnings to combined fixed charges and
   preferred dividend requirements

   


3.36

   


-

   


-

   


-

   


2.88

     


2.49

   


2.76

 
                                               

Excess of combined fixed charges and preferred
   dividend requirements over total earnings
   before fixed charges

 



$



-

 



$



52,935

 



$



79,011

 



$



34,368

 



$



-

   



$



-

 



$



-

 
                                               
                                               

(a) Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate for each lease.