EXHIBIT 11

BOISE AND SUBSIDIARIES
Computation of Per Share Earnings

	Year Ended December 31
	____________________________________
		2001			2000			1999
	_________			_________			_________
	(thousands, except per-share amounts)
Basic
Net income (loss)	$	(42,501	)	$	178,574		$	199,753
Preferred dividends (a)		(13,085	)		(13,095	)		(13,559	)
	_________			_________			_________
Basic income (loss)	$	(55,586	)	$	165,479		$	186,194
	=========			=========			=========
Average shares used to determine basic income (loss) per common share		57,680			57,288			56,861
	=========			=========			=========
Basic income (loss) per common share	$	(.96	)	$	2.89		$	3.27
	=========			=========			=========
Diluted
Basic income (loss)	$	(55,586	)	$	165,479		$	186,194
Preferred dividends eliminated		13,085			13,095			13,559
Supplemental ESOP contribution		(11,738	)		(11,192	)		(11,588	)
	_________			_________			_________
Diluted income (loss)	$	(54,239	)	$	167,382		$	188,165
	=========			=========			=========
Average shares used to determine basic income (loss) per common share		57,680			57,288			56,861
Stock options and other		447			253			419
Series D Convertible Preferred Stock		3,670			3,872			4,139
	_________			_________			_________
Average shares used to determine diluted income (loss) per common share		61,797			61,413			61,419
	=========			=========			=========
Diluted income (loss) per common share	$	(.88	)(b)	$	2.73		$	3.06
	=========			=========			=========

(a) The dividend attributable to the company's Series D Convertible Preferred Stock held by the company's ESOP (employee stock ownership plan) is net of a tax benefit.

(b) Because the computation of diluted loss per common share was antidilutive, diluted loss per common share reported for the year ended December 31, 2001, was the same as basic loss per common share.