EXHIBIT 12.1

BOISE AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

	Year Ended December 31
	____________________________________________
	2001			2000			1999			1998			1997
	_______			_______			_______			_______			_______
		(thousands)
Interest costs	$	128,970		$	152,322		$	146,124		$	159,870		$	137,350
Guarantee of interest on ESOP debt		8,732			10,880			12,856			14,671			16,341
Interest capitalized during the period		1,945			1,458			238			1,341			10,575
Interest factor related to noncapitalized leases (a)		11,729			13,394			13,065			11,308			11,931
	_______			_______			_______			_______			_______
Total fixed charges	$	151,376		$	178,054		$	172,283		$	187,190		$	176,197
	=======			=======			=======			=======			=======
Income (loss) before income taxes,    minority interest, and cumulative effect of    accounting change	$	(47,611	)	$	298,331		$	355,940		$	(16,878	)	$	(28,930	)
Undistributed (earnings) losses of less than 50%    owned entities, net of distributions received		8,039			(2,061	)		(6,115	)		3,791			5,180
Total fixed charges		151,376			178,054			172,283			187,190			176,197
Less:   Interest capitalized		(1,945	)		(1,458	)		(238	)		(1,341	)		(10,575	)
Guarantee of interest on ESOP debt		(8,732	)		(10,880	)		(12,856	)		(14,671	)		(16,341	)
	_______			_______			_______			_______			_______
Total earnings before fixed charges	$	101,127		$	461,986		$	509,014		$	158,091		$	125,531
	=======			=======			=======			=======			=======
Ratio of earnings to fixed charges		-			2.59			2.95			-			-
Excess of fixed charges over earnings before    fixed charges	$	50,249		$	-		$	-		$	29,099		$	50,666

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