EXHIBIT 12.2

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

	Year Ended December 31
	____________________________________________
	2001			2000			1999			1998			1997
	_______			_______			_______			_______			_______
	(thousands, except ratios)
Interest costs	$	128,970		$	152,322		$	146,124		$	159,870		$	137,350
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		142,644			167,174			159,427			172,519			159,856
Preferred stock dividend requirements -- pretax		15,180			16,019			17,129			19,940			44,686
	_______			_______			_______			_______			_______
Combined fixed charges and preferred    dividend requirements	$	157,824		$	183,193		$	176,556		$	192,459		$	204,542
	=======			=======			=======			=======			=======
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		142,644			167,174			159,427			172,519			159,856
Less interest capitalized		(1,945	)		(1,458	)		(238	)		(1,341	)		(10,575	)
	_______			_______			_______			_______			_______
Total earnings before fixed charges	$	101,127		$	461,986		$	509,014		$	158,091		$	125,531
	=======			=======			=======			=======			=======
Ratio of earnings to combined fixed charges and    preferred dividend requirements		-			2.52			2.88			-			-
Excess of combined fixed charges and preferred    dividend requirements over total earnings    before fixed charges	$	56,697		$	-		$	-		$	34,368		$	79,011

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