EX-11 3 jr032ex11.htm EXHIBIT 11 EXHIBIT 11

Exhibit 11

Boise Cascade Corporation and Subsidiaries
Computation of Per-Share Income (Loss)

 

Three Months Ended
June 30

    

Six Months Ended
June 30

  
 

________________________

    

________________________

  
   

2003

      

2002

      

2003

      

2002

  
 

________

    

________

    

_______

    

_______

  
 

(thousands, except per-share amounts)

  

Basic

                              

Income (loss) before cumulative effect of accounting changes

$

(3,934

)

  

$

3,243

    

$

(22,677

)

  

$

(3,377

)

Preferred dividends (a)

  

(3,287

)

    

(3,288

)

    

(6,553

)

    

(6,550

)
 

_______

    

_______

    

_______

    

_______

  

Basic loss before cumulative effect of accounting changes

 

(7,221

)

    

(45

)

    

(29,230

)

    

(9,927

)

Cumulative effect of accounting changes, net of income tax

 

-

      

-

      

(8,803

)

    

-

  
 

_______

    

_______

    

_______

    

_______

  

Basic loss

$

(7,221

)

  

$

(45

)

  

$

(38,033

)

  

$

(9,927

)
 

=======

    

=======

    

=======

    

=======

  

Average shares used to determine basic income (loss) per common share

  

58,300

      

58,212

      

58,295

      

58,156

  
 

=======

    

=======

    

=======

    

=======

  

Basic income (loss) per common share before cumulative effect of accounting changes

$(0.12

)

$0.00

$(0.50

)

$(0.17

)

Cumulative effect of accounting changes

-

-

(0.15

)

-

 

____

    

____

    

____

    

____

  

Basic income (loss) per common share

$(0.12

)

$0.00

$(0.65

)

$(0.17

)
 

====

    

====

    

====

    

====

  

Diluted

                              

Basic loss before cumulative effect of accounting changes

$

(7,221

)

$

(45

)

$

(29,230

)

$

(9,927

)

Preferred dividends eliminated

  

3,287

      

3,288

      

6,553

      

6,550

  

Supplemental ESOP contribution

  

(2,995

)

    

(2,984

)

    

(5,931

)

    

(5,897

)
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss) before cumulative effect of accounting changes

 

(6,929

)

    

259

      

(28,608

)

    

(9,274

)

Cumulative effect of accounting changes

  

-

      

-

      

(8,803

)

    

-

  
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss)

$

(6,929

)

  

$

259

    

$

(37,411

)

  

$

(9,274

)
 

=======

    

=======

    

=======

    

=======

  
                               

Average shares used to determine basic income (loss) per common share

  

58,300

      

58,212

      

58,295

      

58,156

  

Stock options and other

  

185

      

414

      

180

      

433

  

Series D Convertible Preferred Stock

  

3,359

      

3,624

      

3,387

      

3,643

  
 

_______

    

_______

    

_______

    

_______

  

Average shares used to determine diluted income (loss) per common share

  

61,844

      

62,250

      

61,862

      

62,232

  
 

=======

    

=======

    

=======

    

=======

  
                               

Diluted income (loss) per common share before cumulative effect of accounting changes

  

$(0.11

)

    

$0.00

      

$(0.46

)

    

$(0.15

)

Cumulative effect of accounting changes

  

-

      

-

      

(0.14

)

    

-

  
 

____

    

____

    

____

    

____

  

Diluted income (loss) per common share (b)

  

$(0.11

)

    

$0.00

      

$(0.60

)

    

$(0.15

)
 

====

    

====

    

====

    

====

  
     

(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)

  

For the three and six months ended June 30, 2003 and 2002, the computation of diluted income (loss) per common share was antidilutive; therefore, amounts reported for basic and diluted income (loss) were the same.