EX-12.2 5 jr032ex122.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

         

Six Months Ended

 
   

Year Ended December 31

   

June 30

 
   

____________________________________________

   

_________________

 
   

1998

 

1999

 

2000

 

2001

 

2002

   

2002

 

2003

 
   

_______

 

_______

 

_______

 

_______

 

_______

   

_______

 

_______

 
   

(thousands)

 
                                               

Interest costs

$

159,870

$

146,124

$

152,322

$

128,970

$

120,543

$

60,990

$

57,719

Interest capitalized during the period

   

1,341

   

238

   

1,458

   

1,945

   

3,937

     

2,413

   

319

 

Interest factor related to noncapitalized leases (a)

   

11,308

   

13,065

   

13,394

   

11,729

   

11,128

     

5,670

   

5,631

 

Adjustable conversion-rate equity security unit
   distributions

   


-

   


-

   


-

   


947

   


13,219

     


6,568

   


6,621

 
   

_______

 

_______

 

_______

 

_______

 

_______

   

_______

 

_______

 

Total fixed charges

   

172,519

   

159,427

   

167,174

   

143,591

   

148,827

     

75,641

   

70,290

 

Preferred stock dividend requirements - pretax

   

19,940

   

17,129

   

16,019

   

15,180

   

14,548

     

7,357

   

7,006

 
   

_______

 

_______

 

_______

 

_______

 

_______

   

_______

 

_______

 

Combined fixed charges and preferred

                               

   dividend requirements

 

$

192,459

 

$

176,556

 

$

183,193

 

$

158,771

 

$

163,375

   

$

82,998

 

$

77,296

 
   

=======

 

=======

 

=======

 

=======

 

=======

   

=======

 

=======

 

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

 



$



(16,878



)



$



355,940





$



298,331





$



(47,611



)



$



1,005



 



$



(29,030



)



$



(28,981



)

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

   


3,791

   


(6,115


)

 


(2,061


)

 


8,039


 


2,435

     


2,055

   


(340


)

Total fixed charges

   

172,519

   

159,427

   

167,174

   

143,591

   

148,827

     

75,641

   

70,290

 

Less interest capitalized

   

(1,341

)

 

(238

)

 

(1,458

)

 

(1,945

)

 

(3,937

)

   

(2,413

)

 

(319

)

   

_______

 

_______

 

_______

 

_______

 

_______

   

_______

 

_______

 

Total earnings before fixed charges

 

$

158,091

 

$

509,014

 

$

461,986

 

$

102,074

 

$

148,330

   

$

46,253

 

$

40,650

 
   

=======

 

=======

 

=======

 

=======

 

=======

   

=======

 

=======

 
                                               

Ratio of earnings to combined fixed charges and
   preferred dividend requirements

   


-

   


2.88

   


2.52

   


-

   


-

     


-

   


-

 
                                               

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

 



$



34,368

 



$



-

 



$



-

 



$



56,697

 



$



15,045

   



$



36,745

 



$



36,646

 

(a)

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