EX-11 3 jr033ex11.htm EXHIBIT 11 EXHIBIT 11

Exhibit 11

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

 

Three Months Ended
September 30

    

Nine Months Ended
September 30

  
 

________________________

    

________________________

  
   

2003

      

2002

      

2003

      

2002

  
 

________

    

________

    

_______

    

_______

  
 

(thousands, except per-share amounts)

  

Basic

                              

Income before cumulative effect of accounting changes

$

32,884

    

$

8,510

    

$

10,207

    

$

5,133

  

Preferred dividends (a)

  

(3,191

)

    

(3,262

)

    

(9,744

)

    

(9,812

)
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss) before cumulative effect of accounting changes

 

29,693

      

5,248

      

463

      

(4,679

)

Cumulative effect of accounting changes, net of income tax

 

-

      

-

      

(8,803

)

    

-

  
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss)

$

29,693

    

$

5,248

    

$

(8,340

)

  

$

(4,679

)
 

=======

    

=======

    

=======

    

=======

  

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

  

58,411

      

58,269

      

58,334

      

58,194

  
 

=======

    

=======

    

=======

    

=======

  

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

$0.51

$0.09

$ 0.01

$(0.08

)

Cumulative effect of accounting changes

-

-

(0.15

)

-

 

____

    

____

    

____

    

____

  

Basic income (loss) per common share

$0.51

$0.09

$(0.14

)

$(0.08

)
 

====

    

====

    

====

    

====

  

Diluted

                              

Basic income (loss) before cumulative effect of accounting changes

$

29,693

$

5,248

$

463

$

(4,679

)

Preferred dividends eliminated

  

3,191

      

3,262

      

9,744

      

9,812

  

Supplemental ESOP contribution

  

(2,891

)

    

(2,925

)

    

(8,822

)

    

(8,822

)
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss) before cumulative effect of accounting changes

 

29,993

      

5,585

      

1,385

      

(3,689

)

Cumulative effect of accounting changes

  

-

      

-

      

(8,803

)

    

-

  
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss)

$

29,993

    

$

5,585

    

$

(7,418

)

  

$

(3,689

)
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

58,411

      

58,269

      

58,334

      

58,194

  

Stock options and other

  

956

      

239

      

441

      

424

  

Series D Convertible Preferred Stock

  

3,330

      

3,499

      

3,368

      

3,539

  
 

_______

    

_______

    

_______

    

_______

  

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

  

62,697

      

62,007

      

62,143

      

62,157

  
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

$0.48

      

$0.09

      

$ 0.02

      

$(0.06

)

Cumulative effect of accounting changes

  

-

      

-

      

(0.14

)

    

-

  
 

____

    

____

    

____

    

____

  

Diluted income (loss) per common share (b)

  

$0.48

      

$0.09

      

$(0.12

)

    

$(0.06

)
 

====

    

====

    

====

    

====

  
     

(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)

  

For the nine months ended September 30, 2003 and 2002, the computation of diluted loss per common share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.