EX-11 2 jr041ex11.htm EXHIBIT 11 EXHIBIT 11

Exhibit 11

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

Three Months Ended

March 31

_________________________________________________________________________

2004

2003

__________

__________

(thousands, except per-share amounts)

Basic

Income (loss) before cumulative effect of accounting changes

  

$

63,465

    

$

(18,743

)

  

Preferred dividends (a)

    

(3,366

)

    

(3,266

)

  

__________

__________

Basic income (loss) before cumulative effect of accounting changes

  

60,099

      

(22,009

)

  

Cumulative effect of accounting changes, net of income tax

-

(8,803

)

__________

__________

Basic income (loss)

  

$

60,099

    

$

(30,812

)

  

========

========

                   

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

   

86,075

      

58,289

    

========

========

                   

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

    

$0.70

      

$(0.38

)

  

Cumulative effect of accounting changes, net of income tax

    

-

      

(0.15

)

  

______

______

Basic income (loss) per common share

   

$0.70

      

$(0.53

)

  

=====

=====

Diluted

                  

Basic income (loss) before cumulative effect of accounting changes

 

$

60,099

    

$

(22,009

)

  

Preferred dividends eliminated

    

3,366

      

3,266

    

Supplemental ESOP contribution

    

(3,063

)

    

(2,936

)

  

__________

__________

Diluted income (loss) before cumulative effect of accounting changes

    

60,402

      

(21,679

)

  

Cumulative effect of accounting changes, net of income tax

    

-

      

(8,803

)

  

__________

__________

Diluted income (loss)

  

$

60,402

    

$

(30,482

)

  

========

========

                   

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

    

86,075

      

58,289

    

Restricted stock, stock options, and other

    

1,883

      

176

    

Series D Convertible Preferred Stock

    

3,309

      

3,415

    

__________

__________

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

   

91,267

      

61,880

    

========

========

                   

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

    

$0.66

      

$(0.35

)

  

Cumulative effect of accounting changes, net of income tax

    

-

      

(0.14

)

  

______

_____

Diluted income (loss) per common share (b)

    

$0.66

      

$(0.49

)

  

=====

====

     

(a)

  

The dividend attributable to the company's Series D Convertible Preferred Stock held by the company's employee stock ownership plan (ESOP) is net of a tax benefit.

(b)

For the three months ended March 31, 2003, the computation of diluted loss per common share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.