EX-12.1 3 jr041ex121.htm EXHIBIT 12.1 EXHIBIT 12

Exhibit 12.1

Boise Cascade Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges

         

Three Months Ended

  
   

Year Ended December 31

    

March 31

  
   

____________________________________________

    

_________________

  
   

1999

  

2000

  

2001

  

2002

  

2003

    

2003

  

2004

  
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  
   

(thousands)

  
                                               

Interest costs

$

146,124

$

152,322

$

129,917

$

133,762

$

134,930

$

32,739

$

41,601

Guarantee of interest on ESOP debt

    

12,856

    

10,880

    

8,732

    

6,405

    

3,976

      

1,083

    

453

  

Interest capitalized during the period

    

238

    

1,458

    

1,945

    

3,937

    

391

      

148

    

27

  

Interest factor related to noncapitalized leases (a)

    

13,065

    

13,394

    

11,729

    

11,128

    

15,974

      

2,763

    

29,285

  
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  

Total fixed charges

  

$

172,283

  

$

178,054

  

$

152,323

  

$

155,232

  

$

155,271

    

$

36,733

  

$

71,366

  
   

=======

  

=======

  

=======

  

=======

  

=======

    

=======

  

=======

  

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

  



$



355,940





$



298,331





$



(48,558



)



$



(12,214



)



$



19,297



 



$



(29,395



)



$



101,271

  

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

    


(6,115


)

  


(2,061


)

  


8,039

    


2,435


 


(8,695


)

    


59

    


(5,026


)

Total fixed charges

    

172,283

    

178,054

    

152,323

    

155,232

    

155,271

      

36,733

    

71,366

  

Less:  Interest capitalized

    

(238

)

  

(1,458

)

  

(1,945

)

  

(3,937

)

  

(391

)

    

(148

)

  

(27

)

           Guarantee of interest on ESOP debt

    

(12,856

)

  

(10,880

)

  

(8,732

)

  

(6,405

)

  

(3,976

)

    

(1,083

)

  

(453

)
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  

Total earnings before fixed charges

  

$

509,014

  

$

461,986

  

$

101,127

  

$

135,111

  

$

161,506

    

$

6,166

  

$

167,131

  
   

=======

  

=======

  

=======

  

=======

  

=======

    

=======

  

=======

  
                                               

Ratio of earnings to fixed charges

    

2.95

    

2.59

    

-

    

-

    

1.04

      

-

    

2.34

  
                                     


       

Excess of fixed charges over earnings before 
   fixed charges

  


$

-

  


$


-

  


$


51,196

  


$


20,121

  


$


-

    


$


30,567

  


$


-

  




(a)

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