EX-12.2 4 jr041ex122.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

         

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

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

    

159,427

    

167,174

    

143,591

    

148,827

    

151,295

      

35,650

    

70,913

  

Preferred stock dividend requirements - pretax

    

17,129

    

16,019

    

15,180

    

14,548

    

13,864

      

6,903

    

6,833

  
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  

Combined fixed charges and preferred

                                

   dividend requirements

  

$

176,556

  

$

183,193

  

$

158,771

  

$

163,375

  

$

165,159

    

$

42,553

  

$

77,746

  
   

=======

  

=======

  

=======

  

=======

  

=======

    

=======

  

=======

  

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

    

159,427

    

167,174

    

143,591

    

148,827

    

151,295

      

35,650

    

70,913

  

Less interest capitalized

    

(238

)

  

(1,458

)

  

(1,945

)

  

(3,937

)

  

(391

)

    

(148

)

  

(27

)
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  

Total earnings before fixed charges

  

$

509,014

  

$

461,986

  

$

101,127

  

$

135,111

  

$

161,506

    

$

6,166

  

$

167,131

  
   

=======

  

=======

  

=======

  

=======

  

=======

    

=======

  

=======

  
                                               

Ratio of earnings to combined fixed charges and
   preferred dividend requirements

    


2.88

    


2.52

    


-

    


-

    


-

      


-

    


2.15

  
                                               

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

  



$



-

  



$



-

  



$



57,644

  



$



28,264

  



$



3,653

    



$



36,387

  



$



-

  

(a)

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