EX-11 2 jr042ex11.htm EXHIBIT 11 EXHIBIT 11

Exhibit 11

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

 

Three Months Ended
June 30

    

Six Months Ended
June 30

  
 

________________________

    

________________________

  
   

2004

      

2003

      

2004

      

2003

  
 

________

    

________

    

_______

    

_______

  
 

(thousands, except per-share amounts)

  

Basic

                              

Income (loss) before cumulative effect of accounting changes

$

50,381

    

$

(3,934

)

  

$

113,846

    

$

(22,677

)

Preferred dividends (a)

  

(3,168

)

    

(3,287

)

    

(6,534

)

    

(6,553

)
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss) before cumulative effect of accounting changes

 

47,213

      

(7,221

)

    

107,312

      

(29,230

)

Cumulative effect of accounting changes, net of income tax

 

-

      

-

      

-

      

(8,803

)
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss)

$

47,213

    

$

(7,221

)

  

$

107,312

    

$

(38,033

)
 

=======

    

=======

    

=======

    

=======

  

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

  

86,474

      

58,300

      

86,275

      

58,295

  
 

=======

    

=======

    

=======

    

=======

  

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

$0.54

$(0.12

)

$1.24

$(0.50

)

Cumulative effect of accounting changes, net of income tax

-

-

-

(0.15

)
 

____

    

____

    

____

    

____

  

Basic income (loss) per common share

$0.54

$(0.12

)

$1.24

$(0.65

)
 

====

    

====

    

====

    

====

  

Diluted

                              

Basic income (loss) before cumulative effect of accounting changes

$

47,213

$

(7,221

)

$

107,312

$

(29,230

)

Preferred dividends eliminated

  

3,168

      

3,287

      

6,534

      

6,553

  

Supplemental ESOP contribution

  

(2,869

)

    

(2,995

)

    

(5,932

)

    

(5,931

)
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss) before cumulative effect of accounting changes

 

47,512

      

(6,929

)

    

107,914

      

(28,608

)

Cumulative effect of accounting changes, net of income tax

  

-

      

-

      

-

      

(8,803

)
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss)

$

47,512

    

$

(6,929

)

  

$

107,914

    

$

(37,411

)
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

86,474

      

58,300

      

86,275

      

58,295

  

Restricted stock, stock options, and other

  

1,976

      

185

      

1,929

      

180

  

Series D Convertible Preferred Stock

  

3,252

      

3,359

      

3,281

      

3,387

  
 

_______

    

_______

    

_______

    

_______

  

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

  

91,702

      

61,844

      

91,485

      

61,862

  
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

$0.52

      

$(0.11

)

    

$1.18

      

$(0.46

)

Cumulative effect of accounting changes, net of income tax

  

-

      

-

      

-

      

(0.14

)
 

____

    

____

    

____

    

____

  

Diluted income (loss) per common share (b)

  

$0.52

      

$(0.11

)

    

$1.18

      

$(0.60

)
 

====

    

====

    

====

    

====

  
     

(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 and six months ended June 30, 2003, the computation of diluted loss per common share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.