EX-11 2 a05-8692_1ex11.htm EX-11

Exhibit 11

 

OfficeMax Incorporated and Subsidiaries
Computation of Per-Share Income (Loss)

 

 

Quarter Ended

 

 

 

March 26,
2005

 

March 31,
2004

 

 

 

(thousands, except per-share amounts)

 

Basic

 

 

 

 

 

Income (loss) from continuing operations

 

$

(1,000

)

$

64,735

 

Preferred dividends (a)

 

(1,106

)

(3,366

)

 

 

 

 

 

 

Basic income (loss) before discontinued operations

 

(2,106

)

61,369

 

Loss from discontinued operations

 

(4,292

)

(5,612

)

 

 

 

 

 

 

Basic income (loss)

 

$

(6,398

)

$

55,757

 

 

 

 

 

 

 

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

 

92,956

 

86,075

 

 

 

 

 

 

 

Basic income (loss) per common share:

 

 

 

 

 

Continuing operations

 

$

(0.03

)

$

0.72

 

Discontinued operations

 

(0.04

)

(0.07

)

 

 

 

 

 

 

Basic income (loss) per common share

 

$

(0.07

)

$

0.65

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

Basic income (loss) before discontinued operations

 

$

(2,106

)

$

61,369

 

Preferred dividends eliminated

 

—

 

3,366

 

Supplemental ESOP contribution

 

—

 

(3,063

)

 

 

 

 

 

 

Diluted income (loss) before discontinued operations

 

(2,106

)

61,672

 

Loss from discontinued operations

 

(4,292

)

(5,612

)

 

 

 

 

 

 

Diluted income (loss) (b)

 

$

(6,398

)

$

56,060

 

 

 

 

 

 

 

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

 

92,956

 

86,075

 

Restricted stock, stock options and other

 

—

 

1,883

 

Series D Convertible Preferred Stock

 

—

 

3,309

 

 

 

 

 

 

 

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

 

92,956

 

91,267

 

 

 

 

 

 

 

Diluted income (loss) per common share:

 

 

 

 

 

Continuing operations

 

$

(0.03

)

$

0.67

 

Discontinued operations

 

(0.04

)

(0.06

)

 

 

 

 

 

 

Diluted income (loss) per common share

 

$

(0.07

)

$

0.61

 

 

(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)   Adjustments totaling $0.1 million for the quarter ended March 26, 2005 were not included in the computation of diluted income (loss) per share because the impact would have been anti-dilutive due to the net loss recognized in the quarter.

 

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(c)   Options to purchase 7.3 million shares of common stock were outstanding during the quarter ended March 26, 2005, but were not included in the computation of diluted income (loss) per share because the impact would have been anti-dilutive due to the net loss recognized in the quarter.  Options to purchase 3.9 million shares of common stock were outstanding during the quarter ended March 31, 2004, but were not included in the computation of diluted income (loss) per share because the exercise prices of the options were greater than the average market price of the common shares.  Forward contracts to purchase 5.2 million shares of common stock were outstanding during the three months ended March 31, 2004, but were not included in the computation of diluted income (loss) per share because the securities were not dilutive under the treasury stock method.  These forward contracts were related to our adjustable conversion-rate equity security units.

 

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