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EXHIBIT 12.2
BOISE CASCADE CORPORATION AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividend Requirements
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Three Months |
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Year Ended December 31 |
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Ended March 31 |
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1995 |
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1996 |
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1997 |
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1998 |
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1999 |
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1999 |
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2000 |
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-------------- |
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------------ |
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(dollar amounts expressed in thousands) |
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Interest costs |
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$ |
135,130 |
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$ |
128,360 |
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$ |
137,350 |
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$ |
159,870 |
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$ |
146,124 |
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$ |
37,590 |
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$ |
36,984 |
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Interest capitalized during the period |
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3,549 |
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17,778 |
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10,575 |
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1,341 |
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238 |
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61 |
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125 |
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Interest factor related to noncapitalized leases(1) |
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8,600 |
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12,982 |
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11,931 |
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11,308 |
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13,065 |
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2,998 |
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3,033 |
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Total fixed charges |
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147,279 |
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159,120 |
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159,856 |
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172,519 |
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159,427 |
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40,649 |
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40,142 |
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Preferred stock dividend requirements -- pretax |
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59,850 |
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65,207 |
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44,686 |
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19,940 |
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17,129 |
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8,754 |
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8,091 |
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Combined fixed charges and preferred |
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Income (loss) before income taxes, |
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Undistributed (earnings) losses of less than 50% |
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Total fixed charges |
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147,279 |
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159,120 |
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159,856 |
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172,519 |
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159,427 |
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40,649 |
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40,142 |
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Less interest capitalized |
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(3,549 |
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(17,778 |
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(10,575 |
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(1,341 |
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(238 |
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(61 |
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(125 |
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Total earnings before fixed charges |
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$ |
696,279 |
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$ |
171,392 |
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$ |
125,531 |
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$ |
158,091 |
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$ |
509,014 |
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$ |
73,377 |
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$ |
109,542 |
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Ratio of earnings to combined fixed charges and |
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Excess of combined fixed charges and preferred |
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(1) Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate for each lease. |