EX-11 3 ss10630c.htm EXHIBIT 11 EXHIBIT 11

EXHIBIT 11

BOISE CASCADE CORPORATION
Computation of Per Share Earnings
 

Three Months Ended
June 30

    

Six Months Ended
June 30

  
 

___________________

    

______________________

  
   

2001

      

2000

      

2001

      

2000

  
 

_______

    

_______

    

_______

    

_______

  
 

(thousands, except per share amounts)

  

Basic

                              

Net income (loss) as reported

$

19,679

    

$

31,007

    

$

(15,821

)

  

$

70,571

  

Preferred dividends (a)

  

(3,204

)

    

(3,206

)

    

(6,466

)

    

(6,582

)
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss)

$

16,475

    

$

27,801

    

$

(22,287

)

  

$

63,989

  
 

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=======

  
                               

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

  

57,484

      

57,275

      

57,419

      

57,244

  
 

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=======

    

=======

    

=======

  

Basic income (loss) per common share

$

0.29

$

0.49

$

(0.39

)

$

1.12

 

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=======

  

Diluted

                              

Basic income (loss)

$

16,475

$

27,801

$

(22,287

)

$

63,989

Preferred dividends eliminated

  

3,204

      

3,206

      

6,466

      

6,582

  

Supplemental ESOP contribution

  

(2,658

)

    

(2,741

)

    

(5,364

)

    

(5,627

)
 

_______

    

_______

    

_______

    

_______

  
                               

Diluted income (loss)

$

17,021

    

$

28,266

    

$

(21,185

)

  

$

64,944

  
 

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=======

    

=======

    

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

  

57,484

      

57,275

      

57,419

      

57,244

  

Stock options and other

  

537

      

230

      

489

      

272

  

Series D Convertible Preferred Stock

  

3,688

      

3,896

      

3,715

      

3,934

  
 

_______

    

_______

    

_______

    

_______

  
                               

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

  

61,709

      

61,401

      

61,623

      

61,450

  
 

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=======

    

=======

    

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Diluted income (loss) per common share

$

0.28

    

$

0.46

    

$

(0.34

) (b)

  

$

1.06

  
 

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(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)

  

Because the computation of diluted loss per common share was antidilutive, diluted loss per common share reported for the six months ended June 30, 2001, was the same as basic loss per common share.