EX-11 3 jr022qex11b.htm EXHIBIT 11 EXHIBIT 11

EXHIBIT 11

BOISE CASCADE CORPORATION AND SUBSIDIARIES
Computation of Per-Share Earnings
 

Three Months Ended
June 30

    

Six Months Ended
June 30

  
 

____________________

    

______________________

  
   

2002

      

2001

      

2002

      

2001

  
 

_______

    

_______

    

_______

    

_______

  
 

(thousands, except per-share amounts)

  

Basic

                              

Net income (loss)

$

3,243

    

$

19,679

    

$

(3,377

)

  

$

(15,821

)

Preferred dividends (a)

  

(3,288

)

    

(3,204

)

    

(6,550

)

    

(6,466

)
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss)

$

(45

)

  

$

16,475

    

$

(9,927

)

  

$

(22,287

)
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

58,212

      

57,484

      

58,156

      

57,419

  
 

=======

    

=======

    

=======

    

=======

  

Basic income (loss) per common share

$

0.00

$

0.29

$

(0.17

)

$

(0.39

)
 

=======

    

=======

    

=======

    

=======

  

Diluted

                              

Basic income (loss)

$

(45

)

$

16,475

$

(9,927

)

$

(22,287

)

Preferred dividends eliminated

  

3,288

      

3,204

      

6,550

      

6,466

  

Supplemental ESOP contribution

  

(2,984

)

    

(2,658

)

    

(5,897

)

    

(5,364

)
 

_______

    

_______

    

_______

    

_______

  
                               

Diluted income (loss)

$

259

    

$

17,021

    

$

(9,274

)

  

$

(21,185

)
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

58,212

      

57,484

      

58,156

      

57,419

  

Stock options and other

  

414

      

537

      

433

      

489

  

Series D Convertible Preferred Stock

  

3,624

      

3,688

      

3,643

      

3,715

  
 

_______

    

_______

    

_______

    

_______

  

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

  

62,250

      

61,709

      

62,232

      

61,623

  
 

=======

    

=======

    

=======

    

=======

  
                               

Diluted income (loss) per common share

$

0.00

(b)

  

$

0.28

    

$

(0.15

) (b)

  

$

(0.34)

(b)
 

=======

    

=======

    

=======

    

=======

  

(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 three months ended June 30, 2002, and for the six months ended June 30, 2002 and 2001, was the same as basic loss per common share.