EX-11 3 jr023qex11.htm EXHIBIT 11 EXHIBIT 11

EXHIBIT 11

BOISE CASCADE CORPORATION AND SUBSIDIARIES
Computation of Per-Share Earnings
 

Three Months Ended
September 30

    

Nine Months Ended
September 30

  
 

____________________

    

______________________

  
   

2002

      

2001

      

2002

      

2001

  
 

_______

    

_______

    

_______

    

_______

  
 

(thousands, except per-share amounts)

  

Basic

                              

Net income (loss)

$

8,510

    

$

14,980

    

$

5,133

    

$

(841

)

Preferred dividends (a)

  

(3,262

)

    

(3,138

)

    

(9,812

)

    

(9,604

)
 

_______

    

_______

    

_______

    

_______

  

Basic income (loss)

$

5,248

    

$

11,842

    

$

(4,679

)

  

$

(10,445

)
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

58,269

      

57,831

      

58,194

      

57,558

  
 

=======

    

=======

    

=======

    

=======

  

Basic income (loss) per common share

$

0.09

$

0.21

$

(0.08

)

$

(0.18

)
 

=======

    

=======

    

=======

    

=======

  

Diluted

                              

Basic income (loss)

$

5,248

$

11,842

$

(4,679

)

$

(10,445

)

Preferred dividends eliminated

  

3,262

      

3,138

      

9,812

      

9,604

  

Supplemental ESOP contribution

  

(2,925

)

    

(2,580

)

    

(8,822

)

    

(7,944

)
 

_______

    

_______

    

_______

    

_______

  

Diluted income (loss)

$

5,585

    

$

12,400

    

$

(3,689

)

  

$

(8,785

)
 

=======

    

=======

    

=======

    

=======

  
                               

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

  

58,269

      

57,831

      

58,194

      

57,558

  

Stock options and other

  

239

      

484

      

424

      

487

  

Series D Convertible Preferred Stock

  

3,499

      

3,644

      

3,539

      

3,691

  
 

_______

    

_______

    

_______

    

_______

  

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

  

62,007

      

61,959

      

62,157

      

61,736

  
 

=======

    

=======

    

=======

    

=======

  
                               

Diluted income (loss) per common share

$

0.09

    

$

0.20

    

$

(0.06

) (b)

  

$

(0.14)

(b)
 

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=======

    

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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)

  

For the nine months ended September 30, 2002 and 2001, the computation of diluted net loss per share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.