EX-11 3 jr031qex11.htm EXHIBIT 11 EXHIBIT 13

Exhibit 11

Boise Cascade Corporation and Subsidiaries
Computation of Per-Share Loss

Three Months Ended

March 31

____________________________________

2003

2002

__________

__________

(thousands, except per-share amounts)

Basic

Loss before cumulative effect of accounting changes

  

$

(18,743

)

  

$

(6,620

)

  

Preferred dividends (a)

    

(3,266

)

    

(3,262

)

  

__________

__________

Basic loss before cumulative effect of accounting changes

  

(22,009

)

    

(9,882

)

  

Cumulative effect of accounting changes, net of income tax

(8,803

)

-

__________

__________

Basic loss

  

$

(30,812

)

  

$

(9,882

)

  

========

========

Average shares used to determine basic loss per common share

   

58,289

      

58,099

    

========

========

                   

Basic loss per common share before cumulative effect of accounting changes

    

$(0.38

)

    

$(0.17

)

  

Cumulative effect of accounting changes

    

(0.15

)

    

-

    

______

______

Basic loss per common share

   

$(0.53

)

    

$(0.17

)

  

=====

=====

Diluted

                  

Basic loss before cumulative effect of accounting changes

 

$

(22,009

)

  

$

(9,882

)

  

Preferred dividends eliminated

    

3,266

      

3,262

    

Supplemental ESOP contribution

    

(2,936

)

    

(2,913

)

  

__________

__________

Diluted loss before cumulative effect of accounting changes

    

(21,679

)

    

(9,533

)

  

Cumulative effect of accounting changes

    

(8,803

)

    

-

    

__________

__________

Diluted loss

  

$

(30,482

)

  

$

(9,533

)

  

========

========

                   

Average shares used to determine basic loss per common share

    

58,289

      

58,099

    

Stock options and other

    

176

      

532

    

Series D Convertible Preferred Stock

    

3,415

      

3,584

    

__________

__________

Average shares used to determine diluted loss per common share

   

61,880

      

62,215

    

========

========

                   

Diluted loss per common share before cumulative effect of accounting changes

    

$(0.35

)

    

$(0.15

)

  

Cumulative effect of accounting changes

    

(0.14

)

    

-

    

______

_____

Diluted loss per common share (b)

    

$(0.49

)

    

$(0.15

)

  

=====

====

     

(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 three months ended March 31, 2003 and 2002, the computation of diluted loss per common share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.