EX-12.1 4 jr031qex121.htm EXHIBIT 12.1 EXHIBIT 12

Exhibit 12.1

Boise Cascade Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges

         

Three Months Ended

  
   

Year Ended December 31

    

March 31

  
   

____________________________________________

    

_________________

  
   

1998

  

1999

  

2000

  

2001

  

2002

    

2002

  

2003

  
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  
   

(thousands)

  
                                               

Interest costs

$

159,870

$

146,124

$

152,322

$

128,970

$

120,543

$

30,422

$

29,428

Guarantee of interest on ESOP debt

    

14,671

    

12,856

    

10,880

    

8,732

    

6,405

      

1,703

    

1,083

  

Interest capitalized during the period

    

1,341

    

238

    

1,458

    

1,945

    

3,937

      

1,074

    

148

  

Interest factor related to noncapitalized leases (a)

    

11,308

    

13,065

    

13,394

    

11,729

    

11,128

      

2,895

    

2,763

  

Adjustable conversion-rate equity security unit
   distributions

    


-

    


-

    


-

    


947

    


13,219

      


3,266

    


3,310

  
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  

Total fixed charges

  

$

187,190

  

$

172,283

  

$

178,054

  

$

152,323

  

$

155,232

    

$

39,360

  

$

36,732

  
   

=======

  

=======

  

=======

  

=======

  

=======

    

=======

  

=======

  

Income (loss) before income taxes,
   minority interest, and cumulative effect of
   accounting changes

  



$



(16,878



)



$



355,940





$



298,331





$



(47,611



)



$



1,005



 



$



(7,399



)



$



(26,084



)

Undistributed (earnings) losses of less than 50%-
   owned entities, net of distributions received

    


3,791

    


(6,115


)

  


(2,061


)

  


8,039


 


2,435

      


1,573

    


59

  

Total fixed charges

    

187,190

    

172,283

    

178,054

    

152,323

    

155,232

      

39,360

    

36,732

  

Less:  Interest capitalized

    

(1,341

)

  

(238

)

  

(1,458

)

  

(1,945

)

  

(3,937

)

    

(1,074

)

  

(148

)

          Guarantee of interest on ESOP debt

    

(14,671

)

  

(12,856

)

  

(10,880

)

  

(8,732

)

  

(6,405

)

    

(1,703

)

  

(1,083

)
   

_______

  

_______

  

_______

  

_______

  

_______

    

_______

  

_______

  

Total earnings before fixed charges

  

$

158,091

  

$

509,014

  

$

461,986

  

$

102,074

  

$

148,330

    

$

30,757

  

$

9,476

  
   

=======

  

=======

  

=======

  

=======

  

=======

    

=======

  

=======

  
                                               

Ratio of earnings to fixed charges

    

-

    

2.95

    

2.59

    

-

    

-

      

-

    

-

  
                                               

Excess of fixed charges over earnings before 
   fixed charges

  


$


29,099

  


$


-

  


$


-

  


$


50,249

  


$


6,902

    


$


8,603

  


$


27,256

  


(a)

Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate for each lease.