EX-12.1 11 a2104277zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

BOISE CASCADE CORPORATION AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

 
   Year Ended December 31
  
 
   2002
   2001
   2000
   1999
   1998
  
 
   (thousands, except ratios)

  
Interest costs   $ 120,543   $ 128,970   $ 152,322   $ 146,124   $ 159,870  
Guarantee of interest on ESOP debt     6,405     8,732     10,880     12,856     14,671  
Interest capitalized during the period     3,937     1,945     1,458     238     1,341  
Interest factor related to noncapitalized leases (a)     11,128     11,729     13,394     13,065     11,308  
Adjustable conversion-rate equity security unit distributions     13,219     947     —     —     —  
   
 
 
 
 
 
Total fixed charges   $ 155,232   $ 152,323   $ 178,054   $ 172,283   $ 187,190  
   
 
 
 
 
 

Income (loss) before income taxes, minority interest, and cumulative effect of accounting change
 
$
1,005
 
$
(47,611
)
$
298,331
 
$
355,940
 
$
(16,878
)
Undistributed (earnings) losses of less than 50% owned entities, net of distributions received     2,435     8,039     (2,061 )   (6,115 )   3,791  
Total fixed charges     155,232     152,323     178,054     172,283     187,190  
Less: Interest capitalized     (3,937 )   (1,945 )   (1,458 )   (238 )   (1,341 )
        Guarantee of interest on ESOP debt     (6,405 )   (8,732 )   (10,880 )   (12,856 )   (14,671 )
   
 
 
 
 
 
Total earnings before fixed charges   $ 148,330   $ 102,074   $ 461,986   $ 509,014   $ 158,091  
   
 
 
 
 
 

Ratio of earnings to fixed charges
 
 
—
 
 
—
 
 
2.59
 
 
2.95
 
 
—
 

Excess of fixed charges over earnings before fixed charges
 
$
6,902
 
$
50,249
 
$
—
 
$
—
 
$
29,099
 
(a)
Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate for each lease.


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