EX-11 19 a04-12861_1ex11.htm EX-11

Exhibit 11

 

OfficeMax Incorporated and Subsidiaries
Computation of Per-Share Income (Loss)

 

 

Three Months Ended
September 30

 

Nine Months Ended
September 30

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

(thousands, except per-share amounts)

 

Basic

 

 

 

 

 

 

 

 

 

Income before cumulative effect of accounting changes

 

$

61,133

 

$

32,884

 

$

174,979

 

$

10,207

 

Preferred dividends (a)

 

(3,242

)

(3,191

)

(9,776

)

(9,744

)

 

 

 

 

 

 

 

 

 

 

Basic income before cumulative effect of accounting changes

 

57,891

 

29,693

 

165,203

 

463

 

Cumulative effect of accounting changes, net of income tax

 

—

 

—

 

—

 

(8,803

)

 

 

 

 

 

 

 

 

 

 

Basic income (loss)

 

$

57,891

 

$

29,693

 

$

165,203

 

$

(8,340

)

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

 

86,864

 

58,411

 

86,472

 

58,334

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share before cumulative effect of accounting changes

 

$

0.67

 

$

0.51

 

$

1.91

 

$

0.01

 

Cumulative effect of accounting changes, net of income tax

 

—

 

—

 

—

 

(0.15

)

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share

 

$

0.67

 

$

0.51

 

$

1.91

 

$

(0.14

)

Diluted

 

 

 

 

 

 

 

 

 

Basic income before cumulative effect of accounting changes

 

$

57,891

 

$

29,693

 

$

165,203

 

$

463

 

Preferred dividends eliminated

 

3,242

 

3,191

 

9,776

 

9,744

 

Supplemental ESOP contribution

 

(2,971

)

(2,891

)

(8,903

)

(8,822

)

 

 

 

 

 

 

 

 

 

 

Diluted income before cumulative effect of accounting changes

 

58,162

 

29,993

 

166,076

 

1,385

 

Cumulative effect of accounting changes, net of income tax

 

—

 

—

 

—

 

(8,803

)

 

 

 

 

 

 

 

 

 

 

Diluted income (loss)

 

$

58,162

 

$

29,993

 

$

166,076

 

$

(7,418

)

 

 

 

 

 

 

 

 

 

 

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

 

86,864

 

58,411

 

86,472

 

58,334

 

Restricted stock, stock options and other

 

1,982

 

956

 

1,947

 

441

 

Series D Convertible Preferred Stock

 

3,170

 

3,330

 

3,244

 

3,368

 

 

 

 

 

 

 

 

 

 

 

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

 

92,016

 

62,697

 

91,663

 

62,143

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share before cumulative effect of accounting changes

 

$

0.63

 

$

0.48

 

$

1.81

 

$

0.02

 

Cumulative effect of accounting changes, net of income tax

 

—

 

—

 

—

 

(0.14

)

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share (b)

 

$

0.63

 

$

0.48

 

$

1.81

 

$

(0.12

)

 

(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, 2003, the computation of diluted loss per common share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.

 

1