Exhibit 11
OfficeMax Incorporated and Subsidiaries
Computation of Per-Share Income (Loss)
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| Three Months Ended |
| Six Months Ended |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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Basic |
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Income (loss) before cumulative effect of accounting changes |
| $ | 51,071 |
| $ | (3,934 | ) | $ | 110,194 |
| $ | (22,677 | ) | ||
Preferred dividends (a) |
| (3,168 | ) | (3,287 | ) | (6,534 | ) | (6,553 | ) | ||||||
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Basic income (loss) before cumulative effect of accounting changes |
| 47,903 |
| (7,221 | ) | 103,660 |
| (29,230 | ) | ||||||
Cumulative effect of accounting changes, net of income tax |
| — |
| — |
| — |
| (8,803 | ) | ||||||
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Basic income (loss) |
| $ | 47,903 |
| $ | (7,221 | ) | $ | 103,660 |
| $ | (38,033 | ) | ||
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Average shares used to determine basic income (loss) per common share |
| 86,474 |
| 58,300 |
| 86,275 |
| 58,295 |
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Basic income (loss) per common share before cumulative effect of accounting changes |
| $ | 0.55 |
| $ | (0.12 | ) | $ | 1.20 |
| $ | (0.50 | ) | ||
Cumulative effect of accounting changes, net of income tax |
| — |
| — |
| — |
| (0.15 | ) | ||||||
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Basic income (loss) per common share |
| $ | 0.55 |
| $ | (0.12 | ) | $ | 1.20 |
| $ | (0.65 | ) | ||
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Diluted |
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Basic income (loss) before cumulative effect of accounting changes |
| $ | 47,903 |
| $ | (7,221 | ) | $ | 103,660 |
| $ | (29,230 | ) | ||
Preferred dividends eliminated |
| 3,168 |
| 3,287 |
| 6,534 |
| 6,553 |
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Supplemental ESOP contribution |
| (2,869 | ) | (2,995 | ) | (5,932 | ) | (5,931 | ) | ||||||
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Diluted income (loss) before cumulative effect of accounting changes |
| 48,202 |
| (6,929 | ) | 104,262 |
| (28,608 | ) | ||||||
Cumulative effect of accounting changes, net of income tax |
| — |
| — |
| — |
| (8,803 | ) | ||||||
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Diluted income (loss) |
| $ | 48,202 |
| $ | (6,929 | ) | $ | 104,262 |
| $ | (37,411 | ) | ||
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Average shares used to determine basic income (loss) per common share |
| 86,474 |
| 58,300 |
| 86,275 |
| 58,295 |
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Restricted stock, stock options, and other |
| 1,976 |
| 185 |
| 1,929 |
| 180 |
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Series D Convertible Preferred Stock |
| 3,252 |
| 3,359 |
| 3,281 |
| 3,387 |
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Average shares used to determine diluted income (loss) per common share |
| 91,702 |
| 61,844 |
| 91,485 |
| 61,862 |
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Diluted income (loss) per common share before cumulative effect of accounting changes |
| $ | 0.53 |
| $ | (0.11 | ) | $ | 1.14 |
| $ | (0.46 | ) | ||
Cumulative effect of accounting changes, net of income tax |
| — |
| — |
| — |
| (0.14 | ) | ||||||
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Diluted income (loss) per common share (b) |
| $ | 0.53 |
| $ | (0.11 | ) | $ | 1.14 |
| $ | (0.60 | ) | ||
(a) The dividend attributable to the company’s Series D Convertible Preferred Stock held by the company’s employee stock ownership plan (ESOP) is net of a tax benefit.
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(b) For the three and six months ended June 30, 2003, the computation of diluted loss per common share was antidilutive; therefore, amounts reported for basic and diluted loss were the same.
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