Officemax 10-Q/A 2004 Q3 Quarterly report (amended)

Exhibit 11

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

	Three Months Ended September 30						Nine Months Ended September 30
	(Restated) 2004			2003			(Restated) 2004			2003
	(thousands, except per-share amounts)
Basic
Income before cumulative effect of accounting changes	$	62,169		$	32,884		$	172,363		$	10,207
Preferred dividends (a)	(3,242		)	(3,191		)	(9,776		)	(9,744		)
Basic income before cumulative effect of accounting changes	58,927			29,693			162,587			463
Cumulative effect of accounting changes, net of income tax	—			—			—			(8,803		)
Basic income (loss)	$	58,927		$	29,693		$	162,587		$	(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	$	0.68		$	0.51		$	1.88		$	0.01
Cumulative effect of accounting changes, net of income tax	—			—			—			(0.15		)
Basic income (loss) per common share	$	0.68		$	0.51		$	1.88		$	(0.14	)
Diluted
Basic income before cumulative effect of accounting changes	$	58,927		$	29,693		$	162,587		$	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	59,198			29,993			163,460			1,385
Cumulative effect of accounting changes, net of income tax	—			—			—			(8,803		)
Diluted income (loss)	$	59,198		$	29,993		$	163,460		$	(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	$	0.64		$	0.48		$	1.78		$	0.02
Cumulative effect of accounting changes, net of income tax	—			—			—			(0.14		)
Diluted income (loss) per common share (b)	$	0.64		$	0.48		$	1.78		$	(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.

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