Exhibit 12.2
OfficeMax Incorporated and Subsidiaries
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividend Requirements
| | | | | | | | | | | | Nine Months Ended September 30 | |
| | Year Ended December 31 | | | | (Restated) | |
| | 1999 | | 2000 | | 2001 | | 2002 | | 2003 | | 2003 | | 2004 | |
| | (thousands) | |
| | | | | | | | | | | | | | | |
Interest costs | | $ | 146,124 | | $ | 152,322 | | $ | 129,917 | | $ | 133,762 | | $ | 134,930 | | $ | 96,524 | | $ | 123,826 | |
Interest capitalized during the period | | 238 | | 1,458 | | 1,945 | | 3,937 | | 391 | | 352 | | 28 | |
Interest factor related to noncapitalized leases (a) | | 13,065 | | 13,394 | | 11,729 | | 11,128 | | 15,974 | | 8,422 | | 84,900 | |
| | | | | | | | | | | | | | | |
Total fixed charges | | 159,427 | | 167,174 | | 143,591 | | 148,827 | | 151,295 | | 105,298 | | 208,754 | |
Preferred stock dividend requirements - pretax | | 17,129 | | 16,019 | | 15,180 | | 14,548 | | 13,864 | | 13,886 | | 13,341 | |
| | | | | | | | | | | | | | | |
Combined fixed charges and preferred dividend requirements | | $ | 176,556 | | $ | 183,193 | | $ | 158,771 | | $ | 163,375 | | $ | 165,159 | | $ | 119,184 | | $ | 222,095 | |
Income (loss) before income taxes, minority interest and cumulative effect of accounting changes | | $ | 355,940 | | $ | 298,331 | | $ | (48,558 | ) | $ | (12,214 | ) | $ | 19,297 | | $ | 9,792 | | $ | 279,514 | |
Undistributed (earnings) losses of less than 50%- owned entities, net of distributions received | | (6,115 | ) | (2,061 | ) | 8,039 | | 2,435 | | (8,695 | ) | (4,351 | ) | (6,291 | ) |
Total fixed charges | | 159,427 | | 167,174 | | 143,591 | | 148,827 | | 151,295 | | 105,298 | | 208,754 | |
Less interest capitalized | | (238 | ) | (1,458 | ) | (1,945 | ) | (3,937 | ) | (391 | ) | (352 | ) | (28 | ) |
| | | | | | | | | | | | | | | |
Total earnings before fixed charges | | $ | 509,014 | | $ | 461,986 | | $ | 101,127 | | $ | 135,111 | | $ | 161,506 | | $ | 110,387 | | $ | 481,949 | |
| | | | | | | | | | | | | | | |
Ratio of earnings to combined fixed charges and preferred dividend requirements | | 2.88 | | 2.52 | | — | | — | | — | | — | | 2.17 | |
| | | | | | | | | | | | | | | |
Excess of combined fixed charges and preferred dividend requirements over total earnings before fixed charges | | $ | — | | $ | — | | $ | 57,644 | | $ | 28,264 | | $ | 3,653 | | $ | 8,797 | | $ | — | |
(a) Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate.
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