EXHIBIT 11
Boise Cascade Corporation
Computation of Per Share Earnings
Three Months Ended Nine Months Ended
September 30 September 30
_______________________ _______________________
1998 1997 1998 1997
_________ _________ _________ _________
(expressed in thousands, except per share amounts)
Net income (loss) as reported, before cumulative
effect of accounting change $ 47,050 $ (6,200) $ (17,350) $ (37,640)
Preferred dividends (3,515) (6,249) (12,094) (25,546)
Excess of Series F Preferred Stock redemption
price over carrying value - - (3,958) -
_________ _________ _________ _________
Basic income (loss) before cumulative effect of
accounting change 43,535 (12,449) (33,402) (63,186)
Cumulative effect of accounting change - - (8,590) -
_________ _________ _________ _________
Basic loss $ 43,535 $ (12,449) $ (41,992) $ (63,186)
========= ========= ========= =========
Average shares outstanding used to determine
basic income (loss) per common share 56,332 54,814 56,297 50,658
========= ========= ========= =========
Net income (loss) per common share
Basic income (loss) before cumulative affect of
accounting change $ .77 $ (.23) $ (.60) $(1.25)
Cumulative affect of accounting change - - (.15) -
______ ______ ______ ______
Basic income (loss) per common share $ .77 $ (.23) $ (.75) $(1.25)
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Basic income (loss) before cumulative effect of
accounting change $ 43,535 $ (12,449) $ (33,402) $ (63,186)
Preferred dividends eliminated 3,515 3,546 10,649 17,438
Supplemental ESOP contribution (3,001) (3,031) (9,102) (9,098)
_________ _________ _________ _________
Diluted loss before cumulative effect of
accounting change 44,049 (11,934) (31,855) (54,846)
Cumulative effect of accounting change - - (8,590) -
_________ _________ _________ _________
Diluted loss $ 44,049 $ (11,934) $ (40,445) $ (54,846)
========= ========= ========= =========
Average shares outstanding used to determine
basic income (loss) per common share 56,332 54,814 56,297 50,658
Stock options, net 134 542 227 457
Series G conversion preferred stock - 851 - 4,871
Series D convertible preferred stock 4,383 4,526 4,420 4,570
_________ _________ _________ _________
Average shares used to determine diluted
Income (loss) per common share 60,849 60,733 60,944 60,556
========= ========= ========= =========
Diluted income (loss) before cumulative effect of
accounting change $ .72 $ (.20) $ (.52) $ (.91)
Cumulative affect of accounting change - - (.14) -
______ ______ ______ ______
Diluted income (loss) per common share $ .72 $ (.20) $ (.66) $ (.91)
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(1) Because the computation of diluted loss per common share was antidilutive, the diluted loss per
common share reported for the three and nine months ended September 30, 1997, and for the nine
months ended September 30, 1998, was the same as basic loss per common share.