EXHIBIT 12



                                          BOISE CASCADE CORPORATION AND SUBSIDIARIES
                                               Ratio of Earnings to Fixed Charges

                                                                                                              Six Months
                                                           Year Ended December 31                            Ended June 30
                                           _________________________________________________________    ______________________
                                             1994        1995        1996        1997         1998         1998         1999
                                           _________   _________   _________   _________   _________    _________    _________
                                                    (dollar amounts expressed in thousands)
                                                                                                
Interest costs                             $ 169,170   $ 154,469   $ 146,234   $ 153,691   $ 174,541    $  88,407    $  79,324
Interest capitalized during the period         1,630       3,549      17,778      10,575       1,341          132          154
Interest factor related to noncapitalized
 leases(1)                                     9,161       8,600      12,982      11,931      11,308        6,141        7,210
                                           _________   _________   _________   _________   _________    _________    _________
  Total fixed charges                      $ 179,961   $ 166,618   $ 176,994   $ 176,197   $ 187,190    $  94,680    $  86,688

Income (loss) before income taxes,
 minority interest, and cumulative effect
 of accounting change                      $ (64,750)  $ 589,410   $  31,340   $ (28,930)  $ (16,878)   $ (69,190)   $ 140,195
Undistributed (earnings) losses of less
 than 50% owned persons, net of
 distributions received                       (1,110)    (36,861)     (1,290)      5,180       3,791        5,350       (3,958)
Total fixed charges                          179,961     166,618     176,994     176,197     187,190       94,680       86,688
Less: Interest capitalized                    (1,630)     (3,549)    (17,778)    (10,575)     (1,341)        (132)        (154)
      Guarantee of interest on ESOP debt     (20,717)    (19,339)    (17,874)    (16,341)    (14,671)      (7,447)      (6,559)
                                           _________   _________   _________   _________   _________    _________    _________
Total earnings before fixed charges        $  91,754   $ 696,279   $ 171,392   $ 125,531   $ 158,091    $  23,261    $ 216,212

  Ratio of earnings to fixed charges             -          4.18         -           -           -            -           2.49

Excess of fixed charges over earnings
 before fixed charges                      $  88,207   $     -     $   5,602   $  50,666   $  29,099    $  71,419    $     -



(1)  Interest expense for operating leases with terms of one year or
     longer is based on an imputed interest rate for each lease.