EXHIBIT 12 BOISE CASCADE OFFICE PRODUCTS CORPORATION RATIO OF EARNINGS TO FIXED CHARGES For the Year Ended December 31 ------------------------------------------------- 1999 1998 1997 1996 1995 --------- --------- -------- -------- ------- (dollars in thousands) Interest costs and amortization of debt costs $ 24,940 $ 26,273 $ 20,308 $ 7,868 $ 725 Interest costs capitalized during the period 204 1,025 - - - Interest factor related to noncapitalized leases (1) 6,265 5,207 4,456 4,839 2,203 -------- -------- -------- -------- ------- Total fixed charges $ 31,409 $ 32,505 $ 24,764 $ 12,707 $ 2,928 ======== ======== ======== ======== ======= Income before income taxes $130,427 $ 95,911 $ 99,784 $ 93,812 $71,370 Total fixed charges 31,409 32,505 24,764 12,707 2,928 Less: Interest capitalized (204) (1,025) - - - -------- -------- -------- -------- ------- Total earnings before fixed charges $161,632 $127,391 $124,548 $106,519 $74,298 ======== ======== ======== ======== ======= Ratio of earnings to fixed charges 5.1 3.9 5.0 8.4 25.4 (1) Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate for each lease.