1
Exhibit 12
BOISE CASCADE OFFICE PRODUCTS CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31
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1998 1997 1996 1995 1994
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(dollars in thousands)
Interest costs and amortization
of debt costs $ 26,273 $ 20,308 $ 7,868 $ 725 $ --
Interest costs capitalized
during the period 1,025 -- -- -- --
Interest factor related to
noncapitalized leases (1) 5,207 4,456 4,839 2,203 1,632
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Total fixed charges $ 32,505 $ 24,764 $ 12,707 $ 2,928 $ 1,632
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Income before income taxes 95,911 $ 99,784 $ 93,812 $ 71,370 $ 43,194
Total fixed charges 32,505 24,764 12,707 2,928 1,632
Less: Interest capitalized (1,025) -- -- -- --
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Total earnings before
fixed charges $ 127,391 $ 124,548 $ 106,519 $ 74,298 $ 44,826
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Ratio of earnings to fixed charges 3.9 5.0 8.4 25.4 27.5
(1) Interest expense for operating leases with terms of one year or longer is
based on an imputed interest rate for each lease.