BOISE CASCADE CORP
10-Q, 2000-05-11
PAPER MILLS
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EXHIBIT 12.1

BOISE CASCADE CORPORATION AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

Year Ended December 31

 

 

Ended March 31

 

 

 

-------------------------------------------------------------------------------------

 

 

-----------------------------

 

 

 

1995

 

1996

 

1997

 

1998

 

1999

 

 

1999

 

2000

 

 

 

--------------

 

--------------

 

----------------

 

----------------

 

--------------

 

 

------------

 

--------------

 

 

 

(dollar amounts expressed in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest costs

 

$

135,130

 

$

128,360

 

$

137,350

 

$

159,870

 

$

146,124

 

 

$

37,590

 

$

36,984

 

Guarantee of interest on ESOP debt

 

 

19,339

 

 

17,874

 

 

16,341

 

 

14,671

 

 

12,856

 

 

 

3,279

 

 

2,797

 

Interest capitalized during the period

 

 

3,549

 

 

17,778

 

 

10,575

 

 

1,341

 

 

238

 

 

 

61

 

 

125

 

Interest factor related to noncapitalized leases(1)

 

 

8,600

 

 

12,982

 

 

11,931

 

 

11,308

 

 

13,065

 

 

 

2,998

 

 

3,033

 

 

 

--------------

 

--------------

 

--------------

 

--------------

 

--------------

 

 

------------

 

--------------

 

   Total fixed charges

 

$

166,618

 

$

176,994

 

$

176,197

 

$

187,190

 

$

172,283

 

 

$

43,928

 

$

42,939

 

 

 

========

 

========

 

=========

 

=========

 

========

 

 

=======

 

========

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes,
   minority interest, and cumulative effect of
   accounting change

 



$



589,410

 



$



31,340




$



(28,930



)



$



(16,878



)



$



355,940

 

 



$



33,535

 



$



71,846

 

Undistributed (earnings) losses of less than 50%
   owned entities, net of distributions received

 

 


(36,861


)

 


(1,290


)

 


5,180

 

 


3,791

 



(6,115


)

 

 


(746


)

 


(2,321


)

Total fixed charges

 

 

166,618

 

 

176,994

 

 

176,197

 

 

187,190

 

 

172,283

 

 

 

43,928

 

 

42,939

 

Less:   Interest capitalized
           Guarantee of interest on ESOP debt

 

 

(3,549
(19,339

)
)

 

(17,778
(17,874

)
)

 

(10,575
(16,341

)
)

 

(1,341
(14,671

)
)

 

(238
(12,856

)
)

 

 

(61
(3,279

)
)

 

(125
(2,797

)
)

 

 

--------------

 

--------------

 

--------------

 

--------------

 

--------------

 

 

------------

 

--------------

 

Total earnings before fixed charges

 

$

696,279

 

$

171,392

 

$

125,531

 

$

158,091

 

$

509,014

 

 

$

73,377

 

$

109,542

 

 

 

========

 

========

 

=========

 

=========

 

========

 

 

=======

 

========

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

4.18

 

 

-

 

 

-

 

 

-

 

 

2.95

 

 

 

1.67

 

 

2.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess of fixed charges over earnings before
   fixed charges

 


$


-

 


$


5,602

 


$


50,666

 


$


29,099

 


$


-

 



$


-

 


$


-

 

 

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



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