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Previous: BOISE CASCADE CORP, 10-Q, EX-27, 2000-08-11 |
Next: BOISE CASCADE CORP, 10-Q, EX-12, 2000-08-11 |
EXHIBIT 12.1
BOISE CASCADE CORPORATION AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
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Six Months |
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Year Ended December 31 |
Ended June 30 |
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------------------------------------------------------------------------------------- |
------------------------------ |
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1995 |
1996 |
1997 |
1998 |
1999 |
1999 |
2000 |
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-------------- |
-------------- |
---------------- |
---------------- |
-------------- |
------------- |
-------------- |
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(dollar amounts expressed in thousands) |
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Interest costs |
$ |
135,130 |
$ |
128,360 |
$ |
137,350 |
$ |
159,870 |
$ |
146,124 |
$ |
72,765 |
$ |
75,017 |
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Guarantee of interest on ESOP debt |
19,339 |
17,874 |
16,341 |
14,671 |
12,856 |
6,559 |
5,594 |
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Interest capitalized during the period |
3,549 |
17,778 |
10,575 |
1,341 |
238 |
154 |
352 |
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Interest factor related to noncapitalized leases(1) |
8,600 |
12,982 |
11,931 |
11,308 |
13,065 |
7,210 |
5,994 |
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-------------- |
-------------- |
-------------- |
-------------- |
-------------- |
------------- |
-------------- |
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Total fixed charges |
$ |
166,618 |
$ |
176,994 |
$ |
176,197 |
$ |
187,190 |
$ |
172,283 |
$ |
86,688 |
$ |
86,957 |
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======== |
======== |
========= |
========= |
======== |
======= |
======== |
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Income (loss) before income taxes, |
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Undistributed (earnings) losses of less than 50% |
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Total fixed charges |
166,618 |
176,994 |
176,197 |
187,190 |
172,283 |
86,688 |
86,957 |
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|
Less: Interest capitalized |
(3,549 |
) |
(17,778 |
) |
(10,575 |
) |
(1,341 |
) |
(238 |
) |
(154 |
) |
(352 |
) |
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|
Guarantee of interest on ESOP debt |
(19,339 |
) |
(17,874 |
) |
(16,341 |
) |
(14,671 |
) |
(12,856 |
) |
(6,559 |
) |
(5,594 |
) |
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-------------- |
-------------- |
-------------- |
-------------- |
-------------- |
------------ |
-------------- |
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Total earnings before fixed charges |
$ |
696,279 |
$ |
171,392 |
$ |
125,531 |
$ |
158,091 |
$ |
509,014 |
$ |
216,212 |
$ |
201,428 |
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======== |
======== |
========= |
========= |
======== |
======= |
======== |
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Ratio of earnings to fixed charges |
4.18 |
- |
- |
- |
2.95 |
2.49 |
2.32 |
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Excess of fixed charges over earnings before |
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(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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