Exhibit 11

BOISE CASCADE CORPORATION AND SUBSIDIARIES
Computation of Per Share Earnings

|                                                                                      |  | Year Ended December 31 |        
|------------------------------------------------------------------------------------- |  | ---------------------- | -------
|
|
|Basic                                                                                 |  |                        |        
|Income (loss) before cumulative effect of accounting changes                          |  | $                      | 17,075 
|Preferred dividends(a)                                                                |  |                        | (13,061
|                                                                                      |  |                        |        
|Basic income (loss) before cumulative effect of accounting changes                    |  |                        | 4,014  
|Cumulative effect of accounting changes, net of income tax                            |  |                        | (8,803 
|                                                                                      |  |                        |        
|Basic loss                                                                            |  | $                      | (4,789 
|                                                                                      |  |                        |        
|Average shares used to determine basic income (loss) per common share                 |  |                        | 60,093 
|                                                                                      |  |                        |        
|Basic income (loss) per common share before cumulative effect of accounting changes   |  | $                      | .07    
|Cumulative effect of accounting changes                                               |  |                        | (.15   
|                                                                                      |  |                        |        
|Basic loss per common share                                                           |  | $                      | (.08   
|                                                                                      |  |                        |        
|Diluted                                                                               |  |                        |        
|Basic income (loss) before cumulative effect of accounting changes                    |  | $                      | 4,014  
|Preferred dividends eliminated                                                        |  |                        | 13,061 
|Supplemental ESOP contribution                                                        |  |                        | (11,829
|                                                                                      |  |                        |        
|Diluted income (loss) before cumulative effect of accounting changes                  |  |                        | 5,246  
|Cumulative effect of accounting changes                                               |  |                        | (8,803 
|                                                                                      |  |                        |        
|Diluted loss                                                                          |  | $                      | (3,557 
|                                                                                      |  |                        |        
|Average shares used to determine basic loss per common share                          |  |                        | 60,093 
|Stock options and other                                                               |  |                        | 734    
|Series D Convertible Preferred Stock                                                  |  |                        | 3,353  
|                                                                                      |  |                        |        
|Average shares used to determine diluted income (loss) per common share               |  |                        | 64,180 
|                                                                                      |  |                        |        
|Diluted income (loss) per common share before cumulative effect of accounting changes |  | $                      | .08    
|Cumulative effect of accounting changes                                               |  |                        | (.14   
|                                                                                      |  |                        |        
|Diluted loss per common share(b)                                                      |  | $                      | (.06   
|                                                                                      |  |                        |        

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