BOISE CASCADE CORP

CIK:0000012978|SEC Filings

Net Income Per Common Share

9 Months Ended

Sep. 28, 2013

6. Net Income Per Common Share

Basic net income per common share is calculated using net income available to holders of our common stock divided by the weighted average number of shares of common stock outstanding during the applicable periods presented. Diluted net income per common share is similar to basic net income per common share except that the weighted average number of shares of common stock outstanding is increased to include, if their inclusion is dilutive, the number of additional shares of common stock that would have been outstanding assuming the issuance of all potentially dilutive shares, such as common stock to be issued upon the exercise of stock options, the vesting of restricted stock units, and the conversion of outstanding preferred stock. Net income per common share was determined by dividing net income, as adjusted, by weighted average shares outstanding as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
	(thousands, except per- share amounts)				(thousands, except per- share amounts)
Net income available to OfficeMax common shareholders	$	30,380	$	432,986	$	76,681	$	448,564
Average shares—basic		87,239		86,661		87,063		86,526

Net income available to OfficeMax common shareholders per common share:
Basic	$	0.35	$	5.00	$	0.88	$	5.18

	Three Months Ended				Nine Months Ended
	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
	(thousands, except per- share amounts)				(thousands, except per- share amounts)
Net income available to OfficeMax common shareholders	$	30,380	$	432,986	$	76,681	$	448,564
Preferred dividends eliminated(a)		—		522		—		1,581

Diluted net income attributable to OfficeMax		30,380		433,508		76,681		450,145
Average shares—basic		87,239		86,661		87,063		86,526
Restricted stock, stock options, preferred share conversion and other(a)(b)(c)		1,944		1,443		1,629		1,453

Average shares—diluted		89,183		88,104		88,692		87,979
Diluted net income attributable to OfficeMax per common share:
Diluted	$	0.34	$	4.92	$	0.86	$	5.12

(a)	The assumed conversion of outstanding preferred stock was anti-dilutive for the three and nine months ended September 28, 2013 and therefore no adjustment was required to determine diluted net income attributable to OfficeMax or average shares-diluted.

(b)

Options to purchase 2.4 million and 2.3 million shares of common stock were outstanding during the third quarter and first nine months of 2013, respectively, but were not included in the computation of diluted income per common share because the impact would have been anti-dilutive as such options’ exercise prices were higher than the average market price during those periods.

(c)

Options to purchase 4.2 million and 4.3 million shares of common stock were outstanding during the third quarter and first nine months of 2012, respectively, but were not included in the computation of diluted income per common share because the impact would have been anti-dilutive as such options’ exercise prices were higher than the average market price during those periods.

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012
Cash provided by operations:
Net income attributable to OfficeMax and noncontrolling interest	$ 81,038	$ 453,490
Non-cash items in net income:
Recognition of deferred gain from investment in Boise Cascade Holdings, L.L.C.	(137,523)
Depreciation and amortization	55,930	55,704
Non-cash impairment charges		9,791
Pension and other postretirement benefits expense (income)	(285)	529
Non-cash gain on extinguishment of non-recourse debt.		(670,766)
Deferred income tax expense	62,977	250,337
Other	46,683	28,927
Changes in operating assets and liabilities:
Receivables	(18,886)	28,360
Inventories	108,787	69,038
Accounts payable and accrued liabilities	(136,012)	(22,625)
Current and deferred income taxes	(3,013)	12,810
Collection of dividends receivable related to investment in Boise Cascade Holdings, L.L.C.	46,137
Other	(20,609)	(57,765)
Cash provided by operations	85,224	157,830
Cash provided by (used for) investment:
Expenditures for property and equipment	(65,285)	(48,173)
Return of investment in Boise Cascade Holdings, L.L.C.	134,104
Proceeds from sales of assets	3,833	1,667
Other	(997)
Cash provided by (used for) investment	71,655	(46,506)
Cash used for financing:
Common stock	(135,914)	(1,733)
Preferred stock	(1,020)	(1,059)
Borrowings (payments) of short-term debt, net	(2,077)	6,066
Borrowings of long-term debt	1,659
Payments of long-term debt	(3,375)	(37,975)
Purchases of preferred stock	(914)	(187)
Proceeds from exercise of stock options	2,354	398
Payments related to other share-based compensation	(95)	(1,216)
Other	(4,660)
Cash used for financing	(144,042)	(35,706)
Effect of exchange rates on cash and cash equivalents	(3,692)	3,293
Increase in cash and cash equivalents	9,145	78,911
Balance at beginning of the period	495,056	427,111
Balance at end of the period	$ 504,201	$ 506,022

Reserve Balances Classified in Consolidated Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Restructuring Cost and Reserve [Line Items]
Other long-term liabilities	$ 122,309	$ 142,397
Total	60,145	74,643
Facility Closing
Restructuring Cost and Reserve [Line Items]
Accrued expenses and other current liabilities-Other	19,386
Other long-term liabilities	40,759
Total	$ 60,145