OfficeMax 2005 Annual Report Download - page 124

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Exhibit 11
OFFICEMAX INCORPORATED AND SUBSIDIARIES
Computation of Per Share Earnings
Year Ended December 31
2005 2004 2003
(thousands, except per-share amounts)
Basic
Income (loss) from continuing operations ................ $(41,212) $ 234,125 $ 35,380
Preferred dividends(a) .............................. (4,378) (11,917) (13,061)
Basic income (loss) before discontinued operations and
cumulative effect of accounting changes ............... (45,590) 222,208 22,319
Loss from discontinued operations ..................... (32,550) (61,067) (18,305)
Cumulative effect of accounting changes, net of income tax . . . — — (8,803)
Basic income (loss) ................................ $ (78,140) $161,141 $ (4,789)
Average shares used to determine basic income (loss) per
common share .................................. 78,745 86,917 60,093
Basic income (loss) per common share:
Continuing operations ............................. $ (0.58) $ 2.55 $ 0.37
Discontinued operations ........................... (0.41) (0.70) (0.30)
Cumulative effect of accounting changes, net of income tax . . — — (0.15)
Basic income (loss) per common share .................. $ (0.99) $ 1.85 $ (0.08)
Diluted
Basic income (loss) before discontinued operations and
cumulative effect of accounting changes ............... $(45,590) $ 222,208 $ 22,319
Preferred dividends eliminated ........................ — 11,917 13,061
Supplemental ESOP contribution ....................... — (10,833) (11,829)
Diluted income (loss) before discontinued operations and
cumulative effect of accounting changes ............... (45,590) 223,292 23,551
Loss from discontinued operations ..................... (32,550) (61,067) (18,305)
Cumulative effect of accounting changes, net of income tax . . . — — (8,803)
Diluted income (loss) ............................... $ (78,140) $162,225 $ (3,557)
Average shares used to determine basic income (loss) per
common share .................................. 78,745 86,917 60,093
Restricted stock, stock options and other ................. — 1,857 734
Series D Convertible Preferred Stock .................... — 2,880 3,353
Average shares used to determine diluted income (loss) per
common share .................................. 78,745 91,654 64,180
Diluted income (loss) per common share:
Continuing operations ............................. $ (0.58) $ 2.44 $ 0.37
Discontinued operations ........................... (0.41) (0.67) (0.29)
Cumulative effect of accounting changes, net of income tax . . — — (0.14)
Diluted income (loss) per common share(b) ............... $ (0.99) $ 1.77 $ (0.06)
(a) The dividend attributable to the company’s Series D Convertible Preferred Stock held by the
company’s ESOP (employee stock ownership plan) is net of a tax benefit.
(b) For the years ended December 31, 2005 and 2003, the computation of diluted loss per
common share was antidilutive; therefore, amounts reported for basic and diluted loss were the
same.