FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * COTTERELL SAMUEL K   2. Issuer Name and Ticker or Trading Symbol BOISE INC. [BZ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Senior Vice President & CFO (Last) (First) (Middle) BOISE INC., 1111 WEST JEFFERSON STREET, SUITE 200 3. Date of Earliest Transaction (Month/Day/Year) 03/15/2012 (Street) BOISE, ID 83702-5388 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/15/2012   M   60,000 (1) A $ 0 98,876 D   Common Stock 03/15/2012   M   9,000 (2) A $ 0 107,876 D   Common Stock 03/15/2012   M   3,984 (3) A $ 0 111,860 D   Common Stock 03/15/2012   F   24,998 (1) (2) (3) D $ 8.24 86,862 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

2009 Restricted Stock Units

(4)

03/15/2012

M

60,000

03/15/2010(1)

03/15/2012(1)

Common Stock

60,000

$ 0

0

D

2011 Restricted Stock Units

(4)

03/15/2012

M

9,000

03/15/2012(2)

03/15/2013(2)

Common Stock

9,000

$ 0

9,000

D

2011 Restricted Stock Units

(4)

03/15/2012

M

3,984

03/15/2012(3)

03/15/2012(3)

Common Stock

3,984

$ 0

0

D

2011 Restricted Stock Units

(4)

03/15/2013(5)

03/17/2014(5)

Common Stock

14,724

14,724

D

2012 Restricted Stock Units

(4)

03/15/2012

A

21,867

03/15/2013(6)

03/16/2015(6)

Common Stock

21,867

$ 0

21,867

D

2011 Stock Options

$ 8.55

03/15/2013(7)

(7)

Common Stock

29,006

29,006

D

2012 Stock Options

$ 8.24

03/15/2012

A

43,944

03/15/2013(7)

(7)

Common Stock

43,944

$ 0

43,944

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
COTTERELL SAMUEL K BOISE INC. 1111 WEST JEFFERSON STREET, SUITE 200 BOISE, ID 83702-5388			Senior Vice President & CFO

Signatures

/s/ Samuel K. Cotterell		03/19/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On March 16, 2009, Mr. Cotterell was awarded 100,000 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. The final 60% portion of this award, 60,000 RSUs, vested on March 15, 2012. Mr. Cotterell elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
(2)	On January 1, 2011, Mr. Cotterell was awarded 18,000 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan upon his election as our senior vice president and chief financial officer. One half (1/2) of this award, 9,000 RSUs, vested on March 15, 2012. Mr. Cotterell elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
(3)	On March 15, 2011, Mr. Cotterell was awarded 3,984 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan, all of which vested on March 15, 2012. Mr. Cotterell elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
(4)	Each restricted stock unit represents a contingent right to receive one share of Boise Inc. common stock.
(5)	On March 15, 2011, Mr. Cotterell was awarded 14,724 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. These service-condition vesting RSUs vest as follows: one half (1/2) will vest on March 15, 2013, and one half (1/2) will vest on March 17, 2014.
(6)	On March 15, 2012, Mr. Cotterell was awarded 21,867 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. These service-condition vesting RSUs vest as follows: one third (1/3) will vest on March 15, 2013, one third (1/3) will vest on March 17, 2014, and one third (1/3) will vest on March 16, 2015.
(7)	Reflects an award of nonqualified stock options under the Boise Inc. Incentive and Performance Plan. In general, these options expire ten years after the award date. Termination of employment may shorten the exercise period, as described in the stock option award agreement.

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