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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

STRENGE ROBERT E 		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
(Last)          (First)          (Middle)

BOISE INC., 1111 WEST JEFFERSON STREET, SUITE 200 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/15/2012
(Street)

BOISE, ID 83702-5388
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   3/15/2012     M    138000   (1) A $ 0   222950   D  
 
Common Stock   3/15/2012     M    9078   (2) A $ 0   232028   D  
 
Common Stock   3/15/2012     F    55812   (1) (2) D $8.24   176216   D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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     (3) 3/15/2012     M         138000    3/15/2010   (1) 3/15/2012   (1) Common Stock   138000   $ 0   0   D  
 
2011 Restricted Stock Units     (3) 3/15/2012     M         9078    3/15/2012   (2) 3/15/2012   (2) Common Stock   9078   $ 0   0   D  
 
2011 Restricted Stock Units     (3)                  3/15/2013   (4) 3/17/2014   (4) Common Stock   10898     10898   D  
 
2012 Restricted Stock Units     (3) 3/15/2012     A      13203       3/15/2013   (5) 3/16/2015   (5) Common Stock   13203   $ 0   13203   D  
 
2011 Stock Options   $8.55                    3/15/2013   (6)   (6) Common Stock   21472     21472   D  
 
2012 Stock Options   $8.24   3/15/2012     A      26532       3/15/2013   (6)   (6) Common Stock   26532   $ 0   26532   D  
 

Explanation of Responses:
( 1)  On March 16, 2009, Mr. Strenge was awarded 230,000 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan. The final 60% portion of this award, 138,000 RSUs, vested on March 15, 2012. Mr. Strenge elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
( 2)  On March 15, 2011, Mr. Strenge was awarded 9,078 restricted stock units (RSUs) under the Boise Inc. Incentive and Performance Plan, all of which vested on March 15, 2012. Mr. Strenge elected to have shares withheld to satisfy his tax withholding obligations on these vested shares.
( 3)  Each restricted stock unit represents a contingent right to receive one share of Boise Inc. common stock.
( 4)  On March 15, 2011, Mr. Strenge was awarded 10,898 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.
( 5)  On March 15, 2012, Mr. Strenge was awarded 13,203 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.
( 6)  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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
STRENGE ROBERT E
BOISE INC.
1111 WEST JEFFERSON STREET, SUITE 200
BOISE, ID 83702-5388

Senior Vice President

Signatures
/s/ Robert E. Strenge 3/19/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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