To be exact, for hardwood, the board footage is defined as BF = SM × T, where T is the nominal thickness in inches and SM = L × W / 12, where L is nominal length in feet, truncated (rounded down) to the nearest foot, W is actual width in inches, and SM is rounded to the nearest whole number.
For softwood, BF = L × W × T / 12, where L is nominal length in feet, truncated to the nearest even foot, W is nominal length in inches, T is nominal thickness in inches, and the result is rounded to the nearest hundredth of a board foot.