Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - LAMAR MEDIA CORP/DE | d506189d10q.htm |
| EX-12.A - EX-12.A - LAMAR MEDIA CORP/DE | d506189dex12a.htm |
| EX-32.1 - EX-32.1 - LAMAR MEDIA CORP/DE | d506189dex321.htm |
| EX-10.1 - EX-10.1 - LAMAR MEDIA CORP/DE | d506189dex101.htm |
| EX-31.2 - EX-31.2 - LAMAR MEDIA CORP/DE | d506189dex312.htm |
| EX-31.1 - EX-31.1 - LAMAR MEDIA CORP/DE | d506189dex311.htm |
| EXCEL - IDEA: XBRL DOCUMENT - LAMAR MEDIA CORP/DE | Financial_Report.xls |
Exhibit 12(b)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
The following table sets forth Lamar Media’s ratio of earnings to fixed charges for the periods indicated.
| YEARS ENDED DECEMBER 31, | MARCH 31, | |||||||||||||||||||||||||||
| (dollars in thousands) |
2008 | 2009(2) | 2010(2) | 2011 | 2012 | 2013(2) | 2012(2) | |||||||||||||||||||||
| Net income (loss) |
$ | 10,360 | $ | (55,823 | ) | $ | (40,198 | ) | $ | 8,612 | $ | 10,046 | $ | (6,019 | ) | $ | (22,825 | ) | ||||||||||
| Income tax expense (benefit) |
14,487 | (36,146 | ) | (23,213 | ) | 6,919 | 9,587 | (4,631 | ) | (21,117 | ) | |||||||||||||||||
| Fixed charges |
230,078 | 263,011 | 253,569 | 239,477 | 227,155 | 55,294 | 57,529 | |||||||||||||||||||||
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| Earnings |
254,925 | 171,042 | 190,158 | 255,008 | 246,788 | 44,644 | 13,587 | |||||||||||||||||||||
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| Interest expense, net |
156,716 | 191,455 | 185,517 | 170,524 | 156,762 | 36,672 | 39,856 | |||||||||||||||||||||
| Rent under leases representative of an interest factor (1/3) |
73,362 | 71,556 | 68,052 | 68,953 | 70,393 | 18,622 | 17,673 | |||||||||||||||||||||
| Preferred dividends |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
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| Fixed charges |
230,078 | 263,011 | 253,569 | 239,477 | 227,155 | 55,294 | 57,529 | |||||||||||||||||||||
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| Ratio of earnings to fixed charges |
1.1x | 0.7x | 0.7x | 1.1x | 1.1x | 0.8x | 0.2 x | |||||||||||||||||||||
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| (1) | The ratio of earnings to fixed charges is defined as earnings divided by fixed charges. For purposes of this ratio, earnings is defined as net income (loss) before income taxes and cumulative effect of a change in accounting principle and fixed charges. Fixed charges is defined as the sum of interest expenses, preferred stock dividends and the component of rental expense that we believe to be representative of the interest factor for those amounts. |
| (2) | For the years ended December 31, 2010 and 2009 and the three months ended March 31, 2013 and 2012, earnings were insufficient to cover fixed charges by $63.4 million and $92.0 million and $10.7 million and $43.9 million, respectively. |