Attached files

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EX-4.2 - EX-4.2 - LAMAR ADVERTISING CO/NEWd707798dex42.htm
EX-31.2 - EX-31.2 - LAMAR ADVERTISING CO/NEWd707798dex312.htm
EX-4.5 - EX-4.5 - LAMAR ADVERTISING CO/NEWd707798dex45.htm
EX-4.3 - EX-4.3 - LAMAR ADVERTISING CO/NEWd707798dex43.htm
EX-31.1 - EX-31.1 - LAMAR ADVERTISING CO/NEWd707798dex311.htm
EX-32.1 - EX-32.1 - LAMAR ADVERTISING CO/NEWd707798dex321.htm
EX-12.(A) - EX-12.(A) - LAMAR ADVERTISING CO/NEWd707798dex12a.htm
EX-4.4 - EX-4.4 - LAMAR ADVERTISING CO/NEWd707798dex44.htm
EXCEL - IDEA: XBRL DOCUMENT - LAMAR ADVERTISING CO/NEWFinancial_Report.xls
10-Q - FORM 10-Q - LAMAR ADVERTISING CO/NEWd707798d10q.htm

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)

   2009(2)     2010(2)     2011      2012      2013      2014(2)     2013(2)  

Net income (loss)

   $ (56,383   $ (39,066   $ 6,920       $ 8,115       $ 40,338       $ (4,778   $ (10,212

Income tax expense (benefit)

     (36,504     (22,490     5,838         8,353         22,977         (3,444     (7,312

Fixed charges

     263,011        253,569        239,477         227,155         221,219         49,044        55,294   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Earnings

     170,124        192,013        252,235         243,623         284,534         40,822        37,770   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Interest expense, net

     191,455        185,517        170,524         156,762         146,112         30,223        36,672   

Rent under leases representative of an interest factor (1/3)

     71,556        68,052        68,953         70,393         75,107         18,821        18,622   

Preferred dividends

     0        0        0         0         0         0        0   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Fixed charges

     263,011        253,569        239,477         227,155         221,219         49,044        55,294   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Ratio of earnings to fixed charges

     0.6x        0.8x        1.1x         1.1x         1.3x         0.8x        0.7x   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

(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, 2014 and 2013, earnings were insufficient to cover fixed charges by $61.6 million and $92.9 million and $8.2 million and $17.5 million, respectively.