Attached files

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EXCEL - IDEA: XBRL DOCUMENT - LAMAR ADVERTISING CO/NEWFinancial_Report.xls
EX-31.2 - EX-31.2 - LAMAR ADVERTISING CO/NEWd738607dex312.htm
EX-12.(B) - EX-12.(B) - LAMAR ADVERTISING CO/NEWd738607dex12b.htm
EX-31.1 - EX-31.1 - LAMAR ADVERTISING CO/NEWd738607dex311.htm
EX-32.1 - EX-32.1 - LAMAR ADVERTISING CO/NEWd738607dex321.htm
10-Q - FORM 10-Q - LAMAR ADVERTISING CO/NEWd738607d10q.htm

Exhibit 12(a)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

The following table sets forth Lamar Advertising’s ratio of earnings to fixed charges for the periods indicated.

 

     Years Ended December 31,     Six Months Ended
June 30,
 

(dollars in thousands)

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

Net (loss) income

   $ (58,598   $ (38,970   $ 6,858      $ 7,890      $ 40,139      $ 10,585      $ 12,859   

Income tax (benefit) expense

     (36,459     (22,746     5,542        8,242        22,841        7,239        5,005   

Fixed charges

     268,441        254,098        239,842        227,520        221,584        94,421        111,775   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

     173,384        192,382        252,242        243,652        284,564        112,245        129,639   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense, net

     196,520        185,681        170,524        156,762        146,112        56,266        74,508   

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

     71,556        68,052        68,953        70,393        75,107        37,973        37,085   

Preferred dividends

     365        365        365        365        365        182        182   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

     268,441        254,098        239,842        227,520        221,584        94,421        111,775   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     0.6     0.8     1.1     1.1     1.3     1.2     1.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 (loss) income before income taxes and cumulative effect of a change in accounting principle and fixed charges. Fixed charges is defined as the sum of interest expense, 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, earnings were insufficient to cover fixed charges by $61.7 million and $95.1 million, respectively.