Attached files

file filename
10-Q - FORM 10-Q - LAMAR ADVERTISING CO/NEWd47340d10q.htm
EX-12.A - EX-12(A) - LAMAR ADVERTISING CO/NEWd47340dex12a.htm
EX-4.3 - EX-4.3 - LAMAR ADVERTISING CO/NEWd47340dex43.htm
EX-4.1 - EX-4.1 - LAMAR ADVERTISING CO/NEWd47340dex41.htm
EX-4.2 - EX-4.2 - LAMAR ADVERTISING CO/NEWd47340dex42.htm
EX-32.1 - EX-32.1 - LAMAR ADVERTISING CO/NEWd47340dex321.htm
EX-31.1 - EX-31.1 - LAMAR ADVERTISING CO/NEWd47340dex311.htm
EX-31.2 - EX-31.2 - LAMAR ADVERTISING CO/NEWd47340dex312.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,     Nine Months Ended
September 30,
 

(dollars in thousands)

   2010(2)     2011      2012      2013      2014     2015      2014  

Net (loss) income

   $ (39,066   $ 6,920       $ 8,115       $ 40,338       $ 287,035      $ 186,296       $ 45,805   

Income tax (benefit) expense

     (22,490     5,838         8,353         22,977         (143,264     18,278         33,903   

Fixed charges

     253,569        239,477         227,155         221,219         182,107        134,109         138,043   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Earnings

     192,013        252,235         243,623         284,534         325,878        338,683         217,751   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Interest expense, net

     185,517        170,524         156,762         146,112         105,152        73,925         80,673   

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

     68,052        68,953         70,393         75,107         76,955        60,184         57,370   

Preferred dividends

     0        0         0         0         0        0         0   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Fixed charges

     253,569        239,477         227,155         221,219         182,107        134,109         138,043   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges

     0.8x        1.1x         1.1x         1.3x         1.8x        2.5x         1.6x   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(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 year ended December 31, 2010, earnings were insufficient to cover fixed charges by $61,556.