Attached files

file filename
EX-12.A - EX-12(A) - LAMAR ADVERTISING CO/NEWd170264dex12a.htm
EX-32.1 - EX-32.1 - LAMAR ADVERTISING CO/NEWd170264dex321.htm
EX-31.1 - EX-31.1 - LAMAR ADVERTISING CO/NEWd170264dex311.htm
EX-31.2 - EX-31.2 - LAMAR ADVERTISING CO/NEWd170264dex312.htm
10-Q - FORM 10-Q - LAMAR ADVERTISING CO/NEWd170264d10q.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)

   2011      2012      2013      2014     2015      2016      2015  

Net income

   $ 6,920       $ 8,115       $ 40,338       $ 287,035      $ 262,903       $ 51,407       $ 40,804   

Income tax (benefit) expense

     5,838         8,353         22,977         (143,264     22,058         2,307         2,008   

Fixed charges

     239,477         227,155         221,219         182,107        179,516         51,853         44,115   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Earnings

     252,235         243,623         284,534         325,878        464,477         105,567         86,927   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Interest expense, net

     170,524         156,762         146,112         105,152        98,399         30,067         24,530   

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

     68,953         70,393         75,107         76,955        81,117         21,786         19,585   

Preferred dividends

     —           —           —           —          —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Fixed charges

     239,477         227,155         221,219         182,107        179,516         51,853         44,115   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

     1.1x         1.1x         1.3x         1.8x        2.6x         2.0x         2.0x   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

(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 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.