Lamar Advertising (LAMR) 10-Q 2009 Q1 Quarterly report

Exhibit 12.1

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,															March 31,
(dollars in thousands)	2004			2005			2006			2007(2)			2008(2)			2009(3)			2008(2)(3)
Net income (loss)		13,155			41,779			43,899			42,433			2,839			(21,333	)		(3,207	)
Income tax expense (benefit)		11,305			31,899			34,227			34,816			9,776			(10,270	)		(2,244	)
Fixed charges		127,933			147,069			173,889			232,690			242,877			54,833			60,590
Earnings		152,393			220,747			252,015			309,939			255,492			23,230			55,139
Interest expense, Net		75,584			89,160			111,644			166,002			169,150			36,205			43,039
Rents under leases representative of an interest factor (1/3)		51,984			57,544			61,880			66,323			73,362			18,537			17,460
Preferred dividends		365			365			365			365			365			91			91
Fixed Charges		127,933			147,069			173,889			232,690			242,877			54,833			60,590
Ratio of earnings to fixed charges		1.2	x		1.5	x		1.5	x		1.3	x		1.1	x		0.4	x		0.9	x

(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 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, 2007 and 2008 and three months ended March 31, 2008 amounts were adjusted to reflect the adoption of FSP APB 14—1 “Accounting for Convertible Debt that may be settled in cash upon conversion (including partial cash settlement)”.
(3)	For the three months ended March 31, 2009 and 2008, earnings were insufficient to cover fixed charges by $31.6 million and $5.5 million, respectively.

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