Lamar Advertising (LAMR) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 01, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	LAMR
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Central Index Key	1,090,425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		82,433,667
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,610,365
LAMAR MEDIA CORP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Central Index Key	899,045
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
LAMAR MEDIA CORP [Member] | Class Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 28,420	$ 22,327
Receivables, net of allowance for doubtful accounts	181,080	174,398
Prepaid expenses	71,119	44,437
Deferred income tax assets	1,128	1,352
Other current assets	45,510	39,218
Total current assets	327,257	281,732
Property, plant and equipment	3,225,645	3,139,239
Less accumulated depreciation and amortization	(2,058,597)	(2,044,102)
Net property, plant and equipment	1,167,048	1,095,137
Goodwill	1,705,301	1,546,594
Intangible assets	656,155	402,886
Other assets	38,751	37,395
Total assets	3,894,512	3,363,744
Current liabilities:
Trade accounts payable	18,912	17,452
Current maturities of long-term debt, net of deferred financing costs	17,856	16,509
Accrued expenses	90,262	115,208
Deferred income	89,979	87,661
Total current liabilities	217,009	236,830
Long-term debt, net of deferred financing costs	2,420,294	1,874,941
Deferred income tax liabilities	1,466	2,052
Asset retirement obligation	210,260	206,234
Other liabilities	24,500	22,628
Total liabilities	2,873,529	2,342,685
Stockholder's equity:
Additional paid-in capital	1,690,208	1,664,038
Accumulated comprehensive income (loss)	290	(1,178)
Accumulated deficit	(657,310)	(635,799)
Stockholder's equity	1,020,983	1,021,059
Cost of shares held in treasury, 216,088 and 104,836 shares at 2016 and 2015, respectively	(12,303)	(6,099)
Total liabilities and stockholder's equity	3,894,512	3,363,744
LAMAR MEDIA CORP [Member]
Current assets:
Cash and cash equivalents	27,920	21,827
Receivables, net of allowance for doubtful accounts	181,080	174,398
Prepaid expenses	71,119	44,437
Deferred income tax assets	1,128	1,352
Other current assets	45,510	39,218
Total current assets	326,757	281,232
Property, plant and equipment	3,225,645	3,139,239
Less accumulated depreciation and amortization	(2,058,597)	(2,044,102)
Net property, plant and equipment	1,167,048	1,095,137
Goodwill	1,695,150	1,536,443
Intangible assets	655,687	402,418
Other assets	33,464	32,110
Total assets	3,878,106	3,347,340
Current liabilities:
Trade accounts payable	18,912	17,452
Current maturities of long-term debt, net of deferred financing costs	17,856	16,509
Accrued expenses	87,551	110,728
Deferred income	89,979	87,661
Total current liabilities	214,298	232,350
Long-term debt, net of deferred financing costs	2,420,294	1,876,895
Deferred income tax liabilities	1,466	2,052
Asset retirement obligation	210,260	206,234
Other liabilities	24,500	22,628
Total liabilities	2,870,818	2,340,159
Stockholder's equity:
Additional paid-in capital	2,760,649	2,734,479
Accumulated comprehensive income (loss)	290	(1,178)
Accumulated deficit	(1,753,651)	(1,726,120)
Stockholder's equity	1,007,288	1,007,181
Total liabilities and stockholder's equity	$ 3,878,106	$ 3,347,340
Series AA Preferred Stock [Member]
Stockholder's equity:
Preferred stock, value
Common Class A [Member]
Stockholder's equity:
Common stock, value	$ 83	$ 82
Common Class B [Member]
Stockholder's equity:
Common stock, value	$ 15	$ 15

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 9,542	$ 8,984
Current deferred financing costs	5,293	4,823
Noncurrent deferred financing costs	$ 27,233	$ 23,211
Shares held in treasury	216,088	104,836
Series AA Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, cumulative dividends	$ 63.80	$ 63.80
Preferred stock, shares authorized	5,720	5,720
Preferred stock, shares issued	5,720	5,720
Preferred stock, shares outstanding	5,720	5,720
Common Class A [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	362,500,000	362,500,000
Common stock, shares issued	82,648,355	82,188,372
Common stock, shares outstanding	82,432,267	82,083,536
Common Class B [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	37,500,000	37,500,000
Common stock, shares issued	14,610,365	14,610,365
Common stock, shares outstanding	14,610,365	14,610,365
LAMAR MEDIA CORP [Member]
Allowance for doubtful accounts	$ 9,542	$ 8,984
Current deferred financing costs	5,293	4,823
Noncurrent deferred financing costs	$ 27,233	$ 21,257
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net revenues	$ 338,533	$ 302,477
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	128,725	113,232
General and administrative expenses (exclusive of depreciation and amortization)	66,790	59,206
Corporate expenses (exclusive of depreciation and amortization)	16,026	15,391
Depreciation and amortization	51,489	49,230
Gain on disposition of assets	(11,327)	(1,836)
Total Operating Expenses	251,703	235,223
Operating income	86,830	67,254
Other expense (income)
Loss on extinguishment of debt	3,142
Interest income	(1)	(2)
Interest expense	30,068	24,532
Non-operating (Income) Expenses	33,209	24,530
Income before income tax expense	53,621	42,724
Income tax expense	2,307	2,008
Net income	51,314	40,716
Preferred stock dividends	91	91
Net income applicable to common stock	$ 51,223	$ 40,625
Earnings per share:
Basic and diluted earnings per share	$ 0.53	$ 0.42
Cash dividends declared per share of common stock	$ 0.75	$ 0.68
Weighted average common shares outstanding basic	96,793,244	95,704,850
Weighted average common shares outstanding diluted	97,378,135	95,742,148
Statements of Comprehensive Income
Net income	$ 51,314	$ 40,716
Other comprehensive income (loss)
Foreign currency translation adjustments	1,468	(1,610)
Comprehensive income	52,782	39,106
LAMAR MEDIA CORP [Member]
Net revenues	338,533	302,477
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	128,725	113,232
General and administrative expenses (exclusive of depreciation and amortization)	66,790	59,206
Corporate expenses (exclusive of depreciation and amortization)	15,933	15,303
Depreciation and amortization	51,489	49,230
Gain on disposition of assets	(11,327)	(1,836)
Total Operating Expenses	251,610	235,135
Operating income	86,923	67,342
Other expense (income)
Loss on extinguishment of debt	3,142
Interest income	(1)	(2)
Interest expense	30,068	24,532
Non-operating (Income) Expenses	33,209	24,530
Income before income tax expense	53,714	42,812
Income tax expense	2,307	2,008
Net income	51,407	40,804
Statements of Comprehensive Income
Net income	51,407	40,804
Other comprehensive income (loss)
Foreign currency translation adjustments	1,468	(1,610)
Comprehensive income	$ 52,875	$ 39,194

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 51,314	$ 40,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,489	49,230
Stock-based compensation	3,199	3,901
Amortization included in interest expense	1,382	1,158
Gain on disposition of assets and investment	(11,327)	(1,836)
Loss on extinguishment of debt	3,142
Deferred tax benefit	(182)	(1,187)
Provision for doubtful accounts	1,709	1,672
(Increase) decrease in:
Receivables	(8,410)	(1,438)
Prepaid expenses	(22,936)	(22,926)
Other assets	(3,572)	(8,787)
(Increase) decrease in:
Trade accounts payable	720	1,714
Accrued expenses	(14,211)	(10,099)
Other liabilities	(780)	2,613
Net cash provided by operating activities	51,537	54,731
Cash flows from investing activities:
Acquisitions	(502,138)	(19,647)
Capital expenditures	(20,619)	(29,041)
Proceeds from disposition of assets and investments	5,196	4,414
Decrease in notes receivable	8	4
Net cash used in investing activities	(517,553)	(44,270)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(6,204)	(6,099)
Net proceeds from issuance of common stock	7,909	15,529
Principal payments on long term debt	(3,755)	(3,755)
Payment on revolving credit facility	(125,000)	(35,000)
Proceeds received from revolving credit facility	280,000	92,000
Proceeds received from note offering	400,000
Proceeds received from senior credit facility term A-1 loan	300,000
Payment on senior credit facility term A-1 loan	(300,000)
Debt issuance costs	(9,017)
Distributions to non-controlling interest	(105)	(180)
Dividends/distributions	(72,825)	(65,314)
Net cash provided by (used in) financing activities	471,003	(2,819)
Effect of exchange rate changes in cash and cash equivalents	1,106	(1,131)
Net increase in cash and cash equivalents	6,093	6,511
Cash and cash equivalents at beginning of period	22,327	26,035
Cash and cash equivalents at end of period	28,420	32,546
Supplemental disclosures of cash flow information:
Cash paid for interest	31,893	30,869
Cash paid for foreign, state and federal income taxes	4,079	587
LAMAR MEDIA CORP [Member]
Cash flows from operating activities:
Net income	51,407	40,804
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,489	49,230
Stock-based compensation	3,199	3,901
Amortization included in interest expense	1,382	1,158
Gain on disposition of assets and investment	(11,327)	(1,836)
Loss on extinguishment of debt	3,142
Deferred tax benefit	(182)	(1,187)
Provision for doubtful accounts	1,709	1,672
(Increase) decrease in:
Receivables	(8,410)	(1,438)
Prepaid expenses	(22,936)	(22,926)
Other assets	(3,572)	(8,787)
(Increase) decrease in:
Trade accounts payable	720	1,714
Accrued expenses	(14,211)	(10,099)
Other liabilities	(19,225)	(14,065)
Net cash provided by operating activities	33,185	38,141
Cash flows from investing activities:
Acquisitions	(502,138)	(19,647)
Capital expenditures	(20,619)	(29,041)
Proceeds from disposition of assets and investments	5,196	4,414
Decrease in notes receivable	8	4
Net cash used in investing activities	(517,553)	(44,270)
Cash flows from financing activities:
Principal payments on long term debt	(3,755)	(3,755)
Payment on revolving credit facility	(125,000)	(35,000)
Proceeds received from revolving credit facility	280,000	92,000
Proceeds received from note offering	400,000
Proceeds received from senior credit facility term A-1 loan	300,000
Payment on senior credit facility term A-1 loan	(300,000)
Debt issuance costs	(9,017)
Distributions to non-controlling interest	(105)	(180)
Dividend to parent	(78,938)	(71,322)
Contributions from parent	26,170	32,028
Net cash provided by (used in) financing activities	489,355	13,771
Effect of exchange rate changes in cash and cash equivalents	1,106	(1,131)
Net increase in cash and cash equivalents	6,093	6,511
Cash and cash equivalents at beginning of period	21,827	25,535
Cash and cash equivalents at end of period	27,920	32,046
Supplemental disclosures of cash flow information:
Cash paid for interest	31,893	30,869
Cash paid for foreign, state and federal income taxes	$ 4,079	$ 587

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Significant Accounting Policies	1. Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2015 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
LAMAR MEDIA CORP [Member]
Significant Accounting Policies	1. Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2015 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 9, 10, 11 and 12 to the condensed consolidated financial statements of the Company included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	2. Acquisitions During the three months ended March 31, 2016, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $511,138, of which $502,138 was in cash and $9,000 in non-cash consideration consisting principally of exchanges of outdoor advertising assets. The purchases included the acquisition of assets in five U.S. markets from Clear Channel Outdoor Holdings, Inc. for an aggregate cash purchase price of approximately $458,500. As a result of the acquisitions, a gain of $8,599 was recorded for transactions which involved the exchanges of outdoor advertising assets during the three months ended March 31, 2016. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions. Total Property, plant and equipment $ 78,571 Goodwill 158,545 Site locations 234,584 Non-competition agreements 20 Customer lists and contracts 39,294 Current assets 4,646 Current liabilities (4,522 ) $ 511,138 The following unaudited pro forma financial information for the Company gives effect to the 2016 and 2015 acquisitions as if they had occurred on January 1, 2015. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. Three months ended 2016 2015 (unaudited) Net revenues $ 340,216 $ 331,302 Net income applicable to common stock $ 51,849 $ 40,956 Net income per common share — basic $ 0.54 $ 0.43 Net income per common share — diluted $ 0.54 $ 0.43

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	3. Stock-Based Compensation Equity Incentive Plan. We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 9,000 shares of its Class A common stock during the three months ended March 31, 2016. At March 31, 2016, a total of 2,278,515 shares were available for future grants. Stock Purchase Plan. The following is a summary of 2009 ESPP share activity for the period ended March 31, 2016: Shares Available for future purchases, January 1, 2016 279,589 Additional shares reserved under 2009 ESPP 82,084 Purchases (33,923 ) Available for future purchases, March 31, 2016 327,750 Performance-based compensation.

Depreciation and Amortization

Depreciation and Amortization	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Depreciation and Amortization	4. Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Income and Comprehensive Income are: Three months ended 2016 2015 Direct advertising expenses $ 47,798 $ 45,085 General and administrative expenses 881 723 Corporate expenses 2,810 3,422 $ 51,489 $ 49,230

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. Goodwill and Other Intangible Assets The following is a summary of intangible assets at March 31, 2016 and December 31, 2015: Estimated March 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 – 10 $ 553,263 $ 480,418 $ 513,832 $ 477,006 Non-competition agreements 3 – 15 64,538 63,521 64,514 63,453 Site locations 15 1,851,909 1,270,085 1,616,345 1,251,825 Other 5 – 15 14,008 13,539 14,008 13,529 $ 2,483,718 $ 1,827,563 $ 2,208,699 $ 1,805,813 Unamortizable Intangible Assets: Goodwill $ 1,958,837 $ 253,536 $ 1,800,130 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	6. Asset Retirement Obligations The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations: Balance at December 31, 2015 $ 206,234 Additions to asset retirement obligations 4,562 Accretion expense 1,069 Liabilities settled (1,605 ) Balance at March 31, 2016 $ 210,260

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Summarized Financial Information of Subsidiaries	7. Summarized Financial Information of Subsidiaries Separate financial statements of each of the Company’s direct or indirect wholly owned subsidiaries that have guaranteed Lamar Media’s obligations with respect to its publicly issued notes (collectively, the “Guarantors”) are not included herein because the Company has no independent assets or operations, the guarantees are full and unconditional and joint and several, and the only subsidiaries that are not guarantors are in the aggregate minor. Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of March 31, 2016 and December 31, 2015, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $2,506,186 and $2,487,196, respectively. As of March 31, 2016, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect to such distributions, (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. As of March 31, 2016, the total debt ratio was less than 6.0 to 1 and Lamar Media’s senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. In addition, as of March 31, 2016 the senior credit facility allows Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified for taxation as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for Lamar Advertising to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no anti-dilutive shares excluded from the calculation for the three months ended March 31, 2016 and 2015.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt	9. Long-term Debt Long-term debt consists of the following at March 31, 2016 and December 31, 2015: March 31, 2016 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 525,000 $ 6,485 $ 518,515 5 7/8% Senior Subordinated Notes 500,000 7,939 492,061 5% Senior Subordinated Notes 535,000 6,269 528,731 5 3/8% Senior Notes 510,000 6,148 503,852 5 3/4% Senior Notes 400,000 5,685 394,315 Other notes with various rates and terms 676 — 676 2,470,676 32,526 2,438,150 Less current maturities (23,149 ) (5,293 ) (17,856 ) Long-term debt, excluding current maturities $ 2,447,527 $ 27,233 $ 2,420,294 December 31, 2015 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 373,750 $ 7,058 $ 366,692 5 7/8% Senior Subordinated Notes 500,000 8,219 491,781 5% Senior Subordinated Notes 535,000 6,451 528,549 5 3/8% Senior Notes 510,000 6,306 503,694 Other notes with various rates and terms 734 — 734 1,919,484 28,034 1,891,450 Less current maturities (21,332 ) (4,823 ) (16,509 ) Long-term debt, excluding current maturities $ 1,898,152 $ 23,211 $ 1,874,941 During the period ended March 31, 2016, the Company adopted the FASB’s Accounting Standards Update No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs 5 7/8% Senior Subordinated Notes On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after February 1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 5% Senior Subordinated Notes On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 5 3/8% Senior Notes On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Notes due 2024 (the “5 3/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300. Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public offering. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon plus a make-whole premium. On or after January 15, 2019, Lamar Media may redeem the 5 3/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 3/8% Notes at a price equal to 101% of the principal amount of the 5 3/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes (the “5 3/4% Notes”) due 2026. The institutional private placement resulted in net proceeds to Lamar Media of approximately $394,500. Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/4% Notes, at any time and from time to time, at a price equal to 105.750% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2019, provided that following the redemption, at least 65% of the 5 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 1, 2021, Lamar Media may redeem some or all of the 5 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon plus a make-whole premium. On or after February 1, 2021, Lamar Media may redeem the 5 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 5 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 3/4% Notes at a price equal to 101% of the principal amount of the 5 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Senior Credit Facility On January 7, 2016, Lamar Media entered into a new incremental Term A-1 loan of $300,000 to partially fund the purchase of certain Clear Channel Outdoor Holdings, Inc. assets. The Term A-1 loan was repaid in full on January 28, 2016 by using proceeds received from the issuance of the 5 3/4% Notes. For the period ended March 31, 2016, the Company incurred a loss of $3,142 related to the repayment of the Term A-1 loan. On February 3, 2014, Lamar Media entered into a Second Restatement Agreement (the “Second Restatement Agreement”) with the Company, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement (such Second and Amended and Restated Credit Agreement, as subsequently amended, together with the Second Restatement Agreement being herein referred to as the “senior credit facility”). Under the Second Restatement Agreement, the senior credit facility consisted of a $400,000 revolving credit facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. We may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion. On April 18, 2014, Lamar Media entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “First Amendment”) under which the parties agreed to amend Lamar Media’s existing senior credit agreement on the terms set forth therein. The First Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and made certain other amendments. Lamar Media borrowed $300,000 in Term A Loans on April 18, 2014. The net loan proceeds of this borrowing, together with borrowings under the revolving portion of the senior credit facility and cash on hand, were used to fund the redemption and retirement of all $400,000 in outstanding principal amount of Lamar Media’s 7 7/8% Notes due 2018 on April 21, 2014. On March 4, 2016, Lamar Media entered into Amendment No. 2 to the Second Amended and Restated Credit Agreement (the “Second Amendment”) under which the parties agreed to amend Lamar Media’s existing senior credit agreement on the terms set forth therein. Among certain other amendments, the Second Amendment eliminated the $500,000 cap on incremental loans with the result that Lamar Media may borrow incremental term and revolving loans without monetary limits, so long as Lamar Advertising’s Senior Debt Ratio does not exceed 3.5 to 1.0. The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows: Principal Payment Date Principal Amount June 30, 2016- March 31, 2017 $ 5,625 June 30, 2017-December 31, 2018 $ 11,250 Term A Loan Maturity Date $ 168,750 The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility. As of March 31, 2016, there was $255,000 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,919 in letters of credit outstanding as of March 31, 2016 resulting in $136,081 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 2, 2019, and bear interest, at Lamar Media’s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media’s ratio of debt to trailing four quarters EBITDA, as defined in the senior credit facility. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility the Company must maintain a specified senior debt ratio at all times and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	10. Fair Value of Financial Instruments At March 31, 2016 and December 31, 2015, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investments are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long term debt (including current maturities) was $2,554,377 which exceeded the carrying amount of $2,470,676 as of March 31, 2016. The majority of the fair value is determined using observed market prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

Information about Geographic Ar

Information about Geographic Areas	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Information about Geographic Areas	11. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $6,868 and $6,442 for the three months ended March 31, 2016 and 2015, respectively. Net carrying value of long lived assets located in foreign countries totaled $5,719 and $5,613 as of March 31, 2016 and December 31, 2015, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
New Accounting Pronouncements	12. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting

Dividends_Distributions

Dividends/Distributions	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Dividends/Distributions	13. Dividends/Distributions During the three months ended March 31, 2016 and March 31, 2015, the Company declared and paid distributions of its REIT taxable income of an aggregate of $72,734 or $0.75 per share and $65,223 or $0.68 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (“TRSs”) and other factors that the Board of Directors may deem relevant. During the three months ended March 31, 2016 and March 31, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock of $91 or $15.95 per share.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Summary of Allocation of Acquisition Costs	The following is a summary of the allocation of the acquisition costs in the above transactions. Total Property, plant and equipment $ 78,571 Goodwill 158,545 Site locations 234,584 Non-competition agreements 20 Customer lists and contracts 39,294 Current assets 4,646 Current liabilities (4,522 ) $ 511,138
Summary of Unaudited Pro Forma Financial Information	The following unaudited pro forma financial information for the Company gives effect to the 2016 and 2015 acquisitions as if they had occurred on January 1, 2015. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. Three months ended 2016 2015 (unaudited) Net revenues $ 340,216 $ 331,302 Net income applicable to common stock $ 51,849 $ 40,956 Net income per common share — basic $ 0.54 $ 0.43 Net income per common share — diluted $ 0.54 $ 0.43

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of ESPP Share Activity	The following is a summary of 2009 ESPP share activity for the period ended March 31, 2016: Shares Available for future purchases, January 1, 2016 279,589 Additional shares reserved under 2009 ESPP 82,084 Purchases (33,923 ) Available for future purchases, March 31, 2016 327,750

Depreciation and Amortization (

Depreciation and Amortization (Tables)	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Income and Comprehensive Income	The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Income and Comprehensive Income are: Three months ended 2016 2015 Direct advertising expenses $ 47,798 $ 45,085 General and administrative expenses 881 723 Corporate expenses 2,810 3,422 $ 51,489 $ 49,230

Goodwill and Other Intangible22

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at March 31, 2016 and December 31, 2015: Estimated March 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 – 10 $ 553,263 $ 480,418 $ 513,832 $ 477,006 Non-competition agreements 3 – 15 64,538 63,521 64,514 63,453 Site locations 15 1,851,909 1,270,085 1,616,345 1,251,825 Other 5 – 15 14,008 13,539 14,008 13,529 $ 2,483,718 $ 1,827,563 $ 2,208,699 $ 1,805,813 Unamortizable Intangible Assets: Goodwill $ 1,958,837 $ 253,536 $ 1,800,130 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Information Related to Asset Retirement Obligations	The following table reflects information related to our asset retirement obligations: Balance at December 31, 2015 $ 206,234 Additions to asset retirement obligations 4,562 Accretion expense 1,069 Liabilities settled (1,605 ) Balance at March 31, 2016 $ 210,260

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at March 31, 2016 and December 31, 2015: March 31, 2016 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 525,000 $ 6,485 $ 518,515 5 7/8% Senior Subordinated Notes 500,000 7,939 492,061 5% Senior Subordinated Notes 535,000 6,269 528,731 5 3/8% Senior Notes 510,000 6,148 503,852 5 3/4% Senior Notes 400,000 5,685 394,315 Other notes with various rates and terms 676 — 676 2,470,676 32,526 2,438,150 Less current maturities (23,149 ) (5,293 ) (17,856 ) Long-term debt, excluding current maturities $ 2,447,527 $ 27,233 $ 2,420,294 December 31, 2015 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 373,750 $ 7,058 $ 366,692 5 7/8% Senior Subordinated Notes 500,000 8,219 491,781 5% Senior Subordinated Notes 535,000 6,451 528,549 5 3/8% Senior Notes 510,000 6,306 503,694 Other notes with various rates and terms 734 — 734 1,919,484 28,034 1,891,450 Less current maturities (21,332 ) (4,823 ) (16,509 ) Long-term debt, excluding current maturities $ 1,898,152 $ 23,211 $ 1,874,941
Schedule of Maturities of Long Term Debt	The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows: Principal Payment Date Principal Amount June 30, 2016- March 31, 2017 $ 5,625 June 30, 2017-December 31, 2018 $ 11,250 Term A Loan Maturity Date $ 168,750

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Markets	Mar. 31, 2015USD ($)
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets	$ 511,138
Total purchase price of outdoor advertising assets paid in cash	502,138	$ 19,647
Non cash consideration of outdoor advertising assets	9,000
Gain on exchange of outdoor advertising assets	8,599
Clear Channel Outdoor Holdings, Inc [Member]
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets	$ 458,500
Number of business acquired | Markets	5

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Acquisition Costs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Property, plant and equipment	$ 78,571
Goodwill	158,545
Current assets	4,646
Current liabilities	(4,522)
Total	511,138
Site Locations [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	234,584
Non-competition Agreements [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	20
Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 39,294

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Net revenues	$ 340,216	$ 331,302
Net income applicable to common stock	$ 51,849	$ 40,956
Net income per common share - basic	$ 0.54	$ 0.43
Net income per common share - diluted	$ 0.54	$ 0.43

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting terms	Vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date.
Stock-based compensation expense	$ 3,199	$ 3,901
1996 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant under Incentive Plan	2,278,515
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan	10 years
Term of director	1 year
Restricted Stock [Member] | Percentage of awards vesting on grant date [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
Restricted Stock [Member] | Percentage of Awards Vesting On Last Day of Each Directors Term [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
2009 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant under Incentive Plan	327,750		279,589
Additional shares reserved under 2009 ESPP	82,084
Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
The Company granted options for an aggregate shares of its Class A common stock	9,000
Common Class A [Member] | 1996 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance to directors and employees	15,500,000
Common Class A [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 32
Common Class A [Member] | 2009 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved under 2009 ESPP	82,084
Performance Based Compensation [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 670
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Range of awards of target number of share	0.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	5 years
Range of awards of target number of share	100.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - 2009 Employee Stock Purchase Plan [Member]	3 Months Ended
	Mar. 31, 2016shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for future purchases, January 1, 2016	279,589
Additional shares reserved under 2009 ESPP	82,084
Purchases	(33,923)
Available for future purchases, March 31, 2016	327,750

Depreciation and Amortization -

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 51,489	$ 49,230
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	47,798	45,085
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	881	723
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 2,810	$ 3,422

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,483,718	$ 2,208,699
Accumulated Amortization	1,827,563	1,805,813
Goodwill gross carrying amount	1,958,837	1,800,130
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	553,263	513,832
Accumulated Amortization	$ 480,418	477,006
Customer Lists and Contracts [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer Lists and Contracts [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 64,538	64,514
Accumulated Amortization	$ 63,521	63,453
Non-competition Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site Locations [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,851,909	1,616,345
Accumulated Amortization	$ 1,270,085	1,251,825
Site Locations [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,008	14,008
Accumulated Amortization	$ 13,539	$ 13,529
Other [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	5 years
Other [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Asset Retirement Obligations -

Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 206,234
Additions to asset retirement obligations	4,562
Accretion expense	1,069
Liabilities settled	(1,605)
Ending Balance	$ 210,260

Summarized Financial Informat33

Summarized Financial Information of Subsidiaries - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 2,506,186	$ 2,487,196
Description of provisions on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	(i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1.
Debt ratio	6
Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	The total debt ratio was less than 6.0 to 1 and Lamar Media's senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility.
Debt ratio related to actual position on senior credit facility	6
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Senior debt ratio	3.5
Senior Subordinated Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Senior debt ratio	3.5

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options	0	0

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt	$ 2,470,676	$ 1,919,484
Debt, Less current maturities	(23,149)	(21,332)
Debt, excluding current maturities	2,447,527	1,898,152
Deferred financing costs	32,526	28,034
Deferred financing costs, Less current maturities	(5,293)	(4,823)
Deferred financing costs, excluding current maturities	27,233	23,211
Debt, net of deferred financing costs	2,438,150	1,891,450
Debt, net of deferred financing costs, Less current maturities	(17,856)	(16,509)
Debt, net of deferred financing costs, excluding current maturities	2,420,294	1,874,941
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	525,000	373,750
Deferred financing costs	6,485	7,058
Debt, net of deferred financing costs	518,515	366,692
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	500,000	500,000
Deferred financing costs	7,939	8,219
Debt, net of deferred financing costs	492,061	491,781
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	535,000	535,000
Deferred financing costs	6,269	6,451
Debt, net of deferred financing costs	528,731	528,549
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	510,000	510,000
Deferred financing costs	6,148	6,306
Debt, net of deferred financing costs	503,852	503,694
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	400,000
Deferred financing costs	5,685
Debt, net of deferred financing costs	394,315
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Debt	676	734
Debt, net of deferred financing costs	$ 676	$ 734

Long-term Debt - Long-Term De36

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Mar. 31, 2016	Jan. 28, 2016	Dec. 31, 2015	Jan. 10, 2014	Oct. 30, 2012	Feb. 09, 2012
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.875%		5.875%			5.875%
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.00%		5.00%		5.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.375%		5.375%	5.375%
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.75%	5.75%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)	Jan. 28, 2016USD ($)	Jan. 07, 2016USD ($)	Apr. 18, 2014USD ($)	Jan. 10, 2014USD ($)	Oct. 30, 2012USD ($)	Feb. 09, 2012USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Proceeds received from revolving credit facility							$ 300,000,000
Loss on extinguishment of debt							3,142,000
Amended and restated date			Apr. 18, 2014
Remaining borrowing capacity under revolving credit facility							136,081,000
Accounting Standards Update 2015-03 [Member] | Net Assets [Member]
Debt Instrument [Line Items]
Cumulative effect to total assets, current maturities of long-term debt and long term debt due to adoption of ASU 2015-03								$ 28,034,000
Accounting Standards Update 2015-03 [Member] | Long Term Debt Current Maturities [Member]
Debt Instrument [Line Items]
Cumulative effect to total assets, current maturities of long-term debt and long term debt due to adoption of ASU 2015-03								4,823,000
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Cumulative effect to total assets, current maturities of long-term debt and long term debt due to adoption of ASU 2015-03								$ 23,211,000
LAMAR MEDIA CORP [Member]
Debt Instrument [Line Items]
Proceeds received from revolving credit facility							300,000,000
Loss on extinguishment of debt							3,142,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Outstanding revolving credit facility							255,000,000
Letter of credit outstanding							$ 8,919,000
Term A Loan Facility [Member]
Debt Instrument [Line Items]
Proceeds received from revolving credit facility		$ 300,000,000
Maximum borrowing limit of incremental loan facility			$ 300,000,000
Term A Loan Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one			3
Adjusted Rate			2.00%
Ratio of indebtedness to net capital minimum			1
Term A Loan Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one			3
Adjusted Rate			1.00%
Ratio of indebtedness to net capital minimum			1
Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate			1.75%
Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate			0.75%
Revolving Credit Facility [Member] | LAMAR MEDIA CORP [Member]
Debt Instrument [Line Items]
Revolving credit facility maturity date							Feb. 2, 2019
Revolving Credit Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one			3
Adjusted Rate			2.25%
Ratio of indebtedness to net capital minimum			1
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one			3
Adjusted Rate			1.25%
Ratio of indebtedness to net capital minimum			1
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one			4.25
Adjusted Rate			2.00%
Ratio of indebtedness to net capital minimum			1
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one			4.25
Adjusted Rate			1.00%
Ratio of indebtedness to net capital minimum			1
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate			1.75%
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate			0.75%
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes						5.875%	5.875%	5.875%
Aggregate principal amount of debt issued						$ 500,000,000
Net proceeds from the issuance of debt						$ 489,000,000
Redemption percentage equal to principal amount include aggregate premium						100.00%
Redemption price percentage of the principal amount to be purchased						101.00%
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes					5.00%		5.00%	5.00%
Aggregate principal amount of debt issued					$ 535,000,000
Net proceeds from the issuance of debt					$ 527,100,000
Redemption percentage equal to principal amount include aggregate premium					100.00%
Redemption price percentage of the principal amount to be purchased					101.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes				5.375%			5.375%	5.375%
Aggregate principal amount of debt issued				$ 510,000,000
Net proceeds from the issuance of debt				$ 502,300,000
Redemption percentage equal to principal amount include aggregate premium				100.00%
Redemption price percentage of the principal amount to be purchased				101.00%
Redemption percentage of aggregate principal amount of senior notes				35.00%
Additional redeemed percentage of aggregate principal amount				105.375%
Redemption percentage of issued notes which remain outstanding				65.00%
Incremental Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility			$ 500,000,000
Incremental Facility [Member] | Term A Loan Facility [Member]
Debt Instrument [Line Items]
Incremental loan limit eliminated as per amendment			$ 500,000,000
Ratio of indebtedness to net capital one			3.5
7 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes			7.875%
Aggregate principal amount of debt issued			$ 400,000,000
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one							3.5
Senior Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility			$ 400,000,000
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes	5.75%						5.75%
Aggregate principal amount of debt issued	$ 400,000,000
Net proceeds from the issuance of debt	$ 394,500,000
Redemption price percentage of the principal amount to be purchased	101.00%
5 3/4% Senior Notes [Member] | Prior to February 1, 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount of senior notes	35.00%
Additional redeemed percentage of aggregate principal amount	105.75%
Redemption percentage of issued notes which remain outstanding	65.00%
5 3/4% Senior Notes [Member] | Prior to February 1, 2021 [Member]
Debt Instrument [Line Items]
Additional redeemed percentage of aggregate principal amount	100.00%

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
June 30, 2016- March 31, 2017 [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 5,625
June 30, 2017-December 31, 2018 [Member]
Debt Instrument [Line Items]
Principal payment amount	11,250
Term A Loan Maturity Date [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 168,750

Long-term Debt - Schedule of 39

Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016
June 30, 2016- March 31, 2017 [Member]
Debt Instrument [Line Items]
Principal payment date	Jun. NaN, 2016
June 30, 2017-December 31, 2018 [Member]
Debt Instrument [Line Items]
Principal payment date	Jun. NaN, 2017

Fair Value of Financial Instr40

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,554,377
Carrying amount of company's long term debt	$ 2,470,676	$ 1,919,484

Information about Geographic 41

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 5,719		$ 5,613
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 6,868	$ 6,442

Dividends_Distributions - Addit

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Dividends [Line Items]
Distributions paid, per share	$ 0.75	$ 0.68
Distributions paid, preferred stockholders	$ 91	$ 91
Distributions paid, preferred stockholders, per share	$ 15.95	$ 15.95
Taxable Income Distribution [Member]
Dividends [Line Items]
Distributions paid	$ 72,734	$ 65,223
Distributions paid, per share	$ 0.75	$ 0.68