Lamar Advertising (LAMR) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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
LAMAR MEDIA CORP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		82,711,932
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,610,365
Class Units [Member] | LAMAR MEDIA CORP [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 37,479	$ 22,327
Receivables, net of allowance for doubtful accounts	207,507	174,398
Prepaid lease expenses	70,186	44,437
Deferred income tax assets	1,336	1,352
Other current assets	38,734	39,218
Total current assets	355,242	281,732
Property, plant and equipment	3,273,931	3,139,239
Less accumulated depreciation and amortization	(2,094,330)	(2,044,102)
Net property, plant and equipment	1,179,601	1,095,137
Goodwill	1,726,724	1,546,594
Intangible assets	601,567	402,886
Other assets	39,386	37,395
Total assets	3,902,520	3,363,744
Current liabilities:
Trade accounts payable	17,637	17,452
Current maturities of long-term debt, net of deferred financing costs	28,824	16,509
Accrued expenses	110,145	115,208
Deferred income	102,485	87,661
Total current liabilities	259,091	236,830
Long-term debt, net of deferred financing costs	2,351,198	1,874,941
Deferred income tax liabilities	1,745	2,052
Asset retirement obligation	210,275	206,234
Other liabilities	23,905	22,628
Total liabilities	2,846,214	2,342,685
Stockholders’ equity:
Additional paid-in capital	1,705,910	1,664,038
Accumulated comprehensive loss	(27)	(1,178)
Accumulated deficit	(637,372)	(635,799)
Cost of shares held in treasury, 216,088 and 104,836 shares at 2016 and 2015, respectively	(12,303)	(6,099)
Stockholders’ equity	1,056,306	1,021,059
Total liabilities and stockholders’ equity	3,902,520	3,363,744
LAMAR MEDIA CORP [Member]
Current assets:
Cash and cash equivalents	36,979	21,827
Receivables, net of allowance for doubtful accounts	207,507	174,398
Prepaid lease expenses	70,186	44,437
Deferred income tax assets	1,336	1,352
Other current assets	38,733	39,218
Total current assets	354,741	281,232
Property, plant and equipment	3,273,931	3,139,239
Less accumulated depreciation and amortization	(2,094,330)	(2,044,102)
Net property, plant and equipment	1,179,601	1,095,137
Goodwill	1,716,573	1,536,443
Intangible assets	601,099	402,418
Other assets	34,099	32,110
Total assets	3,886,113	3,347,340
Current liabilities:
Trade accounts payable	17,637	17,452
Current maturities of long-term debt, net of deferred financing costs	28,824	16,509
Accrued expenses	107,056	110,728
Deferred income	102,485	87,661
Total current liabilities	256,002	232,350
Long-term debt, net of deferred financing costs	2,351,198	1,876,895
Deferred income tax liabilities	1,745	2,052
Asset retirement obligation	210,275	206,234
Other liabilities	23,905	22,628
Total liabilities	2,843,125	2,340,159
Stockholders’ equity:
Common stock, value
Additional paid-in capital	2,776,351	2,734,479
Accumulated comprehensive loss	(27)	(1,178)
Accumulated deficit	(1,733,336)	(1,726,120)
Stockholders’ equity	1,042,988	1,007,181
Total liabilities and stockholders’ equity	3,886,113	3,347,340
Series AA Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Common Class A [Member]
Stockholders’ equity:
Common stock, value	83	82
Common Class B [Member]
Stockholders’ equity:
Common stock, value	$ 15	$ 15

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 10,668	$ 8,984
Current deferred financing costs	5,403	4,823
Noncurrent deferred financing costs	$ 24,829	$ 23,211
Shares held in treasury	216,088	104,836
LAMAR MEDIA CORP [Member]
Allowance for doubtful accounts	$ 10,668	$ 8,984
Current deferred financing costs	5,403	4,823
Noncurrent deferred financing costs	$ 24,829	$ 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
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	82,928,020	82,188,372
Common stock, shares outstanding	82,711,932	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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net revenues	$ 387,516	$ 350,701	$ 1,113,577	$ 997,427
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	131,778	121,676	393,228	350,859
General and administrative expenses (exclusive of depreciation and amortization)	67,487	59,489	200,734	179,424
Corporate expenses (exclusive of depreciation and amortization)	19,359	16,654	55,432	51,734
Depreciation and amortization	49,307	46,441	152,729	144,396
(Gain) loss on disposition of assets	(189)	(5,203)	(12,221)	(7,230)
Total Operating Expenses	267,742	239,057	789,902	719,183
Operating income	119,774	111,644	323,675	278,244
Other expense (income)
Loss on extinguishment of debt			3,198
Interest income	(2)	(2)	(6)	(28)
Interest expense	31,102	24,709	92,469	73,953
Non-operating (Income) Expenses	31,100	24,707	95,661	73,925
Income (loss) before income tax expense	88,674	86,937	228,014	204,319
Income tax expense	3,613	972	9,730	18,278
Net income	85,061	85,965	218,284	186,041
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 84,970	$ 85,874	$ 218,011	$ 185,768
Earnings per share:
Basic earnings per share	$ 0.87	$ 0.89	$ 2.25	$ 1.93
Diluted earnings per share	0.87	0.89	2.23	1.93
Cash dividends declared per share of common stock	$ 0.76	$ 0.69	$ 2.26	$ 2.06
Weighted average common shares outstanding basic	97,254,125	96,541,766	97,056,456	96,220,306
Weighted average common shares outstanding diluted	97,881,878	96,602,429	97,631,606	96,284,482
Statements of Comprehensive Income
Net income	$ 85,061	$ 85,965	$ 218,284	$ 186,041
Other comprehensive (loss) income
Foreign currency translation adjustments	(328)	(1,713)	1,151	(2,916)
Comprehensive income	84,733	84,252	219,435	183,125
LAMAR MEDIA CORP [Member]
Net revenues	387,516	350,701	1,113,577	997,427
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	131,778	121,676	393,228	350,859
General and administrative expenses (exclusive of depreciation and amortization)	67,487	59,489	200,734	179,424
Corporate expenses (exclusive of depreciation and amortization)	19,252	16,576	55,143	51,479
Depreciation and amortization	49,307	46,441	152,729	144,396
(Gain) loss on disposition of assets	(189)	(5,203)	(12,221)	(7,230)
Total Operating Expenses	267,635	238,979	789,613	718,928
Operating income	119,881	111,722	323,964	278,499
Other expense (income)
Loss on extinguishment of debt			3,198
Interest income	(2)	(2)	(6)	(28)
Interest expense	31,102	24,709	92,469	73,953
Non-operating (Income) Expenses	31,100	24,707	95,661	73,925
Income (loss) before income tax expense	88,781	87,015	228,303	204,574
Income tax expense	3,613	972	9,730	18,278
Net income	85,168	86,043	218,573	186,296
Statements of Comprehensive Income
Net income	85,168	86,043	218,573	186,296
Other comprehensive (loss) income
Foreign currency translation adjustments	(328)	(1,713)	1,151	(2,916)
Comprehensive income	$ 84,840	$ 84,330	$ 219,724	$ 183,380

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 218,284	$ 186,041
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	152,729	144,396
Stock-based compensation	19,650	17,508
Amortization included in interest expense	3,993	3,498
Gain on disposition of assets and investments	(12,221)	(7,230)
Loss on extinguishment of debt	3,198
Deferred tax (benefit) expense	(150)	9,572
Provision for doubtful accounts	5,831	4,845
(Increase) decrease in:
Receivables	(39,072)	(20,645)
Prepaid lease expenses	(21,700)	(19,758)
Other assets	5,923	(4,494)
Increase (decrease) in:
Trade accounts payable	(761)	(1,327)
Accrued expenses	(5,623)	(7,457)
Other liabilities	7,745	8,521
Net cash provided by operating activities	337,826	313,470
Cash flows from investing activities:
Acquisitions	(526,029)	(123,291)
Capital expenditures	(78,825)	(80,764)
Proceeds from disposition of assets and investments	7,753	8,369
Decrease (increase) in notes receivable	16	(28)
Net cash (used in) provided by investing activities	(597,085)	(195,714)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(6,204)	(6,099)
Net proceeds from issuance of common stock	18,278	24,633
Principal payments on long-term debt	(15,015)	(11,265)
Payment on revolving credit facility	(302,000)	(155,200)
Proceeds received from revolving credit facility	408,000	235,000
Proceeds received from note offering	400,000
Payment on senior credit facility term A-1 loan	(300,000)
Proceeds received from senior credit facility term A-1 loan	300,000
Debt issuance costs	(9,391)
Distributions to non-controlling interest	(315)	(1,025)
Dividends/distributions	(219,857)	(198,721)
Net cash provided by (used in) financing activities	273,496	(112,677)
Effect of exchange rate changes in cash and cash equivalents	915	(2,036)
Net increase in cash and cash equivalents	15,152	3,043
Cash and cash equivalents at beginning of period	22,327	26,035
Cash and cash equivalents at end of period	37,479	29,078
Supplemental disclosures of cash flow information:
Cash paid for interest	91,952	77,934
Cash paid for foreign, state and federal income taxes	11,023	9,412
LAMAR MEDIA CORP [Member]
Cash flows from operating activities:
Net income	218,573	186,296
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	152,729	144,396
Stock-based compensation	19,650	17,508
Amortization included in interest expense	3,993	3,498
Gain on disposition of assets and investments	(12,221)	(7,230)
Loss on extinguishment of debt	3,198
Deferred tax (benefit) expense	(150)	9,572
Provision for doubtful accounts	5,831	4,845
(Increase) decrease in:
Receivables	(39,072)	(20,645)
Prepaid lease expenses	(21,700)	(19,758)
Other assets	5,923	(4,494)
Increase (decrease) in:
Trade accounts payable	(761)	(1,327)
Accrued expenses	(5,623)	(7,457)
Other liabilities	(16,410)	(13,462)
Net cash provided by operating activities	313,960	291,742
Cash flows from investing activities:
Acquisitions	(526,029)	(123,291)
Capital expenditures	(78,825)	(80,764)
Proceeds from disposition of assets and investments	7,753	8,369
Decrease (increase) in notes receivable	16	(28)
Net cash (used in) provided by investing activities	(597,085)	(195,714)
Cash flows from financing activities:
Principal payments on long-term debt	(15,015)	(11,265)
Payment on revolving credit facility	(302,000)	(155,200)
Proceeds received from revolving credit facility	408,000	235,000
Proceeds received from note offering	400,000
Payment on senior credit facility term A-1 loan	(300,000)
Proceeds received from senior credit facility term A-1 loan	300,000
Debt issuance costs	(9,391)
Distributions to non-controlling interest	(315)	(1,025)
Dividend to parent	(225,789)	(204,547)
Contributions from parent	41,872	46,088
Net cash provided by (used in) financing activities	297,362	(90,949)
Effect of exchange rate changes in cash and cash equivalents	915	(2,036)
Net increase in cash and cash equivalents	15,152	3,043
Cash and cash equivalents at beginning of period	21,827	25,535
Cash and cash equivalents at end of period	36,979	28,578
Supplemental disclosures of cash flow information:
Cash paid for interest	91,952	77,934
Cash paid for foreign, state and federal income taxes	$ 11,023	$ 9,412

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 as updated by the Company and Lamar Media’s Current Report on Form 8-K, filed on July 11, 2016. 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 as updated by the Company and Lamar Media’s Current Report on Form 8-K, filed on July 11, 2016. 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 13 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisitions	2. Acquisitions During the nine months ended September 30, 2016, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $535,029, of which $526,029 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 nine months ended September 30, 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 $ 94,965 Goodwill 180,001 Site locations 217,301 Non-competition agreements 80 Customer lists and contracts 41,071 Current assets 4,697 Other assets 3,169 Current liabilities (6,255 ) $ 535,029 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (unaudited) Net revenues $ 388,074 $ 375,939 $ 1,117,020 $ 1,083,278 Net income applicable to common stock $ 85,090 $ 84,867 $ 218,698 $ 179,690 Net income per common share — basic $ 0.87 $ 0.88 $ 2.25 $ 1.87 Net income per common share — diluted $ 0.87 $ 0.88 $ 2.24 $ 1.87

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	3. Stock-Based Compensation Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 15.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with 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. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the NASDAQ Global Select Market on the date of grant. 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 86,000 shares of its Class A common stock during the nine months ended September 30, 2016. At September 30, 2016 a total of 1,466,193 shares were available for future grant. Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan or 2009 ESPP was approved by our shareholders on May 28, 2009. The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 82,084 shares on January 1, 2016 pursuant to the automatic increase provisions of the 2009 ESPP. The following is a summary of 2009 ESPP share activity for the nine months ended September 30, 2016: Shares Available for future purchases, January 1, 2016 279,589 Additional shares reserved under 2009 ESPP 82,084 Purchases (84,979 ) Available for future purchases, September 30, 2016 276,694 Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our 1996 Equity Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2016 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2017. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the nine months ended September 30, 2016, the Company has recorded $11,800 as stock-based compensation expense related to performance-based awards. In addition, each non-employee director automatically receives upon election or re-election a restricted stock award of our Class A common stock. The awards vest 50% on grant date and 50% on the last day of the directors’ one year term. The Company recorded a $301 stock-based compensation expense related to these awards for the nine months ended September 30, 2016.

Depreciation and Amortization

Depreciation and Amortization	9 Months Ended
	Sep. 30, 2016
Depreciation And Amortization [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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Direct advertising expenses $ 46,163 $ 42,764 $ 142,228 $ 132,655 General and administrative expenses 900 738 2,683 2,294 Corporate expenses 2,244 2,939 7,818 9,447 $ 49,307 $ 46,441 $ 152,729 $ 144,396

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015: Estimated September 30, 2016 December 31, 2015 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 555,012 $ 487,038 $ 513,832 $ 477,006 Non-competition agreements 3—15 64,598 63,639 64,514 63,453 Site locations 15 1,834,426 1,302,252 1,616,345 1,251,825 Other 5—15 14,008 13,548 14,008 13,529 $ 2,468,044 $ 1,866,477 $ 2,208,699 $ 1,805,813 Unamortizable intangible assets: Goodwill $ 1,980,260 $ 253,536 $ 1,800,130 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 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 4,568 Accretion expense 3,216 Liabilities settled (3,743 ) Balance at September 30, 2016 $ 210,275

Distribution Restrictions

Distribution Restrictions	9 Months Ended
	Sep. 30, 2016
Distribution Restrictions [Abstract]
Distribution Restrictions	7. Distribution Restrictions 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 September 30, 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 $2,639,956 and $2,487,196, respectively. As of September 30, 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and nine months ended September 30, 2016 or 2015.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-term Debt	9. Long-term Debt Long-term debt consists of the following at September 30, 2016 and December 31, 2015: September 30, 2016 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 464,750 $ 5,340 $ 459,410 5 7/8% Senior Subordinated Notes 500,000 7,365 492,635 5% Senior Subordinated Notes 535,000 5,898 529,102 5 3/8% Senior Notes 510,000 5,826 504,174 5 3/4% Senior Notes 400,000 5,803 394,197 Other notes with various rates and terms 504 — 504 2,410,254 30,232 2,380,022 Less current maturities (34,227 ) (5,403 ) (28,824 ) Long-term debt, excluding current maturities $ 2,376,027 $ 24,829 $ 2,351,198 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 nine months ended September 30, 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% Senior 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 equity 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 due 2026 (the “5 3/4 % Notes”). 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 nine months ended September 30, 2016, the Company incurred a loss of $3,198 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 December 31, 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 September 30, 2016, there was $206,000 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 $9,104 in letters of credit outstanding as of September 30, 2016 resulting in $184,896 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	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	10. Fair Value of Financial Instruments At September 30, 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. Investment contracts 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 $2,517,113 which exceeded the carrying amount of $2,410,254 as of September 30, 2016. The majority of the fair value is determined using observed 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).

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	11. 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 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.

Dividends_Distributions

Dividends/Distributions	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Dividends/Distributions	12. Dividends/Distributions During the three months ended September 30, 2016 and September 30, 2015, the Company declared and paid cash distributions of its REIT taxable income in an aggregate amount of $73,938 or $0.76 per share and $66,634 or $0.69 per share, respectively. During the nine months ended September 30, 2016 and September 30, 2015, the Company declared and paid cash distributions of its REIT taxable income in an aggregate amount of $219,584 or $2.26 per share and $198,448 or $2.06 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 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 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 September 30, 2016 and September 30, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share. During the nine months ended September 30, 2016 and September 30, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $273 or $47.85 per share.

Information about Geographic Ar

Information about Geographic Areas	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Information about Geographic Areas	13. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $8,489 and $8,830 for the three months ended September 30, 2016 and 2015, respectively, and $24,076 and $24,089 for the nine months ended September 30, 2016 and 2015, respectively. Net carrying value of long lived assets located in foreign countries totaled $5,360 and $5,613 as of September 30, 2016 and December 31, 2015, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	9 Months Ended
	Sep. 30, 2016
LAMAR MEDIA CORP [Member]
Summarized Financial Information of Subsidiaries	2. Summarized Financial Information of Subsidiaries In the filing of our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015, which was originally filed with the SEC on November 5, 2015, we omitted certain required disclosures under SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Accordingly, we have revised our financial statement footnotes to correct this immaterial error of omission and include the information presented below. This revision was determined to be immaterial to the financial statements previously presented. Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 18,009 $ 301,488 $ 35,244 $ — $ 354,741 Net property, plant and equipment — 1,157,657 21,944 — 1,179,601 Intangibles and goodwill, net — 2,284,767 32,905 — 2,317,672 Other assets 3,453,193 11,343 301 (3,430,738 ) 34,099 Total assets $ 3,471,202 $ 3,755,255 $ 90,394 $ (3,430,738 ) $ 3,886,113 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 28,824 $ — $ — $ — $ 28,824 Other current liabilities 25,792 175,817 25,569 — 227,178 Total current liabilities 54,616 175,817 25,569 — 256,002 Long-term debt 2,351,198 — — — 2,351,198 Other noncurrent liabilities 22,400 213,061 53,993 (53,529 ) 235,925 Total liabilities 2,428,214 388,878 79,562 (53,529 ) 2,843,125 Stockholders’ equity 1,042,988 3,366,377 10,832 (3,377,209 ) 1,042,988 Total liabilities and stockholders’ equity $ 3,471,202 $ 3,755,255 $ 90,394 $ (3,430,738 ) $ 3,886,113 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 6,086 $ 245,685 $ 29,461 $ — $ 281,232 Net property, plant and equipment — 1,072,595 22,542 — 1,095,137 Intangibles and goodwill, net — 1,904,096 34,765 — 1,938,861 Other assets 2,943,826 11,451 535 (2,923,702 ) 32,110 Total assets $ 2,949,912 $ 3,233,827 $ 87,303 $ (2,923,702 ) $ 3,347,340 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 16,509 $ — $ — $ — $ 16,509 Other current liabilities 29,268 163,955 22,618 — 215,841 Total current liabilities 45,777 163,955 22,618 — 232,350 Long-term debt 1,876,895 — — — 1,876,895 Other noncurrent liabilities 20,059 210,233 53,659 (53,037 ) 230,914 Total liabilities 1,942,731 374,188 76,277 (53,037 ) 2,340,159 Stockholders’ equity 1,007,181 2,859,639 11,026 (2,870,665 ) 1,007,181 Total liabilities and stockholders’ equity $ 2,949,912 $ 3,233,827 $ 87,303 $ (2,923,702 ) $ 3,347,340 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 374,909 $ 13,510 $ (903 ) $ 387,516 Operating expenses Direct advertising expenses (1) — 124,609 7,793 (624 ) 131,778 General and administrative expenses (1) — 64,949 2,538 — 67,487 Corporate expenses (1) — 18,895 357 — 19,252 Depreciation and amortization — 47,491 1,816 — 49,307 (Gain) loss on disposition of assets — (217 ) 28 — (189 ) — 255,727 12,532 (624 ) 267,635 Operating income (loss) — 119,182 978 (279 ) 119,881 Equity in (earnings) loss of subsidiaries (116,264 ) — — 116,264 — Other expenses (income) 31,096 (2 ) 285 (279 ) 31,100 Income (loss) before income tax expense 85,168 119,184 693 (116,264 ) 88,781 Income tax expense (2) — 3,014 599 — 3,613 Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Statement of Comprehensive Income Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Total other comprehensive loss, net of tax — — (328 ) — (328 ) Total comprehensive income (loss) $ 85,168 $ 116,170 $ (234 ) $ (116,264 ) $ 84,840 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 337,271 $ 14,275 $ (845 ) $ 350,701 Operating expenses Direct advertising expenses (1) — 114,325 7,901 (550 ) 121,676 General and administrative expenses (1) — 56,803 2,686 — 59,489 Corporate expenses (1) — 16,155 421 — 16,576 Depreciation and amortization — 44,558 1,883 — 46,441 Gain on disposition of assets — (5,203 ) — — (5,203 ) — 226,638 12,891 (550 ) 238,979 Operating income (loss) — 110,633 1,384 (295 ) 111,722 Equity in (earnings) loss of subsidiaries (110,756 ) — — 110,756 — Other expenses (income) 24,713 (6 ) 295 (295 ) 24,707 Income (loss) before income tax expense 86,043 110,639 1,089 (110,756 ) 87,015 Income tax expense (2) — 80 892 — 972 Net income (loss) $ 86,043 $ 110,559 $ 197 $ (110,756 ) $ 86,043 Statement of Comprehensive Income Net income (loss) $ 86,043 $ 110,559 $ 197 $ (110,756 ) $ 86,043 Total other comprehensive loss, net of tax — — (1,713 ) — (1,713 ) Total comprehensive income (loss) $ 86,043 $ 110,559 $ (1,516 ) $ (110,756 ) $ 84,330 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,077,116 $ 39,228 $ (2,767 ) $ 1,113,577 Operating expenses Direct advertising expenses (1) — 371,915 23,139 (1,826 ) 393,228 General and administrative expenses (1) — 192,631 8,103 — 200,734 Corporate expenses (1) — 54,079 1,064 — 55,143 Depreciation and amortization — 147,158 5,571 — 152,729 (Gain) loss on disposition of assets — (12,482 ) 261 — (12,221 ) — 753,301 38,138 (1,826 ) 789,613 Operating income (loss) — 323,815 1,090 (941 ) 323,964 Equity in (earnings) loss of subsidiaries (314,228 ) — — 314,228 — Other expenses (income) 95,655 (6 ) 953 (941 ) 95,661 Income (loss) before income tax expense 218,573 323,821 137 (314,228 ) 228,303 Income tax expense (2) — 8,248 1,482 — 9,730 Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Statement of Comprehensive Income Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Total other comprehensive income, net of tax — — 1,151 — 1,151 Total comprehensive income (loss) $ 218,573 $ 315,573 $ (194 ) $ (314,228 ) $ 219,724 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 960,377 $ 39,335 $ (2,285 ) $ 997,427 Operating expenses Direct advertising expenses (1) — 330,808 21,536 (1,485 ) 350,859 General and administrative expenses (1) — 172,378 7,046 — 179,424 Corporate expenses (1) — 50,260 1,219 — 51,479 Depreciation and amortization — 138,639 5,757 — 144,396 Gain on disposition of assets — (7,230 ) — — (7,230 ) — 684,855 35,558 (1,485 ) 718,928 Operating income (loss) — 275,522 3,777 (800 ) 278,499 Equity in (earnings) loss of subsidiaries (260,247 ) — — 260,247 — Other expenses (income) 73,951 (28 ) 802 (800 ) 73,925 Income (loss) before income tax expense 186,296 275,550 2,975 (260,247 ) 204,574 Income tax expense (2) — 5,016 13,262 — 18,278 Net income (loss) $ 186,296 $ 270,534 $ (10,287 ) $ (260,247 ) $ 186,296 Statement of Comprehensive Income Net income (loss) $ 186,296 $ 270,534 $ (10,287 ) $ (260,247 ) $ 186,296 Total other comprehensive loss, net of tax — — (2,916 ) — (2,916 ) Total comprehensive income (loss) $ 186,296 $ 270,534 $ (13,203 ) $ (260,247 ) $ 183,380 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 240,727 $ 402,988 $ 4,412 $ (334,167 ) $ 313,960 Cash flows from investing activities: Acquisitions — (526,029 ) — — (526,029 ) Capital expenditures — (76,468 ) (2,357 ) — (78,825 ) Proceeds from disposition of assets and investments — 7,753 — — 7,753 Investment in subsidiaries (526,029 ) — — 526,029 — (Increase) decrease in intercompany notes receivable (462 ) — — 462 — Decrease in notes receivable 16 — — — 16 Net cash (used in) provided by investing activities (526,475 ) (594,744 ) (2,357 ) 526,491 (597,085 ) Cash flows from financing activities: Principal payments on long-term debt (15,015 ) — — — (15,015 ) Payment on revolving credit facility (302,000 ) — — — (302,000 ) Proceeds received from revolving credit facility 408,000 — — — 408,000 Proceeds received from note offering 400,000 — — — 400,000 Payment on senior credit facility (300,000 ) — — — (300,000 ) Proceeds received from senior credit facility 300,000 — — — 300,000 Debt issuance costs (9,391 ) — — — (9,391 ) Intercompany loan proceeds (payments) — — 462 (462 ) — Distributions to non-controlling interest — — (315 ) — (315 ) Contributions from (to) parent 41,872 526,029 — (526,029 ) 41,872 Dividends (to) from parent (225,789 ) (334,167 ) — 334,167 (225,789 ) Net cash provided by (used in) financing activities 297,677 191,862 147 (192,324 ) 297,362 Effect of exchange rate changes in cash and cash equivalents — — 915 — 915 Net increase in cash and cash equivalents 11,929 106 3,117 — 15,152 Cash and cash equivalents at beginning of period 4,955 454 16,418 — 21,827 Cash and cash equivalents at end of period $ 16,884 $ 560 $ 19,535 $ — $ 36,979 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 214,162 $ 362,348 $ 7,474 $ (292,242 ) $ 291,742 Cash flows from investing activities: Acquisitions — (115,279 ) (8,012 ) — (123,291 ) Capital expenditures — (78,357 ) (2,407 ) — (80,764 ) Proceeds from disposition of assets and investments — 8,369 — — 8,369 Investment in subsidiaries (123,291 ) — — 123,291 — Decrease (increase) in intercompany notes receivable 1,576 — — (1,576 ) — Increase in notes receivable (28 ) — — — (28 ) Net cash (used in) provided by investing activities (121,743 ) (185,267 ) (10,419 ) 121,715 (195,714 ) Cash flows from financing activities: Proceeds received from revolving credit facility 235,000 — — — 235,000 Payment on revolving credit facility (155,200 ) — — — (155,200 ) Principal payments on long-term debt (11,265 ) — — — (11,265 ) Intercompany loan (payments) proceeds — — (1,576 ) 1,576 — Distributions to non-controlling interest — — (1,025 ) — (1,025 ) Dividends (to) from parent (204,547 ) (292,242 ) — 292,242 (204,547 ) Contributions from (to) parent 46,088 115,279 8,012 (123,291 ) 46,088 Net cash (used in) provided by financing activities (89,924 ) (176,963 ) 5,411 170,527 (90,949 ) Effect of exchange rate changes in cash and cash equivalents — — (2,036 ) — (2,036 ) Net increase in cash and cash equivalents 2,495 118 430 — 3,043 Cash and cash equivalents at beginning of period 10,689 480 14,366 — 25,535 Cash and cash equivalents at end of period $ 13,184 $ 598 $ 14,796 $ — $ 28,578

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 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 $ 94,965 Goodwill 180,001 Site locations 217,301 Non-competition agreements 80 Customer lists and contracts 41,071 Current assets 4,697 Other assets 3,169 Current liabilities (6,255 ) $ 535,029
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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (unaudited) Net revenues $ 388,074 $ 375,939 $ 1,117,020 $ 1,083,278 Net income applicable to common stock $ 85,090 $ 84,867 $ 218,698 $ 179,690 Net income per common share — basic $ 0.87 $ 0.88 $ 2.25 $ 1.87 Net income per common share — diluted $ 0.87 $ 0.88 $ 2.24 $ 1.87

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of ESPP Share Activity	The following is a summary of 2009 ESPP share activity for the nine months ended September 30, 2016: Shares Available for future purchases, January 1, 2016 279,589 Additional shares reserved under 2009 ESPP 82,084 Purchases (84,979 ) Available for future purchases, September 30, 2016 276,694

Depreciation and Amortization (

Depreciation and Amortization (Tables)	9 Months Ended
	Sep. 30, 2016
Depreciation And Amortization [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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Direct advertising expenses $ 46,163 $ 42,764 $ 142,228 $ 132,655 General and administrative expenses 900 738 2,683 2,294 Corporate expenses 2,244 2,939 7,818 9,447 $ 49,307 $ 46,441 $ 152,729 $ 144,396

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at September 30, 2016 and December 31, 2015: Estimated September 30, 2016 December 31, 2015 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 555,012 $ 487,038 $ 513,832 $ 477,006 Non-competition agreements 3—15 64,598 63,639 64,514 63,453 Site locations 15 1,834,426 1,302,252 1,616,345 1,251,825 Other 5—15 14,008 13,548 14,008 13,529 $ 2,468,044 $ 1,866,477 $ 2,208,699 $ 1,805,813 Unamortizable intangible assets: Goodwill $ 1,980,260 $ 253,536 $ 1,800,130 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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 4,568 Accretion expense 3,216 Liabilities settled (3,743 ) Balance at September 30, 2016 $ 210,275

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at September 30, 2016 and December 31, 2015: September 30, 2016 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 464,750 $ 5,340 $ 459,410 5 7/8% Senior Subordinated Notes 500,000 7,365 492,635 5% Senior Subordinated Notes 535,000 5,898 529,102 5 3/8% Senior Notes 510,000 5,826 504,174 5 3/4% Senior Notes 400,000 5,803 394,197 Other notes with various rates and terms 504 — 504 2,410,254 30,232 2,380,022 Less current maturities (34,227 ) (5,403 ) (28,824 ) Long-term debt, excluding current maturities $ 2,376,027 $ 24,829 $ 2,351,198 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 December 31, 2016- March 31, 2017 $ 5,625 June 30, 2017-December 31, 2018 $ 11,250 Term A Loan Maturity Date $ 168,750

Summarized Financial Informat26

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP [Member]	9 Months Ended
	Sep. 30, 2016
Condensed Consolidating Balance Sheet	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 18,009 $ 301,488 $ 35,244 $ — $ 354,741 Net property, plant and equipment — 1,157,657 21,944 — 1,179,601 Intangibles and goodwill, net — 2,284,767 32,905 — 2,317,672 Other assets 3,453,193 11,343 301 (3,430,738 ) 34,099 Total assets $ 3,471,202 $ 3,755,255 $ 90,394 $ (3,430,738 ) $ 3,886,113 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 28,824 $ — $ — $ — $ 28,824 Other current liabilities 25,792 175,817 25,569 — 227,178 Total current liabilities 54,616 175,817 25,569 — 256,002 Long-term debt 2,351,198 — — — 2,351,198 Other noncurrent liabilities 22,400 213,061 53,993 (53,529 ) 235,925 Total liabilities 2,428,214 388,878 79,562 (53,529 ) 2,843,125 Stockholders’ equity 1,042,988 3,366,377 10,832 (3,377,209 ) 1,042,988 Total liabilities and stockholders’ equity $ 3,471,202 $ 3,755,255 $ 90,394 $ (3,430,738 ) $ 3,886,113 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 6,086 $ 245,685 $ 29,461 $ — $ 281,232 Net property, plant and equipment — 1,072,595 22,542 — 1,095,137 Intangibles and goodwill, net — 1,904,096 34,765 — 1,938,861 Other assets 2,943,826 11,451 535 (2,923,702 ) 32,110 Total assets $ 2,949,912 $ 3,233,827 $ 87,303 $ (2,923,702 ) $ 3,347,340 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 16,509 $ — $ — $ — $ 16,509 Other current liabilities 29,268 163,955 22,618 — 215,841 Total current liabilities 45,777 163,955 22,618 — 232,350 Long-term debt 1,876,895 — — — 1,876,895 Other noncurrent liabilities 20,059 210,233 53,659 (53,037 ) 230,914 Total liabilities 1,942,731 374,188 76,277 (53,037 ) 2,340,159 Stockholders’ equity 1,007,181 2,859,639 11,026 (2,870,665 ) 1,007,181 Total liabilities and stockholders’ equity $ 2,949,912 $ 3,233,827 $ 87,303 $ (2,923,702 ) $ 3,347,340
Condensed Consolidating Statements of Income and Comprehensive Income	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 374,909 $ 13,510 $ (903 ) $ 387,516 Operating expenses Direct advertising expenses (1) — 124,609 7,793 (624 ) 131,778 General and administrative expenses (1) — 64,949 2,538 — 67,487 Corporate expenses (1) — 18,895 357 — 19,252 Depreciation and amortization — 47,491 1,816 — 49,307 (Gain) loss on disposition of assets — (217 ) 28 — (189 ) — 255,727 12,532 (624 ) 267,635 Operating income (loss) — 119,182 978 (279 ) 119,881 Equity in (earnings) loss of subsidiaries (116,264 ) — — 116,264 — Other expenses (income) 31,096 (2 ) 285 (279 ) 31,100 Income (loss) before income tax expense 85,168 119,184 693 (116,264 ) 88,781 Income tax expense (2) — 3,014 599 — 3,613 Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Statement of Comprehensive Income Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Total other comprehensive loss, net of tax — — (328 ) — (328 ) Total comprehensive income (loss) $ 85,168 $ 116,170 $ (234 ) $ (116,264 ) $ 84,840 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 337,271 $ 14,275 $ (845 ) $ 350,701 Operating expenses Direct advertising expenses (1) — 114,325 7,901 (550 ) 121,676 General and administrative expenses (1) — 56,803 2,686 — 59,489 Corporate expenses (1) — 16,155 421 — 16,576 Depreciation and amortization — 44,558 1,883 — 46,441 Gain on disposition of assets — (5,203 ) — — (5,203 ) — 226,638 12,891 (550 ) 238,979 Operating income (loss) — 110,633 1,384 (295 ) 111,722 Equity in (earnings) loss of subsidiaries (110,756 ) — — 110,756 — Other expenses (income) 24,713 (6 ) 295 (295 ) 24,707 Income (loss) before income tax expense 86,043 110,639 1,089 (110,756 ) 87,015 Income tax expense (2) — 80 892 — 972 Net income (loss) $ 86,043 $ 110,559 $ 197 $ (110,756 ) $ 86,043 Statement of Comprehensive Income Net income (loss) $ 86,043 $ 110,559 $ 197 $ (110,756 ) $ 86,043 Total other comprehensive loss, net of tax — — (1,713 ) — (1,713 ) Total comprehensive income (loss) $ 86,043 $ 110,559 $ (1,516 ) $ (110,756 ) $ 84,330 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,077,116 $ 39,228 $ (2,767 ) $ 1,113,577 Operating expenses Direct advertising expenses (1) — 371,915 23,139 (1,826 ) 393,228 General and administrative expenses (1) — 192,631 8,103 — 200,734 Corporate expenses (1) — 54,079 1,064 — 55,143 Depreciation and amortization — 147,158 5,571 — 152,729 (Gain) loss on disposition of assets — (12,482 ) 261 — (12,221 ) — 753,301 38,138 (1,826 ) 789,613 Operating income (loss) — 323,815 1,090 (941 ) 323,964 Equity in (earnings) loss of subsidiaries (314,228 ) — — 314,228 — Other expenses (income) 95,655 (6 ) 953 (941 ) 95,661 Income (loss) before income tax expense 218,573 323,821 137 (314,228 ) 228,303 Income tax expense (2) — 8,248 1,482 — 9,730 Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Statement of Comprehensive Income Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Total other comprehensive income, net of tax — — 1,151 — 1,151 Total comprehensive income (loss) $ 218,573 $ 315,573 $ (194 ) $ (314,228 ) $ 219,724 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 960,377 $ 39,335 $ (2,285 ) $ 997,427 Operating expenses Direct advertising expenses (1) — 330,808 21,536 (1,485 ) 350,859 General and administrative expenses (1) — 172,378 7,046 — 179,424 Corporate expenses (1) — 50,260 1,219 — 51,479 Depreciation and amortization — 138,639 5,757 — 144,396 Gain on disposition of assets — (7,230 ) — — (7,230 ) — 684,855 35,558 (1,485 ) 718,928 Operating income (loss) — 275,522 3,777 (800 ) 278,499 Equity in (earnings) loss of subsidiaries (260,247 ) — — 260,247 — Other expenses (income) 73,951 (28 ) 802 (800 ) 73,925 Income (loss) before income tax expense 186,296 275,550 2,975 (260,247 ) 204,574 Income tax expense (2) — 5,016 13,262 — 18,278 Net income (loss) $ 186,296 $ 270,534 $ (10,287 ) $ (260,247 ) $ 186,296 Statement of Comprehensive Income Net income (loss) $ 186,296 $ 270,534 $ (10,287 ) $ (260,247 ) $ 186,296 Total other comprehensive loss, net of tax — — (2,916 ) — (2,916 ) Total comprehensive income (loss) $ 186,296 $ 270,534 $ (13,203 ) $ (260,247 ) $ 183,380 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
Condensed Consolidating Statements of Cash Flows	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 240,727 $ 402,988 $ 4,412 $ (334,167 ) $ 313,960 Cash flows from investing activities: Acquisitions — (526,029 ) — — (526,029 ) Capital expenditures — (76,468 ) (2,357 ) — (78,825 ) Proceeds from disposition of assets and investments — 7,753 — — 7,753 Investment in subsidiaries (526,029 ) — — 526,029 — (Increase) decrease in intercompany notes receivable (462 ) — — 462 — Decrease in notes receivable 16 — — — 16 Net cash (used in) provided by investing activities (526,475 ) (594,744 ) (2,357 ) 526,491 (597,085 ) Cash flows from financing activities: Principal payments on long-term debt (15,015 ) — — — (15,015 ) Payment on revolving credit facility (302,000 ) — — — (302,000 ) Proceeds received from revolving credit facility 408,000 — — — 408,000 Proceeds received from note offering 400,000 — — — 400,000 Payment on senior credit facility (300,000 ) — — — (300,000 ) Proceeds received from senior credit facility 300,000 — — — 300,000 Debt issuance costs (9,391 ) — — — (9,391 ) Intercompany loan proceeds (payments) — — 462 (462 ) — Distributions to non-controlling interest — — (315 ) — (315 ) Contributions from (to) parent 41,872 526,029 — (526,029 ) 41,872 Dividends (to) from parent (225,789 ) (334,167 ) — 334,167 (225,789 ) Net cash provided by (used in) financing activities 297,677 191,862 147 (192,324 ) 297,362 Effect of exchange rate changes in cash and cash equivalents — — 915 — 915 Net increase in cash and cash equivalents 11,929 106 3,117 — 15,152 Cash and cash equivalents at beginning of period 4,955 454 16,418 — 21,827 Cash and cash equivalents at end of period $ 16,884 $ 560 $ 19,535 $ — $ 36,979 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2015 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 214,162 $ 362,348 $ 7,474 $ (292,242 ) $ 291,742 Cash flows from investing activities: Acquisitions — (115,279 ) (8,012 ) — (123,291 ) Capital expenditures — (78,357 ) (2,407 ) — (80,764 ) Proceeds from disposition of assets and investments — 8,369 — — 8,369 Investment in subsidiaries (123,291 ) — — 123,291 — Decrease (increase) in intercompany notes receivable 1,576 — — (1,576 ) — Increase in notes receivable (28 ) — — — (28 ) Net cash (used in) provided by investing activities (121,743 ) (185,267 ) (10,419 ) 121,715 (195,714 ) Cash flows from financing activities: Proceeds received from revolving credit facility 235,000 — — — 235,000 Payment on revolving credit facility (155,200 ) — — — (155,200 ) Principal payments on long-term debt (11,265 ) — — — (11,265 ) Intercompany loan (payments) proceeds — — (1,576 ) 1,576 — Distributions to non-controlling interest — — (1,025 ) — (1,025 ) Dividends (to) from parent (204,547 ) (292,242 ) — 292,242 (204,547 ) Contributions from (to) parent 46,088 115,279 8,012 (123,291 ) 46,088 Net cash (used in) provided by financing activities (89,924 ) (176,963 ) 5,411 170,527 (90,949 ) Effect of exchange rate changes in cash and cash equivalents — — (2,036 ) — (2,036 ) Net increase in cash and cash equivalents 2,495 118 430 — 3,043 Cash and cash equivalents at beginning of period 10,689 480 14,366 — 25,535 Cash and cash equivalents at end of period $ 13,184 $ 598 $ 14,796 $ — $ 28,578

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)Market	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets	$ 535,029
Total purchase price of outdoor advertising assets paid in cash	526,029	$ 123,291
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 | Market	5

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Acquisition Costs (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Business Acquisition [Line Items]
Property, plant and equipment	$ 94,965
Goodwill	180,001
Current assets	4,697
Other assets	3,169
Current liabilities	(6,255)
Total	535,029
Site Locations [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	217,301
Non-competition Agreements [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	80
Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 41,071

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Combinations [Abstract]
Net revenues	$ 388,074	$ 375,939	$ 1,117,020	$ 1,083,278
Net income applicable to common stock	$ 85,090	$ 84,867	$ 218,698	$ 179,690
Net income per common share — basic	$ 0.87	$ 0.88	$ 2.25	$ 1.87
Net income per common share — diluted	$ 0.87	$ 0.88	$ 2.24	$ 1.87

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	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.
Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted	86,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	5 years
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
Number of shares available for grant under Incentive Plan	1,466,193
Compensation expense related to performance based compensation agreements	$ 11,800
1996 Equity Incentive Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of awards of target number of share	0.00%
1996 Equity Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of awards of target number of share	100.00%
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
Restricted Stock [Member] | 1996 Equity Incentive Plan [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] | 1996 Equity Incentive Plan [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%
Restricted Stock [Member] | 1996 Equity Incentive Plan [Member] | Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 301
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	276,694	279,589
Additional shares reserved under 2009 ESPP	82,084
2009 Employee Stock Purchase Plan [Member] | Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved under 2009 ESPP	82,084

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - 2009 Employee Stock Purchase Plan [Member]	9 Months Ended
	Sep. 30, 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	(84,979)
Available for future purchases, September 30, 2016	276,694

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 49,307	$ 46,441	$ 152,729	$ 144,396
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	46,163	42,764	142,228	132,655
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	900	738	2,683	2,294
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 2,244	$ 2,939	$ 7,818	$ 9,447

Goodwill and Other Intangible33

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,468,044	$ 2,208,699
Accumulated Amortization	1,866,477	1,805,813
Goodwill gross carrying amount	1,980,260	1,800,130
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	555,012	513,832
Accumulated Amortization	$ 487,038	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	$ 64,598	64,514
Accumulated Amortization	$ 63,639	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	$ 1,834,426	1,616,345
Accumulated Amortization	$ 1,302,252	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	$ 13,548	$ 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	9 Months Ended
	Sep. 30, 2016USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 206,234
Additions to asset retirement obligations	4,568
Accretion expense	3,216
Liabilities settled	(3,743)
Ending Balance	$ 210,275

Distribution Restrictions - Add

Distribution Restrictions - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Distribution Restrictions [Line Items]
Balance of permitted transfers to parent company	$ 2,639,956	$ 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]
Distribution Restrictions [Line Items]
Senior debt ratio	3.5
Senior Subordinated Notes [Member] | Maximum [Member]
Distribution Restrictions [Line Items]
Senior debt ratio	3.5

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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	0	0

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt	$ 2,410,254	$ 1,919,484
Debt, Less current maturities	(34,227)	(21,332)
Debt, excluding current maturities	2,376,027	1,898,152
Deferred financing costs	30,232	28,034
Deferred financing costs, Less current maturities	(5,403)	(4,823)
Deferred financing costs, excluding current maturities	24,829	23,211
Debt, net of deferred financing costs	2,380,022	1,891,450
Debt, net of deferred financing costs, Less current maturities	(28,824)	(16,509)
Debt, net of deferred financing costs, excluding current maturities	2,351,198	1,874,941
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	464,750	373,750
Deferred financing costs	5,340	7,058
Debt, net of deferred financing costs	459,410	366,692
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	500,000	500,000
Deferred financing costs	7,365	8,219
Debt, net of deferred financing costs	492,635	491,781
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	535,000	535,000
Deferred financing costs	5,898	6,451
Debt, net of deferred financing costs	529,102	528,549
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	510,000	510,000
Deferred financing costs	5,826	6,306
Debt, net of deferred financing costs	504,174	503,694
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	400,000
Deferred financing costs	5,803
Debt, net of deferred financing costs	394,197
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Debt	504	734
Debt, net of deferred financing costs	$ 504	$ 734

Long-term Debt - Long-Term De38

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 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 ($)	Apr. 18, 2014USD ($)	Jan. 10, 2014USD ($)	Oct. 30, 2012USD ($)	Feb. 09, 2012USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Proceeds received from revolving credit facility						$ 300,000,000
Loss on extinguishment of debt						3,198,000
Amended and restated date		Apr. 18, 2014
Outstanding revolving credit facility						206,000,000
Remaining borrowing capacity under revolving credit facility						184,896,000
Letter of credit outstanding balance						9,104,000
Term A Loan Facility [Member]
Debt Instrument [Line Items]
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] | LIBO Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		1.75%
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] | Base Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		0.75%
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] | LIBO Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		1.75%
Revolving Credit Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [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] | 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] | Base Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		0.75%
Revolving Credit Facility [Member] | Base Rate [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [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
LAMAR MEDIA CORP [Member]
Debt Instrument [Line Items]
Proceeds received from revolving credit facility						300,000,000
Loss on extinguishment of debt						$ 3,198,000
LAMAR MEDIA CORP [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maturity date						Feb. 2, 2019
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 price percentage of the principal amount to be purchased			101.00%
5 3/8% Senior Notes [Member] | Prior to January 15, 2017 [Member]
Debt Instrument [Line Items]
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%
5 3/8% Senior Notes [Member] | Prior to January 15, 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage equal to principal amount include aggregate premium			100.00%
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%
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
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
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 Non- Current [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
Accounting Standards Update 2015-03 [Member] | 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

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
December 31, 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 41

Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2016
December 31, 2016-March 31, 2017 [Member]
Debt Instrument [Line Items]
Principal payment date	Dec. NaN, 2016
June 30, 2017-December 31, 2018 [Member]
Debt Instrument [Line Items]
Principal payment date	Jun. NaN, 2017

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,517,113
Carrying amount of company's long term debt	$ 2,410,254	$ 1,919,484

Dividends_Distributions - Addit

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Dividends [Line Items]
Distributions paid, per share	$ 0.76	$ 0.69	$ 2.26	$ 2.06
Distributions paid, preferred stockholders	$ 91	$ 91	$ 273	$ 273
Distributions paid, preferred stockholders, per share	$ 15.95	$ 15.95	$ 47.85	$ 47.85
Taxable Income Distribution [Member]
Dividends [Line Items]
Distributions paid	$ 73,938	$ 66,634	$ 219,584	$ 198,448
Distributions paid, per share	$ 0.76	$ 0.69	$ 2.26	$ 2.06

Information about Geographic 44

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 5,360		$ 5,360		$ 5,613
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 8,489	$ 8,830	$ 24,076	$ 24,089

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Total current assets	$ 355,242	$ 281,732
Net property, plant and equipment	1,179,601	1,095,137
Other assets	39,386	37,395
Total assets	3,902,520	3,363,744
Current liabilities:
Current maturities of long-term debt, net of deferred financing costs	28,824	16,509
Total current liabilities	259,091	236,830
Long-term debt, net of deferred financing costs	2,351,198	1,874,941
Total liabilities	2,846,214	2,342,685
Stockholders’ equity	1,056,306	1,021,059
Total liabilities and stockholders’ equity	3,902,520	3,363,744
LAMAR MEDIA CORP [Member]
ASSETS
Total current assets	354,741	281,232
Net property, plant and equipment	1,179,601	1,095,137
Intangibles and goodwill, net	2,317,672	1,938,861
Other assets	34,099	32,110
Total assets	3,886,113	3,347,340
Current liabilities:
Current maturities of long-term debt, net of deferred financing costs	28,824	16,509
Other current liabilities	227,178	215,841
Total current liabilities	256,002	232,350
Long-term debt, net of deferred financing costs	2,351,198	1,876,895
Other noncurrent liabilities	235,925	230,914
Total liabilities	2,843,125	2,340,159
Stockholders’ equity	1,042,988	1,007,181
Total liabilities and stockholders’ equity	3,886,113	3,347,340
LAMAR MEDIA CORP [Member] | Lamar Media [Member]
ASSETS
Total current assets	18,009	6,086
Other assets	3,453,193	2,943,826
Total assets	3,471,202	2,949,912
Current liabilities:
Current maturities of long-term debt, net of deferred financing costs	28,824	16,509
Other current liabilities	25,792	29,268
Total current liabilities	54,616	45,777
Long-term debt, net of deferred financing costs	2,351,198	1,876,895
Other noncurrent liabilities	22,400	20,059
Total liabilities	2,428,214	1,942,731
Stockholders’ equity	1,042,988	1,007,181
Total liabilities and stockholders’ equity	3,471,202	2,949,912
LAMAR MEDIA CORP [Member] | Guarantor Subsidiaries [Member]
ASSETS
Total current assets	301,488	245,685
Net property, plant and equipment	1,157,657	1,072,595
Intangibles and goodwill, net	2,284,767	1,904,096
Other assets	11,343	11,451
Total assets	3,755,255	3,233,827
Current liabilities:
Other current liabilities	175,817	163,955
Total current liabilities	175,817	163,955
Other noncurrent liabilities	213,061	210,233
Total liabilities	388,878	374,188
Stockholders’ equity	3,366,377	2,859,639
Total liabilities and stockholders’ equity	3,755,255	3,233,827
LAMAR MEDIA CORP [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Total current assets	35,244	29,461
Net property, plant and equipment	21,944	22,542
Intangibles and goodwill, net	32,905	34,765
Other assets	301	535
Total assets	90,394	87,303
Current liabilities:
Other current liabilities	25,569	22,618
Total current liabilities	25,569	22,618
Other noncurrent liabilities	53,993	53,659
Total liabilities	79,562	76,277
Stockholders’ equity	10,832	11,026
Total liabilities and stockholders’ equity	90,394	87,303
LAMAR MEDIA CORP [Member] | Eliminations [Member]
ASSETS
Other assets	(3,430,738)	(2,923,702)
Total assets	(3,430,738)	(2,923,702)
Current liabilities:
Other noncurrent liabilities	(53,529)	(53,037)
Total liabilities	(53,529)	(53,037)
Stockholders’ equity	(3,377,209)	(2,870,665)
Total liabilities and stockholders’ equity	$ (3,430,738)	$ (2,923,702)

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net revenues	$ 387,516	$ 350,701	$ 1,113,577	$ 997,427
Operating expenses (income)
Direct advertising expenses	131,778	121,676	393,228	350,859
General and administrative expenses (exclusive of depreciation and amortization)	67,487	59,489	200,734	179,424
Corporate expenses (exclusive of depreciation and amortization)	19,359	16,654	55,432	51,734
Depreciation and amortization	49,307	46,441	152,729	144,396
(Gain) loss on disposition of assets	(189)	(5,203)	(12,221)	(7,230)
Total Operating Expenses	267,742	239,057	789,902	719,183
Operating income	119,774	111,644	323,675	278,244
Other expenses (income)	31,100	24,707	95,661	73,925
Income (loss) before income tax expense	88,674	86,937	228,014	204,319
Income tax expense	3,613	972	9,730	18,278
Net income	85,061	85,965	218,284	186,041
Statements of Comprehensive Income
Net income	85,061	85,965	218,284	186,041
Total comprehensive income (loss)	84,733	84,252	219,435	183,125
LAMAR MEDIA CORP [Member]
Net revenues	387,516	350,701	1,113,577	997,427
Operating expenses (income)
Direct advertising expenses	131,778	121,676	393,228	350,859
General and administrative expenses (exclusive of depreciation and amortization)	67,487	59,489	200,734	179,424
Corporate expenses (exclusive of depreciation and amortization)	19,252	16,576	55,143	51,479
Depreciation and amortization	49,307	46,441	152,729	144,396
(Gain) loss on disposition of assets	(189)	(5,203)	(12,221)	(7,230)
Total Operating Expenses	267,635	238,979	789,613	718,928
Operating income	119,881	111,722	323,964	278,499
Other expenses (income)	31,100	24,707	95,661	73,925
Income (loss) before income tax expense	88,781	87,015	228,303	204,574
Income tax expense	3,613	972	9,730	18,278
Net income	85,168	86,043	218,573	186,296
Statements of Comprehensive Income
Net income	85,168	86,043	218,573	186,296
Total other comprehensive loss, net of tax	(328)	(1,713)	1,151	(2,916)
Total comprehensive income (loss)	84,840	84,330	219,724	183,380
LAMAR MEDIA CORP [Member] | Lamar Media [Member]
Operating expenses (income)
Equity in (earnings) loss of subsidiaries	(116,264)	(110,756)	(314,228)	(260,247)
Other expenses (income)	31,096	24,713	95,655	73,951
Income (loss) before income tax expense	85,168	86,043	218,573	186,296
Net income	85,168	86,043	218,573	186,296
Statements of Comprehensive Income
Net income	85,168	86,043	218,573	186,296
Total comprehensive income (loss)	85,168	86,043	218,573	186,296
LAMAR MEDIA CORP [Member] | Guarantor Subsidiaries [Member]
Net revenues	374,909	337,271	1,077,116	960,377
Operating expenses (income)
Direct advertising expenses	124,609	114,325	371,915	330,808
General and administrative expenses (exclusive of depreciation and amortization)	64,949	56,803	192,631	172,378
Corporate expenses (exclusive of depreciation and amortization)	18,895	16,155	54,079	50,260
Depreciation and amortization	47,491	44,558	147,158	138,639
(Gain) loss on disposition of assets	(217)	(5,203)	(12,482)	(7,230)
Total Operating Expenses	255,727	226,638	753,301	684,855
Operating income	119,182	110,633	323,815	275,522
Other expenses (income)	(2)	(6)	(6)	(28)
Income (loss) before income tax expense	119,184	110,639	323,821	275,550
Income tax expense	3,014	80	8,248	5,016
Net income	116,170	110,559	315,573	270,534
Statements of Comprehensive Income
Net income	116,170	110,559	315,573	270,534
Total comprehensive income (loss)	116,170	110,559	315,573	270,534
LAMAR MEDIA CORP [Member] | Non-Guarantor Subsidiaries [Member]
Net revenues	13,510	14,275	39,228	39,335
Operating expenses (income)
Direct advertising expenses	7,793	7,901	23,139	21,536
General and administrative expenses (exclusive of depreciation and amortization)	2,538	2,686	8,103	7,046
Corporate expenses (exclusive of depreciation and amortization)	357	421	1,064	1,219
Depreciation and amortization	1,816	1,883	5,571	5,757
(Gain) loss on disposition of assets	28		261
Total Operating Expenses	12,532	12,891	38,138	35,558
Operating income	978	1,384	1,090	3,777
Other expenses (income)	285	295	953	802
Income (loss) before income tax expense	693	1,089	137	2,975
Income tax expense	599	892	1,482	13,262
Net income	94	197	(1,345)	(10,287)
Statements of Comprehensive Income
Net income	94	197	(1,345)	(10,287)
Total other comprehensive loss, net of tax	(328)	(1,713)	1,151	(2,916)
Total comprehensive income (loss)	(234)	(1,516)	(194)	(13,203)
LAMAR MEDIA CORP [Member] | Eliminations [Member]
Net revenues	(903)	(845)	(2,767)	(2,285)
Operating expenses (income)
Direct advertising expenses	(624)	(550)	(1,826)	(1,485)
Total Operating Expenses	(624)	(550)	(1,826)	(1,485)
Operating income	(279)	(295)	(941)	(800)
Equity in (earnings) loss of subsidiaries	116,264	110,756	314,228	260,247
Other expenses (income)	(279)	(295)	(941)	(800)
Income (loss) before income tax expense	(116,264)	(110,756)	(314,228)	(260,247)
Net income	(116,264)	(110,756)	(314,228)	(260,247)
Statements of Comprehensive Income
Net income	(116,264)	(110,756)	(314,228)	(260,247)
Total comprehensive income (loss)	$ (116,264)	$ (110,756)	$ (314,228)	$ (260,247)

Condensed Consolidating State47

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 337,826	$ 313,470
Cash flows from investing activities:
Acquisitions	(526,029)	(123,291)
Capital expenditures	(78,825)	(80,764)
Proceeds from disposition of assets and investments	7,753	8,369
Decrease (increase) in notes receivable	16	(28)
Net cash (used in) provided by investing activities	(597,085)	(195,714)
Cash flows from financing activities:
Principal payments on long-term debt	(15,015)	(11,265)
Payment on revolving credit facility	(302,000)	(155,200)
Proceeds received from revolving credit facility	408,000	235,000
Proceeds received from note offering	400,000
Payment on senior credit facility term A-1 loan	(300,000)
Proceeds received from senior credit facility term A-1 loan	300,000
Debt issuance costs	(9,391)
Distributions to non-controlling interest	(315)	(1,025)
Net cash provided by (used in) financing activities	273,496	(112,677)
Effect of exchange rate changes in cash and cash equivalents	915	(2,036)
Net increase in cash and cash equivalents	15,152	3,043
Cash and cash equivalents at beginning of period	22,327	26,035
Cash and cash equivalents at end of period	37,479	29,078
LAMAR MEDIA CORP [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	313,960	291,742
Cash flows from investing activities:
Acquisitions	(526,029)	(123,291)
Capital expenditures	(78,825)	(80,764)
Proceeds from disposition of assets and investments	7,753	8,369
Decrease (increase) in notes receivable	16	(28)
Net cash (used in) provided by investing activities	(597,085)	(195,714)
Cash flows from financing activities:
Principal payments on long-term debt	(15,015)	(11,265)
Payment on revolving credit facility	(302,000)	(155,200)
Proceeds received from revolving credit facility	408,000	235,000
Proceeds received from note offering	400,000
Payment on senior credit facility term A-1 loan	(300,000)
Proceeds received from senior credit facility term A-1 loan	300,000
Debt issuance costs	(9,391)
Distributions to non-controlling interest	(315)	(1,025)
Contributions from (to) parent	41,872	46,088
Dividends (to) from parent	(225,789)	(204,547)
Net cash provided by (used in) financing activities	297,362	(90,949)
Effect of exchange rate changes in cash and cash equivalents	915	(2,036)
Net increase in cash and cash equivalents	15,152	3,043
Cash and cash equivalents at beginning of period	21,827	25,535
Cash and cash equivalents at end of period	36,979	28,578
LAMAR MEDIA CORP [Member] | Lamar Media [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	240,727	214,162
Cash flows from investing activities:
Investment in subsidiaries	(526,029)	(123,291)
(Increase) decrease in intercompany notes receivable	(462)	1,576
Decrease (increase) in notes receivable	16	(28)
Net cash (used in) provided by investing activities	(526,475)	(121,743)
Cash flows from financing activities:
Principal payments on long-term debt	(15,015)	(11,265)
Payment on revolving credit facility	(302,000)	(155,200)
Proceeds received from revolving credit facility	408,000	235,000
Proceeds received from note offering	400,000
Payment on senior credit facility term A-1 loan	(300,000)
Proceeds received from senior credit facility term A-1 loan	300,000
Debt issuance costs	(9,391)
Contributions from (to) parent	41,872	46,088
Dividends (to) from parent	(225,789)	(204,547)
Net cash provided by (used in) financing activities	297,677	(89,924)
Net increase in cash and cash equivalents	11,929	2,495
Cash and cash equivalents at beginning of period	4,955	10,689
Cash and cash equivalents at end of period	16,884	13,184
LAMAR MEDIA CORP [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	402,988	362,348
Cash flows from investing activities:
Acquisitions	(526,029)	(115,279)
Capital expenditures	(76,468)	(78,357)
Proceeds from disposition of assets and investments	7,753	8,369
Net cash (used in) provided by investing activities	(594,744)	(185,267)
Cash flows from financing activities:
Contributions from (to) parent	526,029	115,279
Dividends (to) from parent	(334,167)	(292,242)
Net cash provided by (used in) financing activities	191,862	(176,963)
Net increase in cash and cash equivalents	106	118
Cash and cash equivalents at beginning of period	454	480
Cash and cash equivalents at end of period	560	598
LAMAR MEDIA CORP [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	4,412	7,474
Cash flows from investing activities:
Acquisitions		(8,012)
Capital expenditures	(2,357)	(2,407)
Net cash (used in) provided by investing activities	(2,357)	(10,419)
Cash flows from financing activities:
Intercompany loan (payments) proceeds	462	(1,576)
Distributions to non-controlling interest	(315)	(1,025)
Contributions from (to) parent		8,012
Net cash provided by (used in) financing activities	147	5,411
Effect of exchange rate changes in cash and cash equivalents	915	(2,036)
Net increase in cash and cash equivalents	3,117	430
Cash and cash equivalents at beginning of period	16,418	14,366
Cash and cash equivalents at end of period	19,535	14,796
LAMAR MEDIA CORP [Member] | Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(334,167)	(292,242)
Cash flows from investing activities:
Investment in subsidiaries	526,029	123,291
(Increase) decrease in intercompany notes receivable	462	(1,576)
Net cash (used in) provided by investing activities	526,491	121,715
Cash flows from financing activities:
Intercompany loan (payments) proceeds	(462)	1,576
Contributions from (to) parent	(526,029)	(123,291)
Dividends (to) from parent	334,167	292,242
Net cash provided by (used in) financing activities	$ (192,324)	$ 170,527