Obie Billboard S-4 Registration of securities issued in business combination transactions

Exhibit 12(d)

COMPUTATION OF RATIO OF TOTAL DEBT (EXCLUDING MIRROR NOTE) TO EBITDA(1)

     The following table sets forth Lamar Media’s ratio of total debt (excluding mirror note) to EBITDA for the periods indicated.

															Twelve
															Months
											Six Months				Ended
	Year Ended December 31,										Ended June 30,				June 30,
(dollars in thousands)	2004		2005		2006		2007		2008		2008		2009		2009
Total debt	$	1,372,434	$	1,576,326	$	1,990,468	$	2,725,770	$	2,836,358		n/a		n/a	$	2,751,806
Mirror Note		—		287,500		287,500		287,500		287,500		n/a		n/a		—
Total debt (excluding mirror note)		1,372,434		1,288,826		1,702,968		2,438,270		2,548,858		n/a		n/a		2,751,806
EBITDA(2)		394,464		453,392		492,476		550,687		514,321		n/a		n/a		461,091
Ratio of total debt (excluding mirror note) to EBITDA		3.5x		2.8x		3.5x		4.4x		5.0x		n/a		n/a		6.0x

(1)

The ratio of total debt to EBITDA is defined as total debt divided by EBITDA.

(2)

EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization. EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in the media industry. Our management also believes that EBITDA is useful in evaluating our core operating results. However, EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to operating income or net income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity. Because EBITDA is not calculated identically by all companies, the presentation in this prospectus may not be comparable to those disclosed by other companies. In addition, the definition of EBITDA differs from the definition of EBITDA applicable to the covenants for the notes.