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EXHIBIT 11.1
Lamar Advertising Company and Subsidiaries
Earnings Per Share Computation Information
Years ended December 31, 1999, 1998 and 1997
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1999 1998 1997
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Net earnings (loss) applicable
to common stock $(44,900,000) $(12,255,000) $ 2,476,000
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Weighted average common shares outstanding 69,115,764 51,361,522 47,037,497
Shares issuable upon exercise of stock
options -- -- 363,486
Incremental shares from convertible debt -- -- --
------------ ------------ ------------
Weighted average common shares and common
equivalents outstanding 69,115,764 51,361,522 47,400,980
============ ============ ============
Net earnings (loss) per common share
basic and diluted $ (0.65) $ (0.24) $ 0.05
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The above earnings per share (EPS) calculations are submitted in accordance with
Statement of Financial Accounting Standards No. 128. An EPS calculation in
accordance with Regulation S-K item 601 (b) (11) is not shown above for the
years ended December 31, 1999 and 1998 because it produces an antidilutive
result. The following information is disclosed for purposes of calculating
antidilutive EPS for that period.
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ ------------
Net earnings (loss) applicable
to common stock $(44,900,000) $(12,255,000) $ 2,476,000
Income impact of assumed conversions 3,581,974 -- --
------------ ------------ ------------
Earnings (loss) available to common
shareholders + assumed conversion (41,318,026) (12,255,000) 2,476,000
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Weighted average common shares outstanding 69,115,764 51,361,522 47,037,497
Shares issuable upon exercise of stock
options 599,363 505,558 363,483
Incremental shares from convertible debt 2,418,361 -- --
------------ ------------ ------------
Weighted average common shares plus
dilutive potential common shares 72,133,488 51,867,080 47,400,980
============ ============ ============
Net earnings (loss) per common share -
diluted $ (0.57) $ (0.24) $ 0.05
============ ============ ============