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EXHIBIT 11.1
Lamar Advertising Company and Subsidiaries
Earnings Per Share Computation Information
Years ended December 31, 2000, 1999 and 1998
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2000 1999 1998
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Net loss applicable
to common stock $(94,470,000) $(44,900,000) $(12,255,000)
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Weighted average common shares outstanding 91,164,884 69,115,764 51,361,522
Shares issuable upon exercise of stock
options -- -- --
Incremental shares from convertible debt -- -- --
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Weighted average common shares and common
equivalents outstanding 91,164,884 69,115,764 51,361,522
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Net loss per common share
basic and diluted $ (1.04) $ (0.65) $ (0.24)
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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, 2000, 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,
2000 1999 1998
------------ ------------ ------------
Net loss applicable
to common stock $(94,470,000) $(44,900,000) $(12,255,000)
Income impact of assumed conversions 9,207,188 3,581,974 --
------------ ------------ ------------
Loss available to common
shareholders + assumed conversion (85,262,812) (41,318,026) (12,255,000)
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Weighted average common shares outstanding 91,164,884 69,115,764 51,361,522
Shares issuable upon exercise of stock
options 591,498 599,363 505,558
Incremental shares from convertible debt 6,216,210 2,418,361 --
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Weighted average common shares plus
dilutive potential common shares 97,972,592 72,133,488 51,867,080
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Net loss per common share -
diluted $ (0.87) $ (0.57) $ (0.24)
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