EXHIBIT 11.1
Lamar Advertising Company and Subsidiaries Earnings
Per Share Computation Information
YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2001 2000 1999
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Net loss applicable to common stock $(108,999,000) $(94,470,000) $(44,900,000)
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Weighted average common shares outstanding 98,566,949 91,164,884 69,115,764
Shares issuable upon exercise of stock options -- -- --
Incremental shares of convertible debt -- -- --
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Weighted average common shares and common
equivalents outstanding 98,566,949 91,164,884 69,115,764
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Net loss per common share basic and diluted $ (1.11) $ (1.04) $ (0.65)
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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, 2001, 2000 and 1999 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,
2001 2000 1999
------------ ----------- -----------
Net loss applicable to common stock $(108,999,000) $(94,470,000) $(44,900,000)
Income impact of assumed conversions 9,207,188 9,207,188 3,581,974
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Loss available to common shareholders plus
assumed conversion $ (99,791,812) $ 85,262,812 $(41,318,026)
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Weighted average common shares outstanding 98,566,949 91,164,884 69,115,764
Shares issuable upon exercise of stock options 617,855 591,498 599,363
Incremental shares from convertible debt 6,216,210 6,216,210 2,418,361
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Weighted average common shares plus dilutive
potential common shares 105,401,014 97,972,592 72,133,488
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Net loss per common share $ (0.95) $ 0.87 $ (0.57)
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