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EXHIBIT 11.1
Lamar Advertising Company and Subsidiaries
Earnings Per Share Computation Information
Years ended October 31, 1995 and 1996,
the two months ended December 31, 1996
and the year ended December 31, 1997
Year Ended October 31 Two Months Ended Year Ended
December 31 December 31,
1995 1996 1996 1997
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Net earnings (loss) applicable
to common stock $10,698,000 10,484,000 (8,115,000) 2,476,000
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Weighted average common
shares outstanding 50,658,161 41,134,476 45,520,784 47,037,497
Shares issuable upon exercise
of stock options -- 114,057 -- 363,483
Weighted average common
shares and common
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equivalents outstanding 50,658,161 41,248,533 45,520,784 47,400,980
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Net earnings (loss) per common
share basic and diluted $ 0.21 0.25 (0.18) 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
two months ended December 31, 1996 because it produces an antidilutive result.
The following information is disclosed for purposes of calculating antidilutive
EPS for that period.
Weighted average common
shares outstanding 45,520,784
Shares issuable upon exercise
of stock options 547,018
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Weighted average common
shares and common share
equivalents outstanding 46,067,802
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Net loss per common share $ (0.18)
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