1 Exhibit 12.1 LAMAR ADVERTISING COMPANY STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Year Ended October 31, Year Ended ---------------------- December 31, 1993 1994 1995 1996 1997 -------- -------- -------- -------- -------- EARNINGS Net earnings (loss) $ (653) $ 7,299 $ 10,698 $ 10,849 $ 2,841 Income tax expense (benefit) 476 (2,072) (2,390) 7,099 4,654 Fixed charges 15,398 19,161 22,032 22,044 48,591 -------- -------- -------- -------- -------- Earnings as adjusted $ 15,221 $ 24,388 $ 30,340 $ 39,992 $ 56,086 ======== ======== ======== ======== ======== FIXED CHARGES Interest expense $ 11,502 $ 13,599 $ 15,783 $ 15,441 $ 38,230 Amortization of debt issuance costs 235 563 565 653 1,762 Rents under leases representative of an interest factor 3,661 5,000 5,684 5,950 8,599 -------- -------- -------- -------- -------- Fixed charges (as adjusted) $ 15,398 $ 19,161 $ 22,032 $ 22,044 $ 48,591 ======== ======== ======== ======== ======== PREFERRED STOCK DIVIDENDS $ 0 $ 0 $ 0 $ 604 $ 963 -------- -------- -------- -------- -------- Total fixed charges combined with preferred dividends $ 15,398 $ 19,161 $ 22,032 $ 22,648 $ 49,554 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 0.99 1.27 1.38 1.81 1.15 Ratio of earnings to combined fixed charges and preferred stock dividends 0.99 1.27 1.38 1.77 1.13