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