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Exhibit 12.1
LAMAR ADVERTISING COMPANY
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
YEAR ENDED NINE MONTHS ENDED
YEAR ENDED OCTOBER 31, DECEMBER 31, SEPTEMBER 30,
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1993 1994 1995 1996 1997 1997 1998
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EARNINGS
Net earnings (loss) $ (653) $ 7,299 $ 10,698 $ 10,849 $ 2,841 $ 3,888 $ (4,032)
Income tax expense (benefit) 476 (2,072) (2,390) 7,099 4,654 4,594 816
Fixed charges 15,398 19,161 22,032 22,044 48,591 32,579 50,008
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Earnings as adjusted $ 15,221 $ 24,388 $ 30,340 $ 39,992 $ 56,086 $ 41,061 $ 46,792
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FIXED CHARGES
Interest expense $ 11,502 $ 13,599 $ 15,783 $ 15,441 $ 38,230 $ 25,760 $ 39,357
Amortization of debt
issuance costs 235 563 565 653 1,762 930 1,439
Rents under leases representative
of an interest factor 3,661 5,000 5,684 5,950 8,599 5,889 9,212
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Fixed charges (as adjusted) $ 15,398 $ 19,161 $ 22,032 $ 22,044 $ 48,591 $ 32,579 $ 50,008
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PREFERRED STOCK DIVIDENDS $ 0 $ 0 $ 0 $ 604 $ 963 $ 793 $ 487
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Total fixed charges combined
with preferred dividends $ 15,398 $ 19,161 $ 22,032 $ 22,648 $ 49,554 $ 33,372 $ 50,495
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Ratio of earnings to fixed
charges 0.99 1.27 1.38 1.81 1.15 1.26 0.94
Ratio of earnings to combined
fixed charges and preferred
stock dividends 0.99 1.27 1.38 1.77 1.13 1.23 0.93
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