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EXHIBIT 11.1
Lamar Advertising Company and Subsidiaries
Earnings Per Share Computation Information
Years ended December 31, 1998 and 1997,
the two months ended December 31, 1996
and the year ended October 31, 1996
Year Ended Year Ended Two Months Ended Year Ended
December 31, December 31, December 31, October 31,
1998 1997 1996 1996
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Net earnings (loss) applicable
to common stock $(12,255,000) 2,476,000 (8,115,000) 10,484,000
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Weighted average common shares
outstanding 51,361,522 47,037,497 45,520,784 41,134,476
Shares issuable upon exercise of
stock options -- 363,483 -- 114,057
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Weighted average common shares and
common equivalents outstanding 51,361,522 47,400,980 45,520,784 41,248,533
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Net earnings (loss) per common share
basic and diluted $ (0.24) 0.05 (0.18) 0.25
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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
year ended December 31, 1998 and 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 51,361,522 45,520,784
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Shares issuable upon exercise of
stock options 505,558 547,018
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Weighted average common shares and
common share equivalents outstanding 51,867,080 46,067,802
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Net loss per common share $ (0.24) (0.18)
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