EXHIBIT 11.1
Lamar Advertising Company and Subsidiaries
Earnings Per Share Computation Information
YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
<Table>
<Caption>
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2002 2001 2000
---------------- --------------- ----------------
Net loss applicable to common stock $ (36,693,000) $ (108,999,000) $ (94,470,000)
================ =============== ================
Weighted average common shares outstanding 101,089,215 98,566,949 91,164,884
Shares issuable upon exercise of stock options -- -- --
Incremental shares of convertible debt -- -- --
---------------- --------------- ----------------
Weighted average common shares and common
equivalents outstanding 101,089,215 98,566,949 91,164,884
================ ================ ================
Net loss per common share basic and diluted $ (0.36) $ (1.11) $ (1.04)
================ ================ ================
</Table>
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
years ended December 31, 2002, 2001 and 2000 because it produces an antidilutive
result. The following information is disclosed for purposes of calculating
antidilutive EPS for that period.
<Table>
<Caption>
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2002 2001 2000
---------------- --------------- ----------------
Net loss applicable to common stock $ (36,693,000) $ (108,999,000) $ (94,470,000)
Income impact of assumed conversions 9,207,188 9,207,188 9,207,188
---------------- --------------- ----------------
Loss available to common shareholders plus
assumed conversion $ (27,485,812) $ (99,791,812) $ (85,262,812)
================ =============== ================
Weighted average common shares outstanding 101,089,215 98,566,949 91,164,884
Shares issuable upon exercise of stock options 546,242 617,855 591,498
Incremental shares from convertible debt 6,216,210 6,216,210 6,216,210
---------------- --------------- ----------------
Weighted average common shares plus dilutive
potential common shares 107,851,667 105,401,014 97,972,592
================ =============== ================
Net loss per common share $ (0.25) $ (0.95) $ (0.87)
================ =============== ================
</Table>