LAMAR MEDIA CORP/DE - FORM 10-Q - EX-12.(A) - STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES FOR THE COMPANY. - May 3, 2012

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EXCEL - IDEA: XBRL DOCUMENT - LAMAR MEDIA CORP/DEFinancial_Report.xls
EX-12.(B) - STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES FOR LAMAR MEDIA. - LAMAR MEDIA CORP/DEd321495dex12b.htm
EX-31.1 - CERTIFICATION OF THE CEO RULES 13A-14(A) AND 15D-14(A) SECTION 302 - LAMAR MEDIA CORP/DEd321495dex311.htm
EX-31.2 - CERTIFICATION OF THE CFO RULES 13A-14(A) AND 15D-14(A) SECTION 302 - LAMAR MEDIA CORP/DEd321495dex312.htm
EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 PURSUANT TO SECTION 906 - LAMAR MEDIA CORP/DEd321495dex321.htm
10-Q - FORM 10-Q - LAMAR MEDIA CORP/DEd321495d10q.htm

Exhibit 12(a)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

The following table sets forth Lamar Advertising’s ratio of earnings to fixed charges for the periods indicated.

 

    YEARS ENDED DECEMBER 31,     MARCH 31,  

(dollars in thousands)

   2007     2008     2009(2)     2010(2)     2011     2012(2)     2011(2)  

Net income (loss)

   $ 40,982      $ 2,162      $ (58,038 )    $ (40,102 )    $ 8,550      $ (22,816 )    $ (13,240 ) 

Income tax expense (benefit)

     33,901        9,349        (36,101 )      (23,469 )      6,623        (21,219 )      (4,741 ) 

Fixed charges

     232,691        242,877        268,441        254,098        239,842        57,620        61,083   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

     307,574        254,388        174,302        190,527        255,015        13,585        43,102   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest expense, Net

     166,003        169,150        196,520        185,681        170,524        39,856        43,588   

Rents under leases representative of an interest factor (1/3)

     66,323        73,362        71,556        68,052        68,953        17,673        17,404   

Preferred dividends

     365        365        365        365        365        91        91   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

     232,691        242,877        268,441        254,098        239,842        57,620        61,083   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     1.3x        1.0x        0.6x        0.7x        1.1x        0.2x        0.7x   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The ratio of earnings to fixed charges is defined as earnings divided by fixed charges. For purposes of this ratio, earnings is defined as net income (loss) before income taxes and cumulative effect of a change in accounting principle and fixed charges. Fixed charges is defined as the sum of interest expense, preferred stock dividends and the component of rental expense that we believe to be representative of the interest factor for those amounts.
(2) For the year ended December 31, 2010 and 2009 and the three months ended March 31, 2012 and 2011, earnings were insufficient to cover fixed charges by $63.6 million and $94.1 million and $44.0 million and $18.0 million, respectively.

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