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

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - LAMAR MEDIA CORP/DEFinancial_Report.xls
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
EX-12.(A) - STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES FOR THE COMPANY. - LAMAR MEDIA CORP/DEd321495dex12a.htm

Exhibit 12(b)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

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

 

    YEARS ENDED DECEMBER 31,     MARCH 31,  

(dollars in thousands)

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

Net income (loss)

   $ 45,551      $ 10,360      $ (55,823 )    $ (40,198 )    $ 8,612      $ (22,825 )    $ (13,164 ) 

Income tax expense (benefit)

     37,283        14,487        (36,146 )      (23,213 )      6,919        (21,117 )      (4,745 ) 

Fixed charges

     224,932        230,078        263,011        253,569        239,477        57,529        60,992   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

     307,766        254,925        171,042        190,158        255,008        13,587        43,083   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest expense, net

     158,609        156,716        191,455        185,517        170,524        39,856        43,588   

Rent 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

     0        0        0        0        0        0        0   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

     224,932        230,078        263,011        253,569        239,477        57,529        60,992   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     1.4x        1.1x        0.7x        0.7x        1.1x        0.2x        0.7 x   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 expenses, 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 $63.4 million and $92.0 million and $43.9 million and $17.9 million, respectively.

LAMAR MEDIA CORP/DE Reports