LAMAR MEDIA CORP/DE - FORM 10-Q - EX-12.(B) - STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES FOR LAMAR MEDIA - August 8, 2012

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - LAMAR MEDIA CORP/DEFinancial_Report.xls
10-Q - FORM 10-Q - LAMAR MEDIA CORP/DEd364572d10q.htm
EX-31.2 - CERTIFICATION OF THE CFO RULES 13A-14(A) AND 15D-14(A) SECTION 302 - LAMAR MEDIA CORP/DEd364572dex312.htm
EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 PURSUANT TO SECTION 906 - LAMAR MEDIA CORP/DEd364572dex321.htm
EX-12.(A) - STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES FOR THE COMPANY - LAMAR MEDIA CORP/DEd364572dex12a.htm
EX-31.1 - CERTIFICATION OF THE CEO RULES 13A-14(A) AND 15D-14(A) SECTION 302 - LAMAR MEDIA CORP/DEd364572dex311.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 indicated.

 

     YEARS ENDED DECEMBER 31,      JUNE 30,  

(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       $ (8,833 )    $ (1,728 ) 

Income tax expense (benefit)

      37,283         14,487         (36,146 )      (23,213 )      6,919         (9,114 )      108   

Fixed charges

      224,932         230,078         263,011        253,569        239,477         113,530        121,392   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Earnings

      307,766         254,925         171,042        190,158        255,008         95,583        119,772   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Interest expense, net

      158,609         156,716         191,455        185,517        170,524         78,424        86,844   

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

      66,323         73,362         71,556        68,052        68,953         35,106        34,548   

Preferred dividends

      0         0         0        0        0         0        0   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Fixed charges

      224,932         230,078         263,011        253,569        239,477         113,530        121,392   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.4x         1.1x         0.7x        0.7x        1.1x         0.8x        1.0x   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

(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 years ended December 31, 2010 and 2009 and the six months ended June 30, 2012 and 2011, earnings were insufficient to cover fixed charges by $63.4 million and $92.0 million and $17.9 million and $1.6 million, respectively.

LAMAR MEDIA CORP/DE Reports