EX-12.C 6 d75409exv12wc.htm EX-12.C exv12wc
Exhibit 12(c)
COMPUTATION OF RATIO OF TOTAL DEBT TO EBITDA(1)
The following table sets forth Lamar Media’s ratio of total debt to EBITDA for the periods indicated.
                                                         
                                            Six Months Ended  
    Year Ended December 31,     June 30,  
(dollars in thousands)   2005     2006     2007     2008     2009     2009     2010  
                                            (unaudited)  
Total debt
  $ 1,576,326     $ 1,990,468     $ 2,725,770     $ 2,836,358     $ 2,671,639       n/a       n/a  
EBITDA(2)
    453,392       489,290       548,322       513,217       436,211       n/a       n/a  
Ratio of total debt to EBITDA
    3.5 x     4.1 x     5.0 x     5.5 x     6.1 x     n/a       n/a  
 
                                         
 
(1)   The ratio of total debt to EBITDA is defined as total debt divided by EBITDA.
 
(2)   EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization. EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in the media industry. Our management also believes that EBITDA is useful in evaluating our core operating results. However, EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to operating income or net income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity. Because EBITDA is not calculated identically by all companies, the presentation in this prospectus may not be comparable to those disclosed by other companies. In addition, the definition of EBITDA differs from the definition of EBITDA applicable to the covenants for the notes.