10-Q/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

þ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2011

or

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                                         to                                          

Commission File Number 0-30242

Lamar Advertising Company

Commission File Number 1-12407

Lamar Media Corp.

(Exact name of registrants as specified in their charters)

Delaware Delaware	72-1449411 72-1205791
(State or other jurisdiction of incorporation or organization)	(I.R.S Employer Identification No.)
5321 Corporate Blvd., Baton Rouge, LA (Address of principal executive offices)	70808 (Zip Code)

Registrants’ telephone number, including area code: (225) 926-1000

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether each registrant has submitted electronically and posted on their corporate web sites, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months or (for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether Lamar Advertising Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether Lamar Media Corp. is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer þ (Do not check if a smaller reporting company) Smaller reporting company o

Indicate by check mark whether Lamar Advertising Company is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes o No þ

Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes o No þ

The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of August 1, 2011: 77,776,054

The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of August 1, 2011: 15,122,865

The number of shares of Lamar Media Corp. common stock outstanding as of August 1, 2011: 100

This combined Form 10-Q/A is separately filed by (i) Lamar Advertising Company and (ii) Lamar Media Corp. (which is a wholly owned subsidiary of Lamar Advertising Company). Lamar Media Corp. meets the conditions set forth in general instruction H(1) (a) and (b) of Form 10-Q and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.

LAMAR ADVERTISING COMPANY
LAMAR MEDIA CORP.

FORM 10-Q/A

Explanatory Note

This Amendment No. 1 on Form 10-Q/A (the “Amendment”) amends the combined Form 10-Q of Lamar Advertising Company and Lamar Media Corp. for the quarter ended June 30, 2011, filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2011 (the “Combined Form 10-Q”).

The sole purpose of the Amendment is to correct the disclosure on the cover page of the Combined Form 10-Q with respect to the number of outstanding shares of Class A Common Stock of Lamar Advertising Company, which incorrectly included 17,082,652 shares of Class A Common Stock of Lamar Advertising Company held as treasury shares. On August 1, 2011 there were 77,776,054 outstanding shares of Class A Common Stock of Lamar Advertising Company.

This Amendment only amends and restates the cover page. No Item in the Combined Form 10-Q is amended, modified or updated hereby, and the Amendment does not reflect subsequent events occurring after the original filing date of the Combined Form 10-Q. Accordingly, this Amendment should be read in conjunction with the Combined Form 10-Q, which was previously filed with the SEC. This Amendment also contains the required certifications of Lamar Advertising Company’s and Lamar Media Corp.’s principal executive officer and principal financial officer, which are dated the date of the filing of this Amendment and filed herewith as Exhibits 31.1, 31.2 and 32.1.

CONTENTS

	Page
PART II — OTHER INFORMATION
ITEM 6. Exhibits		1
EX-31.1
EX-31.2
EX-32.1
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART II — OTHER INFORMATION

ITEM 6. EXHIBITS

The Exhibits filed as part of this report are listed on the Exhibit Index immediately following the signature page hereto, which Exhibit Index is incorporated herein by reference.

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LAMAR ADVERTISING COMPANY
DATED: August 15, 2011	BY:	/s/ Keith A. Istre
		Chief Financial and Accounting Officer and
		Treasurer
	LAMAR MEDIA CORP.
DATED: August 15, 2011	BY:	/s/ Keith A. Istre
		Chief Financial and Accounting Officer and
		Treasurer

2

INDEX TO EXHIBITS

Exhibit Number	Description
31.1	Certification of the Chief Executive Officer of Lamar Advertising Company and Lamar Media pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2	Certification of the Chief Financial Officer of Lamar Advertising Company and Lamar Media pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
101*	The following materials from the combined Quarterly Report of Lamar Advertising Company and Lamar Media Corp. on Form 10-Q for the quarter ended June 30, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010 of Lamar Advertising and Lamar Media, (ii) Condensed Consolidated Statements of Operations for the three months and six months ended June 30, 2011 and 2010 of Lamar Advertising and Lamar Media, (iii) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2011 and 2010 of Lamar Advertising and Lamar Media, and (iv) Notes to Condensed Consolidated Financial Statements of Lamar Advertising and Lamar Media. * Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

3

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Sean E. Reilly, certify that:

1.	I have reviewed this combined quarterly report on Form 10-Q/A of Lamar Advertising Company and Lamar Media Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;
4.	The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter (the registrants’ fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5. The registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants’ auditors and the audit committee of the registrants’ board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ abilities to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: August 15, 2011

/s/ Sean E. Reilly  

Sean E. Reilly 

Chief Executive Officer, Lamar Advertising Company
Chief Executive Officer, Lamar Media Corp. 

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Keith A. Istre, certify that:

1.	I have reviewed this combined quarterly report on Form 10-Q/A of Lamar Advertising Company and Lamar Media Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;
4.	The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter (the registrants’ fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5. The registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants’ auditors and the audit committee of the registrants’ board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ abilities to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: August 15, 2011

/s/ Keith A. Istre  

Keith A. Istre 

Chief Financial Officer, Lamar Advertising Company
Chief Financial Officer, Lamar Media Corp. 

EX-32.1

Exhibit 32.1

LAMAR ADVERTISING COMPANY
LAMAR MEDIA CORP.

Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned officers of Lamar Advertising Company (“Lamar”) and Lamar Media Corp. (“Media”) certifies, to his knowledge and solely for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the combined Quarterly Report on Form 10-Q/A of Lamar and Media for the six months ended June 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the combined Form 10-Q/A fairly presents, in all material respects, the financial condition and results of operations of Lamar and Media.

Dated: August 15, 2011	By:	/s/ Sean E. Reilly
		Sean E. Reilly
		Chief Executive Officer, Lamar Advertising Company Chief Executive Officer, Lamar Media Corp.
Dated: August 15, 2011	By:	/s/ Keith A. Istre
		Keith A. Istre
		Chief Financial Officer, Lamar Advertising Company Chief Financial Officer, Lamar Media Corp.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Allowance for doubtful accounts	$ 8,700,000	$ 8,100,000
Accumulated amortization	24,418,000	20,221,000
Stockholders' equity:
Shares held in treasury	17,082,652	16,998,850
LAMAR MEDIA CORP
Current assets:
Allowance for doubtful accounts	8,700,000	8,100,000
Accumulated amortization	15,130,000	10,933,000
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100
Common Class A
Stockholders' equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	94,858,506	94,483,412
Common stock, shares outstanding	77,775,854	77,484,562
Common Class B
Stockholders' equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	37,500,000	37,500,000
Common stock, shares issued	15,122,865	15,122,865
Common stock, shares outstanding	15,122,865	15,122,865
Preferred Class A
Stockholders' equity:
Preferred stock, par value	$ 638	$ 638
Preferred stock, cumulative dividends	63.80	63.80
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series AA Preferred Stock
Stockholders' equity:
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, cumulative dividends	$ 63.80	$ 63.80
Preferred stock, shares authorized	5,720	5,720
Preferred stock, shares issued	5,720	5,720
Preferred stock, shares outstanding	5,720	5,720

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net revenues	$ 293,345	$ 286,366	$ 548,547	$ 530,469
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	103,058	99,825	202,609	198,377
General and administrative expenses (exclusive of depreciation and amortization)	48,572	48,275	99,639	95,346
Corporate expenses (exclusive of depreciation and amortization)	10,797	12,276	22,348	22,748
Depreciation and amortization	72,410	78,165	146,283	156,507
Gain on disposition of assets	(911)	(1,446)	(7,358)	(2,619)
Total Operating Expenses	233,926	237,095	463,521	470,359
Operating income	59,419	49,271	85,026	60,110
Other expense (income)
Loss on extinguishment of debt		17,137		17,398
Interest income	(51)	(87)	(83)	(176)
Interest expense	43,307	46,640	86,927	95,970
Non-operating Expenses (Income)	43,256	63,690	86,844	113,192
Income (loss) before income tax expense	16,163	(14,419)	(1,818)	(53,082)
Income tax expense (benefit)	4,737	(5,482)	(4)	(19,318)
Net income (loss)	11,426	(8,937)	(1,814)	(33,764)
Preferred stock dividends	91	91	182	182
Net income (loss) applicable to common stock	11,335	(9,028)	(1,996)	(33,946)
Earnings (loss) per share:
Basic earnings (loss) per share	$ 0.12	$ (0.10)	$ (0.02)	$ (0.37)
Diluted earnings (loss) per share	$ 0.12	$ (0.10)	$ (0.02)	$ (0.37)
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding	92,840,263	92,202,404	92,760,807	92,115,868
Incremental common shares from dilutive stock options	356,542
Incremental common shares from convertible debt
Weighted average common shares diluted	93,196,805	92,202,404	92,760,807	92,115,868
LAMAR MEDIA CORP
Net revenues	293,345	286,366	548,547	530,469
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	103,058	99,825	202,609	198,377
General and administrative expenses (exclusive of depreciation and amortization)	48,572	48,275	99,639	95,346
Corporate expenses (exclusive of depreciation and amortization)	10,671	12,276	22,150	22,748
Depreciation and amortization	72,410	78,165	146,283	156,507
Gain on disposition of assets	(911)	(1,446)	(7,358)	(2,619)
Total Operating Expenses	233,800	237,095	463,323	470,359
Operating income	59,545	49,271	85,224	60,110
Other expense (income)
Loss on extinguishment of debt		17,137		17,402
Interest income	(51)	(85)	(83)	(172)
Interest expense	43,307	46,583	86,927	95,877
Non-operating Expenses (Income)	43,256	63,635	86,844	113,107
Income (loss) before income tax expense	16,289	(14,364)	(1,620)	(52,997)
Income tax expense (benefit)	4,853	(5,554)	108	(19,289)
Net income (loss)	$ 11,436	$ (8,810)	$ (1,728)	$ (33,708)

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Depreciation and Amortization (Details) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	$ 72,410	$ 78,165	$ 146,283	$ 156,507
Direct Advertising Expense [Member]
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	68,675	74,476	138,246	149,116
General and Administrative Expense [Member]
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	1,059	1,250	2,070	2,516
Corporate Expenses [Member]
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	$ 2,676	$ 2,439	$ 5,967	$ 4,875

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Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2011	Aug. 01, 2011	Jun. 30, 2010
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Central Index Key	0001090425
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	true
Amendment Description	Yes
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,402,344,358
Common Class A
Entity Common Stock, Shares Outstanding		77,776,054
Common Class B
Entity Common Stock, Shares Outstanding		15,122,865
Subsidiaries [Member]
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Central Index Key	0000899045
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	true
Amendment Description	Yes
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		100

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Summarized Financial Information of Subsidiaries (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Summarized Financial Information of Subsidiaries (Textuals) [Abstract]
Balance of permitted transfers to Parent Company	$ 1,492,120	$ 1,380,705
Description of provisions on senior credit facility transfers to Lamar Advertising subject to additional restrictions	the total holdings debt ratio is greater than 5.75 to 1 or its senior debt ratio is greater than 3.25 to 1.0, or if under the indenture for the 9 3/4% senior notes Lamar Media’s senior leverage ratio is greater than or equal to 3.0 to 1
Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	(i) the total holdings debt ratio was less than 5.75 to 1 (ii) the senior debt ratio was less than 3.25 to 1 and (iii) the senior leverage ratio was less than 3.0 to 1 related our senior credit facility or the 9 3/4% senior notes

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Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

7. Earnings Per Share

The calculation of basic earnings per share excludes any dilutive effect of stock options and convertible debt, while diluted earnings per share includes the dilutive effect of options and convertible debt. The number of dilutive shares excluded from this calculation resulting from the antidilutive effect of options is 512,466 for the three months ended June 30, 2010 and 419,367 and 511,335 for the six months ended June 30, 2011 and 2010, respectively. Diluted earnings per share should also reflect the potential dilution that could occur if the Company’s convertible debt was converted to common stock. The number of potentially dilutive shares related to the Company’s convertible debt excluded from the calculation because of their antidilutive effect is 49,125 and 57,646 for the three and six months ended June 30, 2010, respectively.

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Earnings Per Share (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Share (Textuals) [Abstract]
The number of dilutive shares excluded from calculation of Basic Earning per share resulting from the dilutive effect of options	0	512,466	419,367	511,335
The number of potentially dilutive shares related to the Company's convertible debt with anti-dilutive effect	0	49,125	0	57,646

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Asset Retirement Obligations (Details) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011
Information related to asset retirement obligation
Balance at December 31, 2010	$ 173,673
Additions to asset retirement obligations	268
Accretion expense	5,253
Liabilities settled	(1,727)
Balance at June 30, 2011	$ 177,467

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Depreciation and Amortization (Tables)

6 Months Ended

Jun. 30, 2011

Depreciation and Amortization (Tables) [Abstract]

Depreciation and amortization expenses excluded from operating expenses

	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
Direct advertising expenses	$	68,675	$	74,476	$	138,246	$	149,116
General and administrative expenses		1,059		1,250		2,070		2,516
Corporate expenses		2,676		2,439		5,967		4,875
	$	72,410	$	78,165	$	146,283	$	156,507

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Depreciation and Amortization

6 Months Ended

Jun. 30, 2011

Depreciation and Amortization [Abstract]

Depreciation and Amortization

3. Depreciation and Amortization

The Company includes all categories of depreciation and amortization on a separate line in its Statement of Operations. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statement of Operations are:

	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
Direct advertising expenses	$	68,675	$	74,476	$	138,246	$	149,116
General and administrative expenses		1,059		1,250		2,070		2,516
Corporate expenses		2,676		2,439		5,967		4,875
	$	72,410	$	78,165	$	146,283	$	156,507

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2011

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

9. Fair Value of Financial Instruments

At June 30, 2011 and December 31, 2010, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investments and derivative contracts are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long term debt (including current maturities) was $2,411,537, which exceeded both the gross and carrying amounts of $2,324,549 and $2,285,721, respectively, as of June 30, 2011.

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Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2011

Asset Retirement Obligations (Tables) [Abstract]

Information related to asset retirement obligation

Balance at December 31, 2010	$	173,673
Additions to asset retirement obligations		268
Accretion expense		5,253
Liabilities settled		(1,727	)
Balance at June 30, 2011	$	177,467

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Non-Cash Financing and Investing Activities

6 Months Ended

Jun. 30, 2011

Non-Cash Financing and Investing Activities [Abstract]

Non-Cash Financing and Investing Activities

10. Non-Cash Financing and Investing Activities

For the period ended June 30, 2011, the Company had a non-cash investing activity of $4,000 related to the purchase of an aircraft in January 2011 that had a total purchase price of $11,539. The non-cash portion of the purchase is related to deposits paid in prior periods.

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Non-Cash Financing and Investing Activities (Details) (USD $) In Thousands	Jun. 30, 2011
Non-Cash Financing and Investing Activities (Textuals) [Abstract]
Non-cash investing activity	$ 4,000
Total purchase price	$ 11,539

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Long-term Debt

6 Months Ended

Jun. 30, 2011

Long-term Debt [Abstract]

Long-term Debt

8. Long-term Debt

Long-term debt consists of the following at June 30, 2011 and December 31, 2010:

	2011			2010
Senior Credit Facility	$	680,477		$	808,875
7 7/8% Senior Subordinated Notes due 2018		400,000			400,000
6 5/8% Senior Subordinated Notes due 2015		400,000			400,000
6 5/8% Senior Subordinated Notes — Series B due 2015		207,543			206,689
6 5/8% Senior Subordinated Notes — Series C due 2015		266,523			265,672
9 3/4% Senior Notes due 2014		328,106			324,866
Other notes with various rates and terms		3,072			3,038
		2,285,721			2,409,140
Less current maturities		(713	)		(5,694	)
Long-term debt, excluding current maturities	$	2,285,008		$	2,403,446

For the six months ended June 30, 2011 the Company reduced the outstanding balance of its senior credit facility by $128,398, which included optional prepayments of approximately $110,000. The remaining quarterly amortization of the term facilities included in Lamar Media’s senior credit facility (the “Term facilities”) as of June 30, 2011 is set forth below and reflects adjustments resulting from the Company’s optional prepayments.

	Term A-1		Term A-2		Term B
September 30, 2012 — March 31, 2014	$	6,750	$	750	$	1,030.6
June 30, 2014 — March 31, 2015	$	13,500	$	1,500	$	1,030.6
June 30, 2015 — September 30, 2015	$	37,125	$	4,125	$	1,030.6
December 31, 2015	$	74,250	$	8,250	$	1,030.6
March 31, 2016 — September 30, 2016	$	—	$	—	$	1,030.6
December 31, 2016	$	—	$	—	$	385,456.2

In addition to the amortizations of our Term facilities, Lamar Media may be required to make certain mandatory prepayments on loans outstanding under its senior credit facility that would be applied first to any outstanding term loans. These payments, if any, will be calculated based on a percentage of Consolidated Excess Cash Flow (as defined in the senior credit facility) at the end of each fiscal year.

As of June 30, 2011, there was $0 outstanding under the revolving facility. The revolving facility terminates April 28, 2015. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. The company had $9,561 letters of credit outstanding as of June 30, 2011 resulting in $240,439 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to maturity. The loans bear interest, at the Company’s option, at the LIBOR Rate or JPMorgan Chase Prime Rate plus applicable margins, such margins being set from time to time based on the Company’s ratio of debt to trailing twelve month EBITDA, as defined in the agreement.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Significant Accounting Policies

1. Significant Accounting Policies

The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2010 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

LAMAR MEDIA CORP

Significant Accounting Policies

1. Significant Accounting Policies

The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2010 Combined Form 10-K.

Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 8, 9 and 10 to the condensed consolidated financial statements of Lamar Advertising Company included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for Lamar Media Corp., as it is a wholly owned subsidiary of the Company.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

The following is a summary of intangible assets at June 30, 2011 and December 31, 2010.

	Estimated		June 30, 2011				December 31, 2010
	Life		Gross Carrying		Accumulated		Gross Carrying		Accumulated
	(Years)		Amount		Amortization		Amount		Amortization
Customer lists and contracts		7—10	$	467,151	$	447,107	$	466,412	$	441,641
Non-competition agreements		3—15		63,496		61,414		63,493		60,955
Site locations		15		1,378,544		879,652		1,375,298		833,418
Other		5—15		13,608		13,089		13,608		13,074
				1,922,799		1,401,262	$	1,918,811	$	1,349,088
Unamortizable intangible assets:
Goodwill			$	1,680,461	$	253,635	$	1,679,770	$	253,635

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Fair Value of Financial Instruments (Details) (USD $) In Thousands	Jun. 30, 2011
Fair Value of Financial Instruments (Textuals) [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,411,537
Gross amount of company long term debt	2,324,549
Carrying amount of company long term debt	$ 2,285,721

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Asset Retirement Obligations

6 Months Ended

Jun. 30, 2011

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

5. Asset Retirement Obligations

The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:

Balance at December 31, 2010	$	173,673
Additions to asset retirement obligations		268
Accretion expense		5,253
Liabilities settled		(1,727	)
Balance at June 30, 2011	$	177,467

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Long-Term Debt (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Long-term Debt
Long Term Debt	$ 2,285,721	$ 2,409,140
Less current maturities	(713)	(5,694)
Long-term Debt, Excluding Current Maturities	2,285,008	2,403,446
Senior Credit Agreement [Member]
Long-term Debt
Long Term Debt	680,477	808,875
7 7/8% Senior Subordinated Notes due 2018[Member]
Long-term Debt
Long Term Debt	400,000	400,000
6 5/8% Senior Subordinated Notes due 2015 [Member]
Long-term Debt
Long Term Debt	400,000	400,000
6 5/8% Senior Subordinated Notes - Series B due 2015 [Member]
Long-term Debt
Long Term Debt	207,543	206,689
6 5/8% Senior Subordinated Notes - Series C due 2015 [Member]
Long-term Debt
Long Term Debt	266,523	265,672
9 3/4% Senior Notes due 2014 [Member]
Long-term Debt
Long Term Debt	328,106	324,866
Other notes with various rates and terms [Member]
Long-term Debt
Long Term Debt	$ 3,072	$ 3,038

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Long-Term Debt (Details Textual) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2011
Long-term Debt Type (Textuals) [Abstract]
Remaining borrowing capacity under revolving credit facility	$ 240,439
Additional Long-term Debt (Textuals) [Abstract]
Balance outstanding under revolving credit facility	0
Reduction in outstanding senior credit facility	128,398
Optional prepayment on senior credit facility	110,000
7 7/8% Senior Subordinated Notes due 2018[Member]
Long-term Debt Type (Textuals) [Abstract]
Interest rate on senior subordinate notes	7.875%
Revolving Credit Facility [Member]
Long-term Debt Type (Textuals) [Abstract]
Letter of credit outstanding	$ 9,561
6 5/8% Senior Subordinated Notes due 2015 [Member]
Long-term Debt Type (Textuals) [Abstract]
Interest rate on senior subordinate notes	6.625%
6 5/8% Senior Subordinated Notes - Series B due 2015 [Member]
Long-term Debt Type (Textuals) [Abstract]
Interest rate on senior subordinate notes	6.625%
6 5/8% Senior Subordinated Notes - Series C due 2015 [Member]
Long-term Debt Type (Textuals) [Abstract]
Interest rate on senior subordinate notes	6.625%
9 3/4% Senior Notes due 2014 [Member]
Long-term Debt Type (Textuals) [Abstract]
Interest rate on senior subordinate notes	9.75%
September 30, 2012 - March 31, 2014 [Member]
Long-term Debt Type (Textuals) [Abstract]
Principal payment date	September 30, 2012 — March 31, 2014
June 30, 2014 - March 31, 2015 [Member]
Long-term Debt Type (Textuals) [Abstract]
Principal payment date	June 30, 2014 — March 31, 2015
June 30, 2015 - September 30, 2015 [Member]
Long-term Debt Type (Textuals) [Abstract]
Principal payment date	June 30, 2015 — September 30, 2015
December 31, 2015 [Member]
Long-term Debt Type (Textuals) [Abstract]
Principal payment date	December 31, 2015
March 31, 2016 - September 30, 2016 [Member]
Long-term Debt Type (Textuals) [Abstract]
Principal payment date	March 31, 2016 - September 30, 2016
December 31, 2016 [Member]
Long-term Debt Type (Textuals) [Abstract]
Principal payment date	December 31, 2016

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2011

Goodwill and Other Intangible Assets (Tables) [Abstract]

Summary of intangible assets

	Estimated		June 30, 2011				December 31, 2010
	Life		Gross Carrying		Accumulated		Gross Carrying		Accumulated
	(Years)		Amount		Amortization		Amount		Amortization
Customer lists and contracts		7—10	$	467,151	$	447,107	$	466,412	$	441,641
Non-competition agreements		3—15		63,496		61,414		63,493		60,955
Site locations		15		1,378,544		879,652		1,375,298		833,418
Other		5—15		13,608		13,089		13,608		13,074
				1,922,799		1,401,262	$	1,918,811	$	1,349,088
Unamortizable intangible assets:
Goodwill			$	1,680,461	$	253,635	$	1,679,770	$	253,635

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Summarized Financial Information of Subsidiaries

6 Months Ended

Jun. 30, 2011

Summarized Financial Information of Subsidiaries [Abstract]

Summarized Financial Information of Subsidiaries

6. Summarized Financial Information of Subsidiaries

Separate financial statements of each of the Company’s direct or indirect wholly owned subsidiaries that have guaranteed Lamar Media’s obligations with respect to its publicly issued notes (collectively, the “Guarantors”) are not included herein because the Company has no independent assets or operations, the guarantees are full and unconditional and joint and several and the only subsidiaries that are not guarantors are in the aggregate minor.

Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of June 30, 2011 and December 31, 2010, Lamar Media was permitted under the terms of its outstanding senior subordinated notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $1,492,120 and $1,380,705, respectively. Transfers to Lamar Advertising are subject to additional restrictions if, (i) under Lamar Media’s senior credit facility and as defined therein, (x) the total holdings debt ratio is greater than 5.75 to 1 or (y) the senior debt ratio is greater than 3.25 to 1.0, and (ii) if under the indenture for Lamar Media’s 9 3/4% senior notes and as defined therein, its senior leverage ratio is greater than or equal to 3.0 to 1. As of June 30, 2011, the total holdings debt ratio was less than 5.75 to 1 and Lamar Media’s senior debt ratio was less than 3.25 to 1 and its senior leverage ratio was less than 3.0 to 1; therefore, transfers to Lamar Advertising were not subject to any additional restrictions under the senior credit facility or pursuant to the indenture governing the 9 3/4% senior notes.

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Stock Based Compensation (Details) (2009 Employee Stock Purchase Plan [Member])	6 Months Ended
	Jun. 30, 2011
2009 Employee Stock Purchase Plan [Member]
Summary of ESPP share activity
Available for future purchases, Beginning Balance	331,795
Purchases	70,131
Available for future purchases, Ending Balance	261,664

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Long-Term Debt (Details 1) (USD $)	6 Months Ended
	Jun. 30, 2011
September 30, 2012 - March 31, 2014 [Member] | Term Loan A-1 Facility[ Member]
Principal Payment of term loan
Principal amount	$ 6,750,000
September 30, 2012 - March 31, 2014 [Member] | Term Loan A-2 Facility [Member]
Principal Payment of term loan
Principal amount	750,000
September 30, 2012 - March 31, 2014 [Member] | Term B Facility [Member]
Principal Payment of term loan
Principal amount	1,030,600
June 30, 2014 - March 31, 2015 [Member] | Term Loan A-1 Facility[ Member]
Principal Payment of term loan
Principal amount	13,500,000
June 30, 2014 - March 31, 2015 [Member] | Term Loan A-2 Facility [Member]
Principal Payment of term loan
Principal amount	1,500,000
June 30, 2014 - March 31, 2015 [Member] | Term B Facility [Member]
Principal Payment of term loan
Principal amount	1,030,600
June 30, 2015 - September 30, 2015 [Member] | Term Loan A-1 Facility[ Member]
Principal Payment of term loan
Principal amount	37,125,000
June 30, 2015 - September 30, 2015 [Member] | Term Loan A-2 Facility [Member]
Principal Payment of term loan
Principal amount	4,125,000
June 30, 2015 - September 30, 2015 [Member] | Term B Facility [Member]
Principal Payment of term loan
Principal amount	1,030,600
December 31, 2015 [Member] | Term Loan A-1 Facility[ Member]
Principal Payment of term loan
Principal amount	74,250,000
December 31, 2015 [Member] | Term Loan A-2 Facility [Member]
Principal Payment of term loan
Principal amount	8,250,000
December 31, 2015 [Member] | Term B Facility [Member]
Principal Payment of term loan
Principal amount	1,030,600
March 31, 2016 - September 30, 2016 [Member] | Term Loan A-1 Facility[ Member]
Principal Payment of term loan
Principal amount	0
March 31, 2016 - September 30, 2016 [Member] | Term Loan A-2 Facility [Member]
Principal Payment of term loan
Principal amount	0
March 31, 2016 - September 30, 2016 [Member] | Term B Facility [Member]
Principal Payment of term loan
Principal amount	1,030,600
December 31, 2016 [Member] | Term Loan A-1 Facility[ Member]
Principal Payment of term loan
Principal amount	0
December 31, 2016 [Member] | Term Loan A-2 Facility [Member]
Principal Payment of term loan
Principal amount	0
December 31, 2016 [Member] | Term B Facility [Member]
Principal Payment of term loan
Principal amount	$ 385,456,200

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net loss	$ (1,814)	$ (33,764)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	146,283	156,507
Non-cash equity based compensation	4,678	7,800
Amortization included in interest expense	9,141	8,042
Gain on disposition of assets	(7,358)	(2,619)
Loss on extinguishment of debt		17,398
Deferred tax benefit	(1,207)	(20,406)
Provision for doubtful accounts	2,716	3,779
(Increase) decrease in:
Receivables	(17,008)	(9,274)
Prepaid expenses	(18,535)	(16,617)
Other assets	306	(385)
Increase (decrease) in:
Trade accounts payable	(523)	(826)
Accrued expenses	(7,771)	(11,675)
Other liabilities	1,531	(4,790)
Net cash provided by operating activities	110,439	93,170
Cash flows from investing activities:
Acquisitions	(9,181)	(1,354)
Capital expenditures	(54,653)	(15,688)
Proceeds from disposition of assets	9,293	3,726
Payments received on notes receivable	180	197
Net cash used in investing activities	(54,361)	(13,119)
Cash flows from financing activities:
Debt issuance costs		(32,274)
Cash used for purchase of treasury stock	(3,481)	(1,629)
Net proceeds from issuance of common stock	2,786	3,971
Net payments under senior credit agreement	(128,441)	(150,198)
Net proceeds from senior credit agreement refinancing		5,360
Payment on convertible notes		(1,000)
Proceeds from note offering		400,000
Net payment on 7 1/4% Senior Subordinated Notes due 2013		(389,647)
Dividends	(182)	(182)
Net cash used in financing activities	(129,318)	(165,599)
Effect of exchange rate changes in cash and cash equivalents	224	171
Net decrease in cash and cash equivalents	(73,016)	(85,377)
Cash and cash equivalents at beginning of period	91,679	112,253
Cash and cash equivalents at end of period	18,663	26,876
Supplemental disclosures of cash flow information:
Cash paid for interest	77,812	95,862
Cash paid for foreign, state and federal income taxes	1,069	2,106
LAMAR MEDIA CORP
Cash flows from operating activities:
Net loss	(1,728)	(33,708)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	146,283	156,507
Non-cash equity based compensation	4,678	7,800
Amortization included in interest expense	9,141	7,990
Gain on disposition of assets	(7,358)	(2,619)
Loss on extinguishment of debt		17,402
Deferred tax benefit	(1,106)	(20,377)
Provision for doubtful accounts	2,716	3,779
(Increase) decrease in:
Receivables	(17,008)	(9,274)
Prepaid expenses	(18,535)	(16,617)
Other assets	317	(385)
Increase (decrease) in:
Trade accounts payable	(523)	(826)
Accrued expenses	(7,771)	(11,675)
Other liabilities	(721)	(4,791)
Net cash provided by operating activities	108,385	93,206
Cash flows from investing activities:
Acquisitions	(9,181)	(1,354)
Capital expenditures	(54,653)	(15,688)
Proceeds from disposition of assets	9,293	3,726
Payments received on notes receivable	180	197
Net cash used in investing activities	(54,361)	(13,119)
Cash flows from financing activities:
Debt issuance costs		(32,274)
Net payments under senior credit agreement	(128,441)	(150,198)
Net proceeds from senior credit agreement refinancing		5,360
Proceeds from note offering		400,000
Net payment on 7 1/4% Senior Subordinated Notes due 2013		(389,647)
Contributions from parent	7,463	3,971
Dividend to parent	(3,481)	(1,629)
Net cash used in financing activities	(124,459)	(164,417)
Effect of exchange rate changes in cash and cash equivalents	224	171
Net decrease in cash and cash equivalents	(70,211)	(84,159)
Cash and cash equivalents at beginning of period	88,565	105,306
Cash and cash equivalents at end of period	18,354	21,147
Supplemental disclosures of cash flow information:
Cash paid for interest	77,812	95,821
Cash paid for foreign, state and federal income taxes	$ 1,069	$ 2,106

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Stock Based Compensation (Details 1) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended					12 Months Ended	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011 Performance Based Compensation [Member]	Jun. 30, 2011 Restricted Stock Award [Member]	Jun. 30, 2011 Common Class A [Member] 1996 Equity Incentive Plan [Member]	Dec. 31, 2009 2009 Employee Stock Purchase Plan [Member]	Jun. 30, 2011 Common Class A [Member]
Stock Based Compensation (Textuals) [Abstract]
Employee Stock Purchase Plan has reserved shares of Class A common stock					13,000,000
The Company granted options for an aggregate shares of its Class A common stock							32,000
New employee stock purchase plan, which reserved additional shares of common stock						500,000
Non cash compensation expense	$ 4,678	$ 7,800	$ 500	$ 181
Percentage of awards vesting on grant date				50.00%
Percentage of awards vesting on the last day of directors term				50.00%
Term of director				1 year
Stock Based Compensation Additionals (Textuals) [Abstract]
Expiration date of options granted under equity incentive plan	10 years
Award vesting terms	vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date
Maximum range of awards of the target number of shares, terms of award	100.00%
Minimum range of awards of the target number of shares, terms of award	0.00%

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Goodwill and Other Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Intangible Assets
Gross Carrying Amount	$ 1,922,799	$ 1,918,811
Accumulated Amortization	1,401,262	1,349,088
Unamortizable intangible assets:
Goodwill gross carrying amount	1,680,461	1,679,770
Goodwill accumulated amortization	253,635	253,635
Customer lists and contracts [Member]
Intangible Assets
Estimated Life (Years), Minimum	7
Estimated Life (Years), Maximum	10
Gross Carrying Amount	467,151	466,412
Accumulated Amortization	447,107	441,641
Non-competition agreements [Member]
Intangible Assets
Estimated Life (Years), Minimum	3
Estimated Life (Years), Maximum	15
Gross Carrying Amount	63,496	63,493
Accumulated Amortization	61,414	60,955
Site locations [Member]
Intangible Assets
Estimated Life (Years), Maximum	15
Gross Carrying Amount	1,378,544	1,375,298
Accumulated Amortization	879,652	833,418
Other finite lived intangible assets [Member]
Intangible Assets
Estimated Life (Years), Minimum	5
Estimated Life (Years), Maximum	15
Gross Carrying Amount	13,608	13,608
Accumulated Amortization	$ 13,089	$ 13,074

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

2. Stock-Based Compensation

Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan has reserved 13 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the NASDAQ Global Select Market on the date of grant.

We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 32,000 shares of its Class A common stock during the six months ended June 30, 2011.

Stock Purchase Plan. The Company’s previous plan, the 2000 Employee Stock Purchase Plan or the 2000 ESPP was terminated following the issuance of all shares that were subject to the offer that commenced under the 2000 ESPP on January 1, 2009 and ended June 30, 2009. In 2009 we adopted a new employee stock purchase plan, which reserved 500,000 additional shares of Class A common stock for issuance to employees. Our 2009 Employee Stock Purchase Plan or 2009 ESPP was adopted by our Board of Directors in February 2009 and approved by our shareholders on May 28, 2009. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP. The following is a summary of ESPP share activity for the six months ended June 30, 2011:

	Shares
Available for future purchases, January 1, 2011		331,795
Purchases		70,131
Available for future purchases, June 30, 2011		261,664

Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our 1996 Equity Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2011 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2012. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the six months ended June 30, 2011, the Company has recorded $500 as non-cash compensation expense related to performance-based awards. In addition, each non-employee director automatically receives upon election or re-election a restricted stock award of our Class A common stock. The awards vest 50% on grant date and 50% on the last day of each of the directors’ one year term. The Company recorded a $181 non-cash compensation expense related to these awards for the six months ended June 30, 2011.

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Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2011

Stock Based Compensation (Tables) [Abstract]

Summary of ESPP share activity

	Shares
Available for future purchases, January 1, 2011		331,795
Purchases		70,131
Available for future purchases, June 30, 2011		261,664

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2011

Long Term Debt (Table) [Abstract]

Long term debt

	2011			2010
Senior Credit Facility	$	680,477		$	808,875
7 7/8% Senior Subordinated Notes due 2018		400,000			400,000
6 5/8% Senior Subordinated Notes due 2015		400,000			400,000
6 5/8% Senior Subordinated Notes — Series B due 2015		207,543			206,689
6 5/8% Senior Subordinated Notes — Series C due 2015		266,523			265,672
9 3/4% Senior Notes due 2014		328,106			324,866
Other notes with various rates and terms		3,072			3,038
		2,285,721			2,409,140
Less current maturities		(713	)		(5,694	)
Long-term debt, excluding current maturities	$	2,285,008		$	2,403,446

Outstanding balance on principal payment of long term debt

	Term A-1		Term A-2		Term B
September 30, 2012 — March 31, 2014	$	6,750	$	750	$	1,030.6
June 30, 2014 — March 31, 2015	$	13,500	$	1,500	$	1,030.6
June 30, 2015 — September 30, 2015	$	37,125	$	4,125	$	1,030.6
December 31, 2015	$	74,250	$	8,250	$	1,030.6
March 31, 2016 — September 30, 2016	$	—	$	—	$	1,030.6
December 31, 2016	$	—	$	—	$	385,456.2

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 18,663	$ 91,679
Receivables, net of allowance for doubtful accounts of $8,700 and $8,100 in 2011 and 2010, respectively	165,876	141,166
Prepaid expenses	59,063	40,046
Deferred income tax assets	9,539	9,241
Other current assets	26,731	27,277
Total current assets	279,872	309,409
Property, plant and equipment	2,827,552	2,796,935
Less accumulated depreciation and amortization	(1,597,426)	(1,539,484)
Net property, plant and equipment	1,230,126	1,257,451
Goodwill	1,426,826	1,426,135
Intangible assets	521,537	569,723
Deferred financing costs, net of accumulated amortization	39,020	43,170
Other assets	40,868	43,073
Total assets	3,538,249	3,648,961
Current liabilities:
Trade accounts payable	12,610	13,208
Current maturities of long-term debt	713	5,694
Accrued expenses	89,726	96,542
Deferred income	50,943	38,136
Total current liabilities	153,992	153,580
Long-term debt	2,285,008	2,403,446
Deferred income tax liabilities	86,544	87,234
Asset retirement obligation	177,467	173,673
Other liabilities	14,327	12,505
Total liabilities	2,717,338	2,830,438
Stockholders' equity:
Additional paid-in capital	2,396,588	2,389,125
Accumulated comprehensive income	6,511	6,110
Accumulated deficit	(693,780)	(691,784)
Cost of shares held in treasury, 17,082,652 and 16,998,850 shares in 2011 and 2010, respectively	(888,518)	(885,037)
Stockholders' equity	820,911	818,523
Total liabilities and stockholders' equity	3,538,249	3,648,961
Subsidiaries [Member]
Current assets:
Cash and cash equivalents	18,354	88,565
Receivables, net of allowance for doubtful accounts of $8,700 and $8,100 in 2011 and 2010, respectively	165,876	141,166
Prepaid expenses	59,063	40,046
Deferred income tax assets	9,539	9,241
Other current assets	17,394	20,391
Total current assets	270,226	299,409
Property, plant and equipment	2,827,552	2,796,935
Less accumulated depreciation and amortization	(1,597,426)	(1,539,484)
Net property, plant and equipment	1,230,126	1,257,451
Goodwill	1,416,674	1,415,983
Intangible assets	521,018	569,189
Deferred financing costs, net of accumulated amortization	37,066	41,218
Other assets	35,583	37,787
Total assets	3,510,693	3,621,037
Current liabilities:
Trade accounts payable	12,610	13,208
Current maturities of long-term debt	713	5,694
Accrued expenses	78,988	85,803
Deferred income	50,943	38,136
Total current liabilities	143,254	142,841
Long-term debt	2,285,008	2,403,446
Deferred income tax liabilities	119,494	120,083
Asset retirement obligation	177,467	173,673
Other liabilities	14,327	12,505
Total liabilities	2,739,550	2,852,548
Stockholders' equity:
Common Stock, Value	0	0
Additional paid-in capital	2,570,227	2,562,765
Accumulated comprehensive income	6,511	6,110
Accumulated deficit	(1,805,595)	(1,800,386)
Stockholders' equity	771,143	768,489
Total liabilities and stockholders' equity	3,510,693	3,621,037
Common Class A [Member]
Stockholders' equity:
Common Stock, Value	95	94
Common Class B
Stockholders' equity:
Common Stock, Value	15	15
Preferred Class A
Stockholders' equity:
Preferred Stock, Value	0	0
Series AA Preferred Stock
Stockholders' equity:
Preferred Stock, Value	$ 0	$ 0