EXHIBIT 11.1

Lamar Advertising Company and Subsidiaries Earnings Per Share Computation Information

Years ended December 31, 2004, 2003 and 2002

	Year Ended		Year Ended			Year Ended
	December 31,		December 31,			December 31,
	2004		2003			2002
Net income (loss) applicable to common stock	$	12,790,000	$	(80,360,000	)	$	(36,693,000	)
Weighted average common shares outstanding		104,041,030		102,686,780			101,089,215
Shares issuable upon exercise of stock options		530,453		—			—
Incremental shares of convertible debt		—		—			—
Weighted average common shares and common equivalents outstanding		104,571,483		102,686,780			101,089,215
Net income (loss) per common share basic and diluted	$	0.12	$	(0.78	)	$	(0.36	)

The above earnings per share (EPS) calculations are submitted in accordance with Statement of Financial Accounting Standards No. 128. An EPS calculation in accordance with Regulation S-K item 601 (b) (11) is not shown above for the years ended December 31, 2004, 2003 and 2002 because it produces an antidilutive result. The following information is disclosed for purposes of calculating antidilutive EPS for that period.

	Year Ended		Year Ended			Year Ended
	December 31,		December 31,			December 31,
	2004		2003			2002
Net income (loss) applicable to common stock	$	12,790,000	$	(80,360,000	)	$	(36,693,000	)
Income impact of assumed conversions		5,042,031		7,718,327			9,207,188
Income (loss) available to common shareholders plus assumed conversion	$	17,832,031	$	(72,641,673	)	$	(27,485,812	)
Weighted average common shares outstanding		104,041,030		102,686,780			101,089,215
Shares issuable upon exercise of stock options		530,453		360,578			546,242
Incremental shares from convertible debt		5,581,755		6,365,931			6,216,210
Weighted average common shares plus dilutive potential common shares		110,153,238		109,413,289			107,851,667
Net income (loss) per common share	$	0.16	$	(0.66	)	$	(0.25	)