EX-12.A 5 d47340dex12a.htm EX-12(A) EX-12(a)

Exhibit 12(a)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

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

 

     Years Ended December 31,     Nine Months Ended
September 30,		  

(dollars in thousands)

    2010(2)     2011      2012      2013      2014     2015      2014  

Net (loss) income

    $ (38,970 )    $ 6,858       $ 7,890       $ 40,139       $ 253,518      $ 186,041       $ 45,635   

Income tax (benefit) expense

      (22,746 )      5,542         8,242         22,841         (110,092 )      18,278         33,806   

Fixed charges

      254,098        239,842         227,520         221,584         182,472        134,382         138,316   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Earnings

      192,382        252,242         243,652         284,564         325,898        338,701         217,757   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Interest expense, net

      185,681        170,524         156,762         146,112         105,152        73,925         80,673   

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

      68,052        68,953         70,393         75,107         76,955        60,184         57,370   

Preferred dividends

      365        365         365         365         365        273         273   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Fixed charges

      254,098        239,842         227,520         221,584         182,472        134,382         138,316   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Ratio of earnings to fixed charges

      0.8x        1.1x         1.1x         1.3x         1.8x        2.5x         1.6x   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

 

(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 (loss) income before income taxes and cumulative effect of a change in accounting principle and fixed charges. Fixed charges is defined as the sum of interest expense, 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, earnings were insufficient to cover fixed charges by $61,716.