0001193125-15-174388.txt : 20150506 0001193125-15-174388.hdr.sgml : 20150506 20150506154513 ACCESSION NUMBER: 0001193125-15-174388 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150506 DATE AS OF CHANGE: 20150506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAMAR MEDIA CORP/DE CENTRAL INDEX KEY: 0000899045 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 721205791 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12407 FILM NUMBER: 15836771 BUSINESS ADDRESS: STREET 1: 5321 CORPORATE BOULEVARD CITY: BATON ROUGE STATE: LA ZIP: 70808 BUSINESS PHONE: 2259261000 MAIL ADDRESS: STREET 1: 5321 CORPORATE BOULEVARD CITY: BATON ROUGE STATE: LA ZIP: 70808 FORMER COMPANY: FORMER CONFORMED NAME: LAMAR ADVERTISING CO /DE/ DATE OF NAME CHANGE: 19990714 FORMER COMPANY: FORMER CONFORMED NAME: LAMAR MEDIA CORP DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: LAMAR ADVERTISING CO DATE OF NAME CHANGE: 19930319 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAMAR ADVERTISING CO/NEW CENTRAL INDEX KEY: 0001090425 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 721449411 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36756 FILM NUMBER: 15836772 BUSINESS ADDRESS: STREET 1: C/O LAMAR ADVERTISING COMPANY STREET 2: 5321 CORPORATE BOULEVARD CITY: BATON ROUGE STATE: LA ZIP: 70808 BUSINESS PHONE: 2259261000 MAIL ADDRESS: STREET 1: C/O LAMAR ADVERTISING COMPANY STREET 2: 5321 CORPORATE BOULEVARD CITY: BATON ROUGE STATE: LA ZIP: 70808 FORMER COMPANY: FORMER CONFORMED NAME: LAMAR NEW HOLDING CO DATE OF NAME CHANGE: 19990716 10-Q 1 d905665d10q.htm FORM 10-Q Form 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

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

For the quarterly period ended March 31, 2015

or

 

¨ 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 0-36756

 

 

Lamar Advertising Company

 

 

Commission File Number 1-12407

 

 

Lamar Media Corp.

(Exact name of registrants as specified in their charters)

 

 

 

Delaware   72-1449411
Delaware   72-1205791

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S Employer

Identification No.)

5321 Corporate Blvd., Baton Rouge, LA   70808
(Address of principal executive offices)   (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  x    No  ¨

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  x    No  ¨

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   x    Accelerated filer   ¨
Non-accelerated filer   ¨  (Do not check if a smaller reporting company)    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   ¨    Accelerated filer   ¨
Non-accelerated filer   x  (Do not check if a smaller reporting company)    Smaller reporting company   ¨

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

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

The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of May 1, 2015: 81,710,845

The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of May 1, 2015: 14,610,365

The number of shares of Lamar Media Corp. common stock outstanding as of May 1, 2015: 100

This combined Form 10-Q 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.

 

 

 


Table of Contents

In this report, except as the context otherwise requires or as otherwise noted, “Lamar Advertising Company”, “we”, “us” and “our” refer to Lamar Advertising Company and its subsidiaries. Lamar Media Corp. is referred to herein as “Lamar Media.”

NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information included in this report is forward-looking in nature within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This report uses terminology such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue” and similar expressions to identify forward-looking statements. Examples of forward-looking statements in this report include statements about:

 

    our future financial performance and condition;

 

    our business plans, objectives, prospects, growth and operating strategies;

 

    our future capital expenditures and level of acquisition activity;

 

    market opportunities and competitive positions;

 

    our future cash flows and expected cash requirements;

 

    estimated risks;

 

    our ability to maintain compliance with applicable covenants and restrictions included in Lamar Media’s senior credit facility and the indentures relating to its outstanding notes;

 

    stock price; and

 

    our ability to remain qualified as a REIT.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, including but not limited to the following, any of which may cause our actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements:

 

    the state of the economy and financial markets generally and their effects on the markets in which we operate and the broader demand for advertising;

 

    the levels of expenditures on advertising in general and outdoor advertising in particular;

 

    risks and uncertainties relating to our significant indebtedness;

 

    the demand for outdoor advertising and its continued popularity as an advertising medium;

 

    our need for, and ability to obtain, additional funding for acquisitions, operations and debt refinancing;

 

    increased competition within the outdoor advertising industry;

 

    the regulation of the outdoor advertising industry by federal, state and local governments;

 

    our ability to renew expiring contracts at favorable rates;

 

    the integration of businesses that we acquire and our ability to recognize cost savings and operating efficiencies as a result of these acquisitions;

 

    our ability to successfully implement our digital deployment strategy;

 

    the market for our Class A common stock;

 

    changes in accounting principles, policies or guidelines;

 

    our ability to effectively mitigate the threat of and damages caused by hurricanes and other kinds of severe weather;

 

    our ability to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; and

 

    changes in tax laws applicable to REIT’s or in the interpretation of those laws.

The forward-looking statements in this report are based on our current good faith beliefs; however, actual results may differ due to inaccurate assumptions, the factors listed above or other foreseeable or unforeseeable factors. Consequently, we cannot guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising Company and Lamar Media Corp. expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.

For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2014 of the Company and Lamar Media (the “2014 Combined Form 10-K”), filed on February 26, 2015 and as such risk factors may be updated or supplemented, from time to time, in our combined Quarterly Reports on Form 10-Q.

 

2


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TABLE OF CONTENTS

 

     Page  

PART I — FINANCIAL INFORMATION

  

ITEM 1. FINANCIAL STATEMENTS

  

Lamar Advertising Company

  

Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014

     4   

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014

     5   

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014

     6   

Notes to Condensed Consolidated Financial Statements

     7-12   

Lamar Media Corp.

  

Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014

     13   

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014

     14   

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014

     15   

Note to Condensed Consolidated Financial Statements

     16   

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     17-25   

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

     26   

ITEM 4. Controls and Procedures

     27   

PART II — OTHER INFORMATION

  

ITEM 1A. Risk Factors

     27   

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

     27   

ITEM 6. Exhibits

     27   

 

3


Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1. — FINANCIAL STATEMENTS

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data) 

 

     March 31,
2015
    December 31,
2014
 
     (Unaudited)        
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 32,546      $ 26,035   

Receivables, net of allowance for doubtful accounts of $8,776 and $7,957 in 2015 and 2014

     168,527        169,610   

Prepaid expenses

     65,368        42,713   

Deferred income tax assets

     733        729   

Other current assets

     42,678        34,057   
  

 

 

   

 

 

 

Total current assets

  309,852      273,144   
  

 

 

   

 

 

 

Property, plant and equipment

  3,124,302      3,110,385   

Less accumulated depreciation and amortization

  (2,042,636   (2,026,745
  

 

 

   

 

 

 

Net property, plant and equipment

  1,081,666      1,083,640   
  

 

 

   

 

 

 

Goodwill

  1,515,451      1,512,768   

Intangible assets

  363,816      366,985   

Deferred financing costs, net of accumulated amortization of $15,922 and $14,764 in 2015 and 2014, respectively

  31,567      32,725   

Deferred income tax assets

  13,535      12,496   

Other assets

  39,337      37,060   
  

 

 

   

 

 

 

Total assets

$ 3,355,224    $ 3,318,818   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Trade accounts payable

$ 18,051    $ 16,368   

Current maturities of long-term debt

  15,656      15,625   

Accrued expenses

  84,484      108,790   

Deferred income

  87,953      84,558   
  

 

 

   

 

 

 

Total current liabilities

  206,144      225,341   

Long-term debt

  1,937,515      1,884,270   

Asset retirement obligation

  205,348      204,327   

Other liabilities

  25,029      23,414   
  

 

 

   

 

 

 

Total liabilities

  2,374,036      2,337,352   
  

 

 

   

 

 

 

Stockholders’ equity:

Series AA preferred stock, par value $.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2015 and 2014

  —       —    

Class A common stock, par value $.001, 362,500,000 shares authorized, 81,812,481 and 80,933,071 shares issued at 2015 and 2014, respectively; 81,707,645 and 80,933,071 issued and outstanding at 2015 and 2014, respectively

  82      81   

Class B common stock, par value $.001, 37,500,000 shares authorized, 14,610,365 shares issued and outstanding at 2015 and 2014

  15      15   

Additional paid-in capital

  1,643,803      1,611,775   

Accumulated comprehensive income

  844      2,454   

Accumulated deficit

  (657,457   (632,859

Cost of shares held in treasury, 104,836 and 0 shares at 2015 and 2014, respectively

  (6,099   —    
  

 

 

   

 

 

 

Stockholders’ equity

  981,188      981,466   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

$ 3,355,224    $ 3,318,818   
  

 

 

   

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In thousands, except share and per share data)

 

     Three months ended
March 31,
 
     2015     2014  

Statements of Operations

    

Net revenues

   $ 302,477      $ 284,933   
  

 

 

   

 

 

 

Operating expenses (income)

Direct advertising expenses (exclusive of depreciation and amortization)

  113,232      111,508   

General and administrative expenses (exclusive of depreciation and amortization)

  59,206      57,677   

Corporate expenses (exclusive of depreciation and amortization)

  15,391      15,284   

Depreciation and amortization

  49,230      69,526   

Gain on disposition of assets

  (1,836   (206
  

 

 

   

 

 

 
  235,223      253,789   
  

 

 

   

 

 

 

Operating income

  67,254      31,144   

Other expense (income)

Loss on extinguishment of debt

  —       5,176   

Other-than-temporary impairment of investment

  —       4,069   

Interest income

  (2   (45

Interest expense

  24,532      30,268   
  

 

 

   

 

 

 
  24,530      39,468   
  

 

 

   

 

 

 

Income (loss) before income tax expense (benefit)

  42,724      (8,324

Income tax expense (benefit)

  2,008      (3,487
  

 

 

   

 

 

 

Net income (loss)

  40,716      (4,837

Preferred stock dividends

  91      91   
  

 

 

   

 

 

 

Net income (loss) applicable to common stock

$ 40,625    $ (4,928
  

 

 

   

 

 

 

Earnings (loss) per share:

Basic and diluted earnings (loss) per share

$ 0.42    $ (0.05
  

 

 

   

 

 

 

Cash dividends declared per share of common stock

$ 0.68    $ —    
  

 

 

   

 

 

 

Weighted average common shares used in computing earnings per share:

Weighted average common shares outstanding

  95,704,850      94,906,018   

Incremental common shares from dilutive stock options

  37,298      —    
  

 

 

   

 

 

 

Weighted average common shares diluted

  95,742,148      94,906,018   
  

 

 

   

 

 

 

Statements of Comprehensive Income (Loss)

Net income (loss)

$ 40,716    $ (4,837

Other comprehensive income (loss)

Foreign currency translation adjustments

  (1,610   (384
  

 

 

   

 

 

 

Comprehensive income (loss)

$ 39,106    $ (5,221
  

 

 

   

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


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LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

     Three months ended
March 31,
 
     2015     2014  

Cash flows from operating activities:

    

Net income (loss)

   $ 40,716      $ (4,837

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

    

Depreciation and amortization

     49,230        69,526   

Stock-based compensation

     3,901        3,912   

Amortization included in interest expense

     1,158        1,283   

Gain on disposition of assets and investment

     (1,836     (206

Other-than-temporary impairment of investment

     —         4,069   

Loss on extinguishment of debt

     —         5,176   

Deferred tax benefit

     (1,187     (5,365

Provision for doubtful accounts

     1,672        1,600   

Changes in operating assets and liabilities:

    

(Increase) decrease in:

    

Receivables

     (1,438     (2,357

Prepaid expenses

     (22,926     (22,043

Other assets

     (8,787     (5,855

Increase (decrease) in:

    

Trade accounts payable

     1,714        2,833   

Accrued expenses

     (10,099     6,073   

Other liabilities

     2,613        8,775   
  

 

 

   

 

 

 

Net cash provided by operating activities

  54,731      62,584   
  

 

 

   

 

 

 

Cash flows from investing activities:

Acquisitions

  (19,647   (4,281

Capital expenditures

  (29,041   (22,398

Proceeds from disposition of assets and investments

  4,414      897   

Decrease in notes receivable

  4      10   
  

 

 

   

 

 

 

Net cash used in investing activities

  (44,270   (25,772
  

 

 

   

 

 

 

Cash flows from financing activities:

Cash used for purchase of treasury stock

  (6,099   (2,987

Net proceeds from issuance of common stock

  15,529      7,697   

Principal payments on long term debt

  (3,755   (23

Payment on revolving credit facility

  (35,000   (150,000

Proceeds received from revolving credit facility

  92,000      —    

Proceeds received from note offering

  —       510,000   

Payment on senior credit facility

  —       (352,106

Debt issuance costs

  —       (12,947

Distributions to non-controlling interest

  (180   (180

Dividends/distributions

  (65,314   (91
  

 

 

   

 

 

 

Net cash used in financing activities

  (2,819   (637
  

 

 

   

 

 

 

Effect of exchange rate changes in cash and cash equivalents

  (1,131   (646
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

  6,511      35,529   

Cash and cash equivalents at beginning of period

  26,035      33,212   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

$ 32,546    $ 68,741   
  

 

 

   

 

 

 

Supplemental disclosures of cash flow information:

Cash paid for interest

$ 30,869    $ 15,753   
  

 

 

   

 

 

 

Cash paid for foreign, state and federal income taxes

$ 587    $ 726   
  

 

 

   

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

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 2014 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

2. Stock-Based Compensation

Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended (the “Incentive Plan”) has reserved 15.5 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 5,000 shares of its Class A common stock during the three months ended March 31, 2015.

Stock Purchase Plan. In 2009 our Board of Directors adopted a new employee stock purchase plan, the 2009 Employee Stock Purchase Plan or 2009 ESPP, which was approved by our shareholders on May 28, 2009. The 2009 ESPP reserved 588,154 shares of Class A common stock for issuance to our employees, which included 88,154 shares of Class A common stock that had been available for issuance under our 2000 Employee Stock Purchase Plan or 2000 ESPP. 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. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP.

The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 80,932 shares on January 1, 2015 pursuant to the automatic increase provisions of the 2009 ESPP.

The following is a summary of 2009 ESPP share activity for the period ended March 31, 2015:

 

     Shares  

Available for future purchases, January 1, 2015

     307,448   

Additional shares reserved under 2009 ESPP

     80,932   

Purchases

     (31,765
  

 

 

 

Available for future purchases, March 31, 2015

  356,615   
  

 

 

 

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 2015 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2016. 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 three months ended March 31, 2015, the Company has recorded $1,402 as stock-based 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 director’s one-year term. The Company recorded $35 as non-cash compensation expense related to these non-employee director awards for the three months ended March 31, 2015.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

 

3. Depreciation and Amortization

The Company includes all categories of depreciation and amortization on a separate line in its Statements of Operations and Comprehensive Income (Loss). The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations and Comprehensive Income (Loss) are:

 

     Three months ended
March 31,
 
     2015      2014  

Direct advertising expenses

   $ 45,085       $ 65,592   

General and administrative expenses

     723         1,021   

Corporate expenses

     3,422         2,913   
  

 

 

    

 

 

 
$ 49,230    $ 69,526   
  

 

 

    

 

 

 

Effective January 1, 2015, the Company changed its depreciation method from the double declining balance method to the straight-line method. The Company believes that the straight-line method better reflects the pattern of consumption of the future benefits to be derived from those assets being depreciated. The increase to operating income and net income and decrease to depreciation expense for the Company’s assets existing as of January 1, 2015 is $2,772 and $11,089 for the three months ended March 31, 2015 and the year to end December 31, 2015, respectively.

4. Goodwill and Other Intangible Assets

The following is a summary of intangible assets at March 31, 2015 and December 31, 2014:

 

     Estimated
Life
(Years)
     March 31, 2015      December 31, 2014  
      Gross Carrying
Amount
     Accumulated
Amortization
     Gross Carrying
Amount
     Accumulated
Amortization
 

Amortizable Intangible Assets:

              

Customer lists and contracts

     7 – 10       $ 501,033       $ 471,729       $ 499,310       $ 470,170   

Non-competition agreements

     3 – 15         64,201         63,254         64,062         63,192   

Site locations

     15         1,542,113         1,209,060         1,531,161         1,194,709   

Other

     5 – 15         14,008         13,496         14,008         13,485   
     

 

 

    

 

 

    

 

 

    

 

 

 
$ 2,121,355    $ 1,757,539    $ 2,108,541    $ 1,741,556   

Unamortizable Intangible Assets:

Goodwill

$ 1,768,987    $ 253,536    $ 1,766,304    $ 253,536   

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, 2014

$ 204,327   

Additions to asset retirement obligations

  532   

Accretion expense

  1,267   

Liabilities settled

  (778
  

 

 

 

Balance at March 31, 2015

$ 205,348   
  

 

 

 

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.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

 

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 March 31, 2015 and December 31, 2014, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $2,299,498 and $2,269,393, respectively.

As of March 31, 2015, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect to such distributions, (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. As of March 31, 2015, the total debt ratio was less than 6.0 to 1 and Lamar Media’s senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. In addition, as of March 31, 2015 the senior credit facility allows Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified for taxation as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for Lamar Advertising to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

7. Earnings Per Share

The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. The number of dilutive shares excluded from this calculation because of their anti-dilutive effect for stock options is 462,977 for the three months ended March 31, 2014. There were no anti-dilutive shares excluded from the calculation for the three months ended March 31, 2015.

8. Long-term Debt

Long-term debt consists of the following at March 31, 2015 and December 31, 2014:

 

     March 31,
2015
     December 31,
2014
 

Senior Credit Facility

   $ 407,000       $ 353,750   

5 7/8% Senior Subordinated Notes

     500,000         500,000   

5% Senior Subordinated Notes

     535,000         535,000   

5 3/8% Senior Notes

     510,000         510,000   

Other notes with various rates and terms

     1,171         1,145   
  

 

 

    

 

 

 
  1,953,171      1,899,895   

Less current maturities

  (15,656   (15,625
  

 

 

    

 

 

 

Long-term debt, excluding current maturities

$ 1,937,515    $ 1,884,270   
  

 

 

    

 

 

 

5 7/8% Senior Subordinated Notes

On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 7/8% Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2015, provided that following the redemption, at least 65% of the 5 7/8% Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after February 1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

 

5% Senior Subordinated Notes

On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5% Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2015, provided that following the redemption, at least 65% of the 5% Notes that were originally issued remain outstanding. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

5 3/8% Senior Notes

On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Senior Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Senior Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Senior Notes that were originally issued remain outstanding. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Senior Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2019, Lamar Media may redeem the 5 3/8% Senior Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Senior Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 3/8% Senior Notes at a price equal to 101% of the principal amount of the 5 3/8% Senior Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Senior Credit Facility

On February 3, 2014, Lamar Media entered into a Second Restatement Agreement (the “Second Restatement Agreement”) with the Company, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement (such Second and Amended and Restated Credit Agreement together with the Second Restatement Agreement being herein referred to as the “senior credit facility”). The senior credit facility consists of a $400,000 revolving credit facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. We may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.

On April 18, 2014, Lamar Media entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “Amendment”) with Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein under which the parties agreed to amend Lamar Media’s existing senior credit facility on the terms set forth in the Amendment. The Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and certain other amendments to the senior credit agreement. The Term A Loans are not incremental loans and do not reduce the existing $500,000 Incremental Loan facility. Lamar Media borrowed all $300,000 in Term A Loans on April 18, 2014. The net loan proceeds, together with borrowings under the revolving portion of the senior credit facility and cash on hand, were used to fund the redemption of all $400,000 in aggregate principal amount of Lamar Media’s 7 7/8% Notes due 2018 on April 21, 2014.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

 

The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows:

 

Principal Payment Date

   Principal Amount  

June 30, 2015-March 31, 2016

   $ 3,750   

June 30, 2016- March 31, 2017

   $ 5,625   

June 30, 2017-December 31, 2018

   $ 11,250   

Term A Loan Maturity Date

   $ 168,750   

The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.

As of March 31, 2015, there was $122,000 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $6,846 in letters of credit outstanding as of March 31, 2015 resulting in $271,154 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 2, 2019, and bear interest, at Lamar Media’s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media’s ratio of debt to trailing four quarters EBITDA, as defined in the senior credit facility.

The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:

 

    dispose of assets;

 

    incur or repay debt;

 

    create liens;

 

    make investments; and

 

    pay dividends.

The senior credit facility contains provisions that allows Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility the Company must maintain a specified senior debt ratio at all times and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.

Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit agreement provisions during the periods presented.

 

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Table of Contents

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

 

9. Fair Value of Financial Instruments

At March 31, 2015 and December 31, 2014, 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 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 $2,014,351 which exceeded the carrying amount of $1,953,171 as of March 31, 2015. The majority of the fair value is determined using observed market prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

10. Information about Geographic Areas

Revenues from external customers attributable to foreign countries totaled $6,442 and $7,159 for the three months ended March 31, 2015 and 2014, respectively. Net carrying value of long lived assets located in foreign countries totaled $6,590 and $7,324 as of March 31, 2015 and December 31, 2014, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

11. New Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles in the United States when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In January 2014, the FASB issued guidance on the accounting for service concession arrangements with public sector entities. This guidance specifies that an operating entity should not account for a service concession arrangement as a lease and the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment. This guidance applies when the public sector entity controls the services that the operating entity must provide within the infrastructure and also controls any residual interest in the infrastructure at the end of the term of the arrangement. We have adopted this guidance, which was effective for reporting periods beginning after December 15, 2014. There was no impact to our consolidated financial statements.

In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs. The pronouncement requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU retrospectively to all prior periods. The Company does not expect that the adoption of this pronouncement will have a material impact on the consolidated financial statements.

12. Dividends/Distributions

During the three months ended March 31, 2015, the Company declared and paid distributions of its REIT taxable income of an aggregate of $65,223 or $0.68 per share. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During the three months ended March 31, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock of $91 or $15.95 per share.

 

12


Table of Contents

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

     March 31,
2015
    December 31,
2014
 
     (Unaudited)        
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 32,046      $ 25,535   

Receivables, net of allowance for doubtful accounts of $8,776 and $7,957 in 2015 and 2014

     168,527        169,610   

Prepaid expenses

     65,368        42,713   

Deferred income tax assets

     733        729   

Other current assets

     42,678        34,057   
  

 

 

   

 

 

 

Total current assets

  309,352      272,644   
  

 

 

   

 

 

 

Property, plant and equipment

  3,124,302      3,110,385   

Less accumulated depreciation and amortization

  (2,042,636   (2,026,745
  

 

 

   

 

 

 

Net property, plant and equipment

  1,081,666      1,083,640   
  

 

 

   

 

 

 

Goodwill

  1,505,299      1,502,616   

Intangible assets

  363,349      366,518   

Deferred financing costs net of accumulated amortization of $6,634 and $5,476 in 2015 and 2014, respectively

  29,613      30,771   

Deferred income tax assets

  13,535      12,496   

Other assets

  34,051      31,775   
  

 

 

   

 

 

 

Total assets

$ 3,336,865    $ 3,300,460   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDER’S EQUITY

Current liabilities:

Trade accounts payable

$ 18,051    $ 16,368   

Current maturities of long-term debt

  15,656      15,625   

Accrued expenses

  80,522      105,007   

Deferred income

  87,953      84,558   
  

 

 

   

 

 

 

Total current liabilities

  202,182      221,558   

Long-term debt

  1,937,515      1,884,270   

Asset retirement obligation

  205,348      204,327   

Other liabilities

  25,029      23,414   
  

 

 

   

 

 

 

Total liabilities

  2,370,074      2,333,569   
  

 

 

   

 

 

 

Stockholder’s equity:

Common stock, par value $.01, 3,000 shares authorized, 100 shares issued and outstanding at 2015 and 2014

  —       —    

Additional paid-in-capital

  2,714,244      2,682,216   

Accumulated comprehensive income

  844      2,454   

Accumulated deficit

  (1,748,297   (1,717,779
  

 

 

   

 

 

 

Stockholder’s equity

  966,791      966,891   
  

 

 

   

 

 

 

Total liabilities and stockholder’s equity

$ 3,336,865    $ 3,300,460   
  

 

 

   

 

 

 

See accompanying note to condensed consolidated financial statements.

 

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Table of Contents

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In thousands, except share and per share data)

 

     Three months ended
March 31,
 
     2015     2014  

Statements of Operations

    

Net revenues

   $ 302,477      $ 284,933   
  

 

 

   

 

 

 

Operating expenses (income)

Direct advertising expenses (exclusive of depreciation and amortization)

  113,232      111,508   

General and administrative expenses (exclusive of depreciation and amortization)

  59,206      57,677   

Corporate expenses (exclusive of depreciation and amortization)

  15,303      15,182   

Depreciation and amortization

  49,230      69,526   

Gain on disposition of assets

  (1,836   (206
  

 

 

   

 

 

 
  235,135      253,687   
  

 

 

   

 

 

 

Operating income

  67,342      31,246   

Other expense (income)

Loss on extinguishment of debt

  —        5,176   

Other-than-temporary impairment of investment

  —        4,069   

Interest income

  (2   (45

Interest expense

  24,532      30,268   
  

 

 

   

 

 

 
  24,530      39,468   
  

 

 

   

 

 

 

Income (loss) before income tax expense (benefit)

  42,812      (8,222

Income tax expense (benefit)

  2,008      (3,444
  

 

 

   

 

 

 

Net income (loss)

  40,804      (4,778
  

 

 

   

 

 

 

Statements of Comprehensive Income (Loss)

Net income (loss)

$ 40,804    $ (4,778

Other comprehensive income (loss)

Foreign currency translation adjustments

  (1,610   (384
  

 

 

   

 

 

 

Comprehensive income (loss)

$ 39,194    $ (5,162
  

 

 

   

 

 

 

See accompanying note to condensed consolidated financial statements.

 

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Table of Contents

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands) 

 

     Three months ended
March 31,
 
     2015     2014  

Cash flows from operating activities:

    

Net income (loss)

   $ 40,804      $ (4,778

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

    

Depreciation and amortization

     49,230        69,526   

Stock-based compensation

     3,901        3,912   

Amortization included in interest expense

     1,158        1,283   

Gain on disposition of assets and investments

     (1,836     (206

Other-than-temporary impairment of investment

     —          4,069   

Loss on extinguishment of debt

     —          5,176   

Deferred tax benefit

     (1,187     (5,322

Provision for doubtful accounts

     1,672        1,600   

Changes in operating assets and liabilities:

    

(Increase) decrease in:

    

Receivables

     (1,438     (2,357

Prepaid expenses

     (22,926     (22,043

Other assets

     (8,787     (5,855

Increase (decrease) in:

    

Trade accounts payable

     1,714        2,833   

Accrued expenses

     (10,099     6,073   

Other liabilities

     (14,065     (1,130
  

 

 

   

 

 

 

Net cash provided by operating activities

  38,141      52,781   
  

 

 

   

 

 

 

Cash flows from investing activities:

Acquisitions

  (19,647   (4,281

Capital expenditures

  (29,041   (22,398

Proceeds from disposition of assets

  4,414      897   

Payment received on notes receivable

  4      10   
  

 

 

   

 

 

 

Net cash used in investing activities

  (44,270   (25,772
  

 

 

   

 

 

 

Cash flows from financing activities:

Principal payments on long-term debt

  (3,755   (23

Payment on revolving credit facility

  (35,000   (150,000

Proceeds received from revolving credit facility

  92,000      —     

Proceeds received from note offering

  —        510,000   

Payment on senior credit agreement

  —        (352,106

Debt issuance costs

  —        (12,947

Distributions to non-controlling interest

  (180   (180

Dividend to parent

  (71,322   (2,987

Contributions from parent

  32,028      17,409   
  

 

 

   

 

 

 

Net cash provided by financing activities

  13,771      9,166   
  

 

 

   

 

 

 

Effect of exchange rate changes in cash and cash equivalents

  (1,131   (646
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

  6,511      35,529   

Cash and cash equivalents at beginning of period

  25,535      32,712   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

$ 32,046    $ 68,241   
  

 

 

   

 

 

 

Supplemental disclosures of cash flow information:

Cash paid for interest

$ 30,869    $ 15,753   
  

 

 

   

 

 

 

Cash paid for foreign, state and federal income taxes

$ 587    $ 726   
  

 

 

   

 

 

 

See accompanying note to condensed consolidated financial statements.

 

15


Table of Contents

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Note to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share data)

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 2014 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, 10, 11 and 12 to the condensed consolidated financial statements of the 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, as it is a wholly owned subsidiary of the Company.

 

16


Table of Contents
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains forward-looking statements. Actual results could differ materially from those anticipated by the forward-looking statements due to risks and uncertainties described in the section of this combined report on Form 10-Q entitled “Note Regarding Forward-Looking Statements” and in Item 1A to the 2014 Combined Form 10-K filed on February 26, 2015, as supplemented by any risk factors contained in our combined Quarterly Reports on Form 10-Q. You should carefully consider each of these risks and uncertainties in evaluating the Company’s and Lamar Media’s financial conditions and results of operations. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and the Company undertakes no obligation to update or revise the statements, except as may be required by law.

LAMAR ADVERTISING COMPANY

The following is a discussion of the consolidated financial condition and results of operations of the Company for the three months ended March 31, 2015 and 2014. This discussion should be read in conjunction with the consolidated financial statements of the Company and the related notes thereto.

Overview

The Company’s net revenues are derived primarily from the rental of advertising space on outdoor advertising displays owned and operated by the Company. Revenue growth is based on many factors that include the Company’s ability to increase occupancy of its existing advertising displays; raise advertising rates; and acquire new advertising displays and its operating results are therefore affected by general economic conditions, as well as trends in the advertising industry. Advertising spending is particularly sensitive to changes in general economic conditions which affect the rates that the Company is able to charge for advertising on its displays and its ability to maximize advertising sales or occupancy on its displays.

Historically, the Company has made strategic acquisitions of outdoor advertising assets to increase the number of outdoor advertising displays it operates in existing and new markets. The Company continues to evaluate and pursue strategic acquisition opportunities as they arise. The Company has financed its historical acquisitions and intends to finance any future acquisition activity from available cash, borrowings under its senior credit facility or the issuance of debt or equity securities. See “Liquidity and Capital Resources” below. During the quarter ended March 31, 2015, the Company completed acquisitions for a total cash purchase price of approximately $19.6 million.

The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment.

The following table presents a breakdown of capitalized expenditures for the three months ended March 31, 2015 and 2014:

 

    

Three months ended

March 31,

(in thousands)

 
     2015      2014  

Total capital expenditures:

     

Billboard — traditional

   $ 5,809       $ 4,618   

Billboard — digital

     14,262         9,798   

Logos

     2,942         1,868   

Transit

     130         90   

Land and buildings

     3,171         3,301   

Operating equipment

     2,727         2,723   
  

 

 

    

 

 

 

Total capital expenditures

$ 29,041    $ 22,398   
  

 

 

    

 

 

 

Non-GAAP Financial Measures

Our management reviews our performance by focusing on several key performance indicators not prepared in conformity with Generally Accepted Accounting Principles in the United States (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures.

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Funds From Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, Adjusted Funds From Operations (“AFFO”) and acquisition-adjusted net revenue.

 

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We define Adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), gain (loss) on extinguishment of debt and investments, stock-based compensation, depreciation and amortization and gain or loss on disposition of assets and investments.

FFO is defined as net income before gains or losses from the sale or disposal of real estate assets and investments and real estate related depreciation and amortization and including adjustments to eliminate non-controlling interest.

We define AFFO as FFO before (i) straight-line revenue and expense; (ii) stock-based compensation expense; (iii) non-cash tax expense (benefit); (iv) non-real estate related depreciation and amortization; (v) amortization of deferred financing and debt issuance costs, (vi) loss on extinguishment of debt; (vii) non-recurring infrequent or unusual losses (gains); (viii) less maintenance capital expenditures; and (ix) an adjustment for non-controlling interest.

Acquisition-adjusted net revenue adjusts our net revenue for the prior period by adding to it the net revenue generated by the acquired assets before our acquisition of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted revenue, therefore, we include revenue generated by assets that we did not own in the period but acquired in the current period. We refer to the amount of pre-acquisition revenue generated by the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition net revenue”. In addition, we also adjust the prior period to subtract revenue generated by the assets that have been divested since the prior period and, therefore, no revenue derived from those assets is reflected in the current period.

Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue are not intended to replace net income or any other performance measures determined in accordance with GAAP. Neither FFO nor AFFO represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Rather, Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue are presented as we believe each is a useful indicator of our current operating performance. We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) Adjusted EBITDA is widely used in the industry to measure operating performance as depreciation and amortization may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) acquisition-adjusted net revenue is a supplement to net revenue to enable investors to compare period over period results on a more consistent basis without the effects of acquisitions and divestures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (4) Adjusted EBITDA, FFO and AFFO each provides investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature; and (5) each provides investors with a measure for comparing our results of operations to those of other companies.

Our measurement of Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue to net income, the most directly comparable GAAP measure, have been included herein.

RESULTS OF OPERATIONS

Three Months ended March 31, 2015 compared to Three Months ended March 31, 2014

Net revenues increased $17.5 million or 6.2% to $302.5 million for the three months ended March 31, 2015 from $284.9 million for the same period in 2014. This increase was attributable primarily to an increase in billboard net revenues of $14.8 million, which represents an increase of 5.9% over the same period in 2014, primarily due to a 12.7% increase in digital billboard revenue resulting from the addition of 222 units since April of 2014, and a 5.3% increase in traditional bulletin revenue. In addition, logo sign revenue increased $1.2 million, which represents an increase of 7.2% over the prior period and there was a $1.5 million increase in transit revenue, which represents an increase of 9.6% over the prior period.

For the three months ended March 31, 2015, there was a $14.8 million increase in net revenues as compared to acquisition-adjusted net revenue for the three months ended March 31, 2014, which represents an increase of 5.2%. See “Reconciliations” below. The $14.8 million increase in revenue primarily consists of a $12.7 million increase in billboard revenue, a $1.4 million increase in transit revenue and a $0.7 million increase in logo revenue over the acquisition-adjusted net revenue for the comparable period in 2014.

Total operating expenses, exclusive of depreciation and amortization and gain on sale of assets, increased $3.4 million to $187.8 million for the three months ended March 31, 2015 from $184.5 million in the same period in 2014. The $3.4 million increase over the prior year is comprised of a $3.3 million increase in direct and general and administrative operating expenses related to the operations of our outdoor advertising assets and corporate expense increases of $0.1 million.

 

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Depreciation and amortization expense decreased $20.3 million, or 29.2% for the three months ended March 31, 2015, as compared to the three months ended March 31, 2014, primarily due to a portion of our digital and traditional billboard structures being fully amortized as well as our change to the straight-line method of depreciation effective January 1, 2015.

Due to the above factors, operating income increased to $67.3 million for the three months ended March 31, 2015 compared to $31.1 million for the same period in 2014.

The Company did not have any financing transactions during the three months ended March 31, 2015. However, during the first quarter of 2014, the Company recognized a $5.2 million loss on debt extinguishment which was a non-cash expense attributable to the write off of unamortized debt issuance fees associated with the then existing senior credit facility.

Interest expense decreased $5.7 million from $30.3 million for the three months ended March 31, 2014, to $24.5 million for the three months ended March 31, 2015, primarily resulting from the Company’s April 2014 refinancing of its 7 7/8% Senior Subordinated Notes due in 2018 (the “7 7/8% Notes”).

The increase in operating income, decrease in interest expense and decreases in other-than-temporary impairment of investment and loss on debt extinguishment resulted in a $51.0 million increase in net income before income taxes. This increase in income resulted in an increase in income tax expense of $5.5 million for the three months ended March 31, 2015 over the same period in 2014. The effective tax rate for the three months ended March 31, 2015 was 4.7%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.

As a result of the above factors, the Company recognized net income for the three months ended March 31, 2015 of $40.7 million, as compared to a net loss of $4.8 million for the same period in 2014.

Reconciliations:

Because acquisitions occurring after December 31, 2013 (the “acquired assets”) have contributed to our net revenue results for the periods presented, we provide 2014 acquisition-adjusted net revenue, which adjusts our 2014 net revenue for the three months ended March 31, 2014 by adding to or subtracting from it the net revenue generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the three months ended March 31, 2015.

Reconciliations of 2014 reported net revenue to 2014 acquisition-adjusted net revenue for the three months ended March 31, as well as a comparison of 2014 acquisition-adjusted net revenue to 2015 reported net revenue for the three months ended March 31, are provided below:

Reconciliation and Comparison of Reported Net Revenue to Acquisition-Adjusted Net Revenue 

 

     Three months ended
March 31,
 
     2015      2014  
     (in thousands)  

Reported net revenue

   $ 302,477       $ 284,933   

Acquisition net revenue

     —          2,722   
  

 

 

    

 

 

 

Adjusted totals

$ 302,477    $ 287,655   
  

 

 

    

 

 

 

Key Performance Indicators

Net Income/Adjusted EBITDA

(in thousands)

 

     Three Months Ended
March 31,
    

Amount of

Increase

    

Percent

Increase

 
     2015      2014      (Decrease)      (Decrease)  

Net income (loss)

   $ 40,716       $ (4,837    $ 45,553         941.8 %

Income tax expense (benefit)

     2,008         (3,487 )      5,495      

Loss on other-than-temporary impairment of investment

     —           4,069         (4,069 )   

Loss on debt extinguishment

     —           5,176         (5,176   

Interest expense (income), net

     24,530         30,223         (5,693 )   

Gain on disposition of assets

     (1,836 )      (206 )      (1,630 )   

Depreciation and amortization

     49,230         69,526         (20,296 )   

Stock-based compensation expense

     3,901         3,912         (11 )   
  

 

 

    

 

 

    

 

 

    

Adjusted EBITDA

$ 118,549    $ 104,376    $ 14,173      13.6 %
  

 

 

    

 

 

    

 

 

    

 

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Adjusted EBITDA for the three months ended March 31, 2015 increased 13.6% to $118.5 million. The increase in Adjusted EBITDA was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) of $15.8 million, and was partially offset by an increase in general administrative and corporate expenses of $1.6 million, excluding the impact of stock-based compensation expense.

Net Income/FFO/AFFO

(in thousands)

 

     Three Months Ended
March 31,
    

Amount of

Increase

    

Percent

Increase

 
     2015      2014      (Decrease)      (Decrease)  

Net income (loss)

   $ 40,716       $ (4,837 )    $ 45,553         941.8 %

Depreciation and amortization related to real estate

     45,414         65,175         (19,761   

Gain from sale or disposal of real estate

     (1,742 )      (24 )      (1,718   

Adjustments for unconsolidated affiliates and non-controlling interest

     167         77         90      
  

 

 

    

 

 

    

 

 

    

FFO

$ 84,555    $ 60,391    $ 24,164      40.0 %
  

 

 

    

 

 

    

 

 

    

Straight line expense

  (36 )   (52 )   16   

Stock-based compensation expense

  3,901      3,912      (11

Non-cash portion of tax provision

  (1,187   (5,365 )   4,178   

Non-real estate related depreciation and amortization

  3,816      4,351      (535

Amortization of deferred financing costs

  1,158      1,283      (125

Loss on other-than-temporary impairment of investment

  —        4,069      (4,069

Loss on extinguishment of debt

  —        5,176      (5,176

Capital expenditures – maintenance

  (13,156   (14,874 )   1,718   

Adjustments for unconsolidated affiliates and non-controlling interest

  (167   (77 )   (90
  

 

 

    

 

 

    

 

 

    

AFFO

$ 78,884    $ 58,814    $ 20,070      34.1 %
  

 

 

    

 

 

    

 

 

    

FFO for the three months ended March 31, 2015 was $84.6 million as compared to FFO of $60.4 million for the same period in 2014. AFFO for the three months ended March 31, 2015 increased 34.1% to $78.9 million as compared to $58.8 million for the same period in 2014. AFFO growth was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) and decrease in interest expense, partially offset by increases in general and administrative expenses and corporate expenses.

LIQUIDITY AND CAPITAL RESOURCES

Overview

The Company has historically satisfied its working capital requirements with cash from operations and borrowings under the senior credit facility. The Company’s wholly owned subsidiary, Lamar Media Corp., is the borrower under the senior credit facility and maintains all corporate operating cash balances. Any cash requirements of the Company, therefore, must be funded by distributions from Lamar Media.

Sources of Cash

Total Liquidity. As of March 31, 2015 we had approximately $303.7 million of total liquidity, which is comprised of approximately $32.5 million in cash and cash equivalents and approximately $271.2 million of availability under the revolving portion of Lamar Media’s senior credit facility. We are currently in compliance with the maintenance covenant included in the senior credit facility and we would remain in compliance after giving effect to borrowing the full amount available to us under the revolving portion of the senior credit facility.

Cash Generated by Operations. For the three months ended March 31, 2015 and 2014 our cash provided by operating activities was $54.7 million and $62.6 million, respectively. While our net income was approximately $40.7 million for the three months ended March 31, 2015, we generated cash from operating activities of $54.7 million primarily due to adjustments needed to reconcile net income to cash provided by operating activities of $52.9 million, which primarily consisted of depreciation and amortization of $49.2 million and stock-based compensation of $3.9 million. In addition, there was an increase in working capital of $38.9 million. We expect to generate cash flows from operations during 2015 in excess of our cash needs for operations, capital expenditures and dividends, as described herein.

Note Offerings. On January 10, 2014, Lamar Media completed an institutional private placement of $510 million aggregate principal amount of its 5 3/8% Senior Notes due 2024. The institutional private placement resulted in net proceeds to Lamar Media, after payment of fees and expenses, of approximately $502.3 million. Lamar Media used the proceeds of this offering to repay $502.1 million of indebtedness, including all outstanding term loans, outstanding under its senior credit facility.

 

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Credit Facilities. On February 3, 2014, Lamar Media entered into a second restatement agreement with the Company, certain of Lamar Media’s subsidiaries as guarantors, the lenders named therein and JPMorgan Chase Bank, N.A., as administrative agent, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the second amended and restated credit agreement included in the second restatement agreement. The senior credit agreement was entered into on April 28, 2010, amended and restated on February 9, 2012 and further amended and restated on February 3, 2014. Among other things, the second amendment and restatement of the credit agreement increased the revolving credit facility by $150 million and extended its maturity date to February 2, 2019. On April 18, 2014, Lamar Media entered into Amendment No. 1 to the second amended and restated credit agreement with Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein which is referred to herein as the “senior credit facility” under which the parties agreed to amend the senior credit facility to create a new $300 million Term A Loan facility and provide for certain other amendments. The senior credit facility currently consists of a $400 million revolving credit facility, a $300 million Term A loan facility (the “Term A Loans”) and a $500 million incremental facility. Lamar Media is the borrower under the senior credit facility and may also from time to time designate wholly-owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.

As of March 31, 2015, Lamar Media had approximately $271.2 million of availability under the revolving credit facility included in the senior credit facility and approximately $6.8 million in letters of credit outstanding. As of March 31, 2015, Lamar Media had $285.0 million outstanding in Term A Loans and $122.0 million outstanding under the revolving credit facility.

Factors Affecting Sources of Liquidity

Internally Generated Funds. The key factors affecting internally generated cash flow are general economic conditions, specific economic conditions in the markets where the Company conducts its business and overall spending on advertising by advertisers.

Credit Facilities and Other Debt Securities. Lamar must comply with certain covenants and restrictions related to the senior credit facility and its outstanding debt securities.

Restrictions Under Debt Securities. Lamar must comply with certain covenants and restrictions related to its outstanding debt securities. Currently Lamar Media has outstanding $500 million 5 7/8% Senior Subordinated Notes issued in February 2012 (the “5 7/8% Senior Subordinated Notes”), $535 million 5% Senior Subordinated Notes issued in October 2012 (the “5% Senior Subordinated Notes”) and $510 million 5 3/8% Senior Notes issued in January 2014 (the “5 3/8% Senior Notes”).

The indentures relating to Lamar Media’s outstanding notes restrict its ability to incur additional indebtedness but permit the incurrence of indebtedness (including indebtedness under the senior credit facility), (i) if no default or event of default would result from such incurrence and (ii) if after giving effect to any such incurrence, the leverage ratio (defined as the sum of (x) total consolidated debt plus (y) the aggregate liquidation preference of any preferred stock of Lamar Media’s restricted subsidiaries to trailing four fiscal quarter EBITDA (as defined in the indentures)) would be less than 7.0 to 1. Currently, Lamar Media is not in default under the indentures of any of its outstanding notes and, therefore, would be permitted to incur additional indebtedness subject to the foregoing provision.

In addition to debt incurred under the provisions described in the preceding paragraph, the indentures relating to Lamar Media’s outstanding notes permit Lamar Media to incur indebtedness pursuant to the following baskets:

 

    up to $1.5 billion of indebtedness under the senior credit facility;

 

    indebtedness outstanding on the date of the indentures or debt incurred to refinance outstanding debt;

 

    inter-company debt between Lamar Media and its restricted subsidiaries or between restricted subsidiaries;

 

    certain purchase money indebtedness and capitalized lease obligations to acquire or lease property in the ordinary course of business that cannot exceed the greater of $50 million or 5% of Lamar Media’s net tangible assets; and

 

    additional debt not to exceed $75 million.

 

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Restrictions under Senior Credit Facility. Lamar Media is required to comply with certain covenants and restrictions under the senior credit facility. If the Company fails to comply with these tests, the lenders under the senior credit facility will be entitled to exercise certain remedies, including the termination of the lending commitments and the acceleration of the debt payments under the senior credit facility. At March 31, 2015, and currently, we were in compliance with all such tests under the senior credit facility.

Lamar Media must maintain a senior debt ratio, defined as total consolidated debt (other than subordinated indebtedness) of Lamar Advertising and its restricted subsidiaries, minus the lesser of (x) $100 million and (y) the aggregate amount of unrestricted cash and cash equivalents of Lamar Advertising and its restricted subsidiaries to EBITDA, as defined below, for the period of four consecutive fiscal quarters then ended, of less than or equal to 3.5 to 1.0.

Lamar Media is also restricted from incurring additional indebtedness under certain circumstances unless, after giving to the incurrence of such indebtedness, it is in compliance with the senior debt ratio covenant and its total debt ratio, defined as (a) total consolidated debt of Lamar Advertising Company and its restricted subsidiaries as of any date minus the lesser of (i) $100 million and (ii) the aggregate amount of unrestricted cash and cash equivalents of Lamar Advertising Company and its restricted subsidiaries to (b) EBITDA, as defined below, for the most recent four fiscal quarters then ended is less than 6.0 to 1.0.

Under the senior credit facility “EBITDA” means, for any period, operating income for the Company and its restricted subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) for such period (calculated before (i) taxes, (ii) interest expense, (iii) depreciation, (iv) amortization, (v) any other non-cash income or charges accrued for such period, (vi) charges and expenses in connection with the credit facility transactions, (vii) costs and expenses of Lamar Advertising associated with the REIT conversion, provided that the aggregate amount of costs and expenses that may be added back pursuant to this clause (vii) shall not exceed $10 million in the aggregate and (viii) the amount of cost savings, operating expense reductions and other operating improvements or synergies projected by the Lamar Media in good faith to be realized as a result of any acquisition, investment, merger, amalgamation or disposition within 12 months of any such acquisition, investment, merger, amalgamation or disposition, net of the amount of actual benefits realized during such period from such action: provided, (a) the aggregate amount for all such cost savings, operating expense reductions and other operating improvements or synergies shall not exceed an amount equal to 15% of EBITDA for the applicable four quarter period and (b) any such adjustment to EBITDA may only take into account cost savings, operating expense reductions and other operating improvements synergies that are (I) directly attributable to such acquisition, investment, merger, amalgamation or disposition, (II) expected to have a continuing impact on the Lamar Media and its restricted subsidiaries and (III) factually supportable, in each case all as certified by the chief financial officer of the Lamar Media on behalf of the Lamar Media, and (ix) any loss or gain relating to amounts paid or earned in cash prior to the stated settlement date of any swap agreement that has been reflected in operating income for such period) and (except to the extent received or paid in cash by the Company and its restricted subsidiaries income or loss attributable to equity in affiliates for such period), excluding any extraordinary and unusual gains or losses during such period and excluding the proceeds of any casualty events whereby insurance or other proceeds are received and certain dispositions. For purposes of calculating EBITDA, the effect on such calculation of any adjustments required under Statement of Financial Accounting Standards No. 141R is excluded. If during any period for which EBITDA is being determined, the Company shall have consummated any acquisition or disposition, EBITDA shall be determined on a pro forma basis as if such acquisition or disposition had been made or consummated on the first day of such period.

The Company believes that its current level of cash on hand, availability under the senior credit facility and future cash flows from operations are sufficient to meet its operating needs through fiscal 2015. All debt obligations are reflected on the Company’s balance sheet.

Uses of Cash

Capital Expenditures. Capital expenditures excluding acquisitions were approximately $29.0 million for the three months ended March 31, 2015. We anticipate our 2015 total capital expenditures will be approximately $100 million.

Acquisitions. During the three months ended March 31, 2015, the Company financed its acquisition activity of $19.6 million with cash on hand.

Term A Loans. The Term A Loans mature on February 2, 2019 and began amortizing on June 30, 2014. The remaining quarterly installments scheduled to be paid on each June 30, September 30, December 31 and March 31 are as follows:

 

Principal Payment Date

   Principal Amount  

June 30, 2015-March 31, 2016

   $ 3,750,000   

June 30, 2016-March 31, 2017

   $ 5,625,000   

June 30, 2017-December 31, 2018

   $ 11,250,000   

Term A Loan Maturity Date

   $ 168,750,000   

 

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The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.

Dividends. On February 26, 2015, Lamar Advertising Company’s Board of Directors declared a quarterly cash dividend of $0.68 per share payable on March 31, 2015 to its stockholders of record of its Class A common stock and Class B common stock on March 17, 2015. The Company expects aggregate quarterly distributions to stockholders in 2015, including the dividend paid on March 31, 2015, will total $2.75 per common share.

As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant.

Stock Repurchase Program. On December 11, 2014, the Company announced that its Board of Directors has authorized the repurchase of up to $250 million of the Company’s Class A common stock. There were no repurchases under the repurchase program for the three months ended March 31, 2015.

Note Redemption. On April 21, 2014, Lamar Media redeemed in full all $400 million of its 7 7/8% Senior Subordinated Notes due 2018 at a redemption price equal to 103.938% of aggregate principal amount of outstanding notes, plus accrued and unpaid interest to, but not including the redemption date for a total redemption price of $416.3 million. Lamar Media used cash on hand and borrowings under its senior credit facility to fund the redemption.

Off Balance Sheet Arrangements

The Company has no off-balance sheet arrangements with the exception of operating leases.

Commitments and Contingencies

In our Annual Report on Form 10-K for the year ended December 31, 2014, Part II, Item 7, Management’s Discussion and Analysis of Financial Conditions and Results of Operations, under the heading “Debt Service and Contractual Obligations,” we described our commitments and contingencies. There were no material changes in our commitments and contingencies during the three months ended March 31, 2015.

Accounting Standards Update

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

 

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In January 2014, the FASB issued guidance on the accounting for service concession arrangements with public sector entities. This guidance specifies that an operating entity should not account for a service concession arrangement as a lease and the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment. This guidance applies when the public sector entity controls the services that the operating entity must provide within the infrastructure and also controls any residual interest in the infrastructure at the end of the term of the arrangement. We have adopted this guidance, which was effective for reporting periods beginning after December 15, 2014. There was no impact to our consolidated financial statements.

In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs. The pronouncement requires reporting entitles to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU retrospectively to all prior periods. The Company does not expect that the adoption of this pronouncement will have a material impact on the consolidated financial statements.

LAMAR MEDIA CORP.

The following is a discussion of the consolidated financial condition and results of operations of Lamar Media for the three months ended March 31, 2015 and 2014. This discussion should be read in conjunction with the consolidated financial statements of Lamar Media and the related notes thereto.

RESULTS OF OPERATIONS

Three Months ended March 31, 2015 compared to Three Months ended March 31, 2014

Net revenues increased $17.5 million or 6.2% to $302.5 million for the three months ended March 31, 2015 from $284.9 million for the same period in 2014. This increase was attributable primarily to an increase in billboard net revenues of $14.8 million, which represents an increase of 5.9% over the same period in 2014, primarily due to a 12.7% increase in digital billboard revenue resulting from the addition of 222 units since April of 2014 and a 5.3% increase in traditional bulletin revenue. In addition, logo sign revenue increased $1.2 million, which represents an increase of 7.2% over the prior period and there was a $1.5 million increase in transit revenue, which represents an increase of 9.6% over the prior period.

For the three months ended March 31, 2015, there was a $14.8 million increase in net revenues as compared to acquisition-adjusted net revenue for the three months ended March 31, 2014, which represents an increase of 5.2%. See “Reconciliations” below. The $14.8 million increase in revenue primarily consists of a $12.7 million increase in billboard revenue, a $1.4 million increase in transit revenue and a $0.7 million increase in logo revenue over the acquisition-adjusted net revenue for the comparable period in 2014.

Total operating expenses, exclusive of depreciation and amortization and gain on sale of assets, increased $3.4 million to $187.7 million for the three months ended March 31, 2015 from $184.3 million in the same period in 2014. The $3.4 million increase over the prior year is comprised of a $3.3 million increase in direct and general and administrative operating expenses related to the operations of our outdoor advertising assets and corporate expense increases of $0.1 million.

Depreciation and amortization expense decreased $20.3 million, or 29.2% for the three months ended March 31, 2015, as compared to the three months ended March 31, 2014, primarily due to a portion of our digital and traditional billboard structure assets being fully amortized as well as our change to the straight-line method of depreciation effective January 1, 2015.

Due to the above factors, operating income increased to $67.3 million for the three months ended March 31, 2015 compared to $31.2 million for the same period in 2014.

Lamar Media did not have any financing transactions during the three months ended March 31, 2015. However, during the first quarter of 2014, Lamar Media recognized a $5.2 million loss on debt extinguishment which was a non-cash expense attributable to the write off of unamortized debt issuance fees associated with the then existing senior credit facility.

Interest expense decreased $5.7 million from $30.3 million for the three months ended March 31, 2014, to $24.5 million for the three months ended March 31, 2015, primarily resulting from the April 2014 refinancing of Lamar Media’s 7 7/8% Senior Subordinated Notes due in 2018 (the “7 7/8% Notes”).

The increase in operating income, decrease in interest expense and decreases in other-than-temporary impairment of investment and loss on debt extinguishment resulted in a $51.0 million increase in net income before income taxes. This increase in income resulted in an increase in income tax expense of $5.5 million for the three months ended March 31, 2015 over the same period in 2014. The effective tax rate for the three months ended March 31, 2015 was 4.7%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.

 

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As a result of the above factors, Lamar Media recognized net income for the three months ended March 31, 2015 of $40.8 million, as compared to a net loss of $4.8 million for the same period in 2014.

Reconciliations:

Because acquisitions occurring after December 31, 2013 (the “acquired assets”) have contributed to our net revenue results for the periods presented, we provide 2014 acquisition-adjusted net revenue, which adjusts our 2014 net revenue for the three months ended March 31, 2014 by adding to or subtracting from it the net revenue generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the three months ended March 31, 2015.

Reconciliations of 2014 reported net revenue to 2014 acquisition-adjusted net revenue for the three months ended March 31, as well as a comparison of 2014 acquisition-adjusted net revenue to 2015 reported net revenue for the three months ended March 31, are provided below:

Reconciliation and Comparison of Reported Net Revenue to Acquisition-Adjusted Net Revenue 

 

     Three months ended
March 31,
 
     2015      2014  
     (in thousands)  

Reported net revenue

   $ 302,477       $ 284,933   

Acquisition net revenue

     —          2,722   
  

 

 

    

 

 

 

Adjusted totals

$ 302,477    $ 287,655   
  

 

 

    

 

 

 

 

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Lamar Advertising Company and Lamar Media Corp.

The Company is exposed to interest rate risk in connection with variable rate debt instruments issued by its wholly owned subsidiary Lamar Media. The information below summarizes the Company’s interest rate risk associated with its principal variable rate debt instruments outstanding at March 31, 2015 and should be read in conjunction with Note 8 of the Notes to the Company’s Consolidated Financial Statements in the 2014 Combined Form 10-K.

Loans under Lamar Media’s senior credit facility bear interest at variable rates equal to the Adjusted LIBO Rate or Adjusted Base Rate plus the applicable margin. Because the Adjusted LIBO Rate or Adjusted Base Rate may increase or decrease at any time, the Company is exposed to market risk as a result of the impact that changes in these base rates may have on the interest rate applicable to borrowings under the senior credit facility. Increases in the interest rates applicable to borrowings under the senior credit facility would result in increased interest expense and a reduction in the Company’s net income.

At March 31, 2015, there was approximately $407 million of aggregate indebtedness outstanding under the senior credit facility or approximately 20.8% of the Company’s outstanding long-term debt on that date, bearing interest at variable rates. The aggregate interest expense for the three months ended March 31, 2015 with respect to borrowings under the senior credit facility was $2.5 million, and the weighted average interest rate applicable to borrowings under this credit facility during the three months ended March 31, 2015 was 2.2%. Assuming that the weighted average interest rate was 200-basis points higher (that is 4.2% rather than 2.2%), then the Company’s three months ended March 31, 2015 interest expense would have increased by $1.9 million for the three months ended March 31, 2015.

The Company attempted to mitigate the interest rate risk resulting from its variable interest rate long-term debt instruments by issuing fixed rate long-term debt instruments and maintaining a balance over time between the amount of the Company’s variable rate and fixed rate indebtedness. In addition, the Company has the capability under the senior credit facility to fix the interest rates applicable to its borrowings at an amount equal to LIBOR plus the applicable margin for periods of up to twelve months (in certain cases with the consent of the lenders), which would allow the Company to mitigate the impact of short-term fluctuations in market interest rates. In the event of an increase in interest rates, the Company may take further actions to mitigate its exposure. The Company cannot guarantee, however, that the actions that it may take to mitigate this risk will be feasible or that, if these actions are taken, that they will be effective.

 

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Table of Contents
ITEM 4. CONTROLS AND PROCEDURES

a) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures.

The Company’s and Lamar Media’s management, with the participation of the principal executive officer and principal financial officer of the Company and Lamar Media, have evaluated the effectiveness of the design and operation of the Company’s and Lamar Media’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report. Based on this evaluation, the principal executive officer and principal financial officer of the Company and Lamar Media concluded that these disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in the Company’s and Lamar Media’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods.

b) Changes in Internal Control Over Financial Reporting.

There was no change in the internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) of the Company and Lamar Media identified in connection with the evaluation of the Company’s and Lamar Media’s internal control performed during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s and Lamar Media’s internal control over financial reporting.

PART II OTHER INFORMATION

 

ITEM 1A. RISK FACTORS

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our combined Annual Report on Form 10-K for the year ended December 31, 2014, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our Class A common stock. There have been no material changes to our risk factors since our combined Annual Report on Form 10-K for the year ended December 31, 2014.

 

ITEM. 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth the Company’s repurchases of its securities during the three-month period ending on March 31, 2015:

 

Period

   Total
Number of
Shares
Purchased (1)
     Average
Price Paid
Per Share (1)
     Total Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs
     Approximate
Dollar Value of
Shares that May
Yet Be
Purchased
Under the Plans
or Programs
 

January 1-31, 2015

     —        $ —          —        $ —    

February 1-28, 2015

     104,836         58.18         —          —    

March 1-31, 2015

     —          —          —          —    
  

 

 

       

 

 

    

 

 

 

Three months ended March 31, 2015

  104,836    $ 58.18      —     $ 250,000,000  
  

 

 

       

 

 

    

 

 

 

 

(1)  Represents the acquisition of an aggregate of 104,836 shares of the Company’s Class A Common Stock from individuals in order to satisfy tax withholding requirements in connection with the issuance of stock awards under equity compensation plans during the first quarter.

 

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.

 

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Table of Contents

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: May 6, 2015 BY:

/s/ Keith A. Istre

Chief Financial and Accounting Officer and Treasurer
LAMAR MEDIA CORP.
DATED: May 6, 2015 BY:

/s/ Keith A. Istre

Chief Financial and Accounting Officer and Treasurer

 

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Table of Contents

INDEX TO EXHIBITS

 

Exhibit

Number

 

Description

    3.1   Restated Certificate of Incorporation of Lamar Advertising Company (the “Company”). Previously filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-K (File No. 0-30242) filed on March 15, 2006 and incorporated herein by reference.
    3.2   Amended and Restated Certificate of Incorporation of Lamar Media Corp. (“Lamar Media”). Previously filed as Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2007 (File No. 0-30242) filed on May 10, 2007 and incorporated herein by reference.
    3.3   Amended and Restated Bylaws of the Company. Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 0-30242) filed on August 27, 2007 and incorporated herein by reference.
    3.4   Amended and Restated Bylaws of Lamar Media. Previously filed as Exhibit 3.1 to Lamar Media’s Quarterly Report on Form 10-Q for the period ended September 30, 1999 (File No. 1-12407) filed on November 12, 1999 and incorporated herein by reference.
  10.1   Summary of Compensatory Arrangements. Previously filed on the Company’s Current Report on Form 8-K (File No. 1-36756) filed on March 16, 2015 and incorporated herein by reference.
  12(a)   Statement regarding computation of earnings to fixed charges for the Company. Filed herewith.
  12(b)   Statement regarding computation of earnings to fixed charges for Lamar Media. Filed herewith.
  31.1   Certification of the Chief Executive Officer of the 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 the 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 the Company and Lamar Media on Form 10-Q for the quarter ended March 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014 of the Company and Lamar Media, (ii) Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 of the Company and Lamar Media, (iii) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014 of the Company and Lamar Media, and (iv) Notes to Condensed Consolidated Financial Statements of the Company and Lamar Media.

 

29

EX-12.(A) 2 d905665dex12a.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,     MARCH 31,  

(dollars in thousands)

   2010(2)     2011      2012      2013      2014     2015      2014(2)  

Net (loss) income

   $ (38,970   $ 6,858       $ 7,890       $ 40,139       $ 253,518      $ 40,716       $ (4,837

Income tax (benefit) expense

     (22,746     5,542         8,242         22,841         (110,092     2,008         (3,487

Fixed charges

     254,098        239,842         227,520         221,584         182,472        44,206         49,135   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Earnings

  192,382      252,242      243,652      284,564      325,898      86,930      40,811   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Interest expense, Net

  185,681      170,524      156,762      146,112      105,152      24,530      30,223   

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

  68,052      68,953      70,393      75,107      76,955      19,585      18,821   

Preferred dividends

  365      365      365      365      365      91      91   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Fixed charges

  254,098      239,842      227,520      221,584      182,472      44,206      49,135   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges

  0.8x      1.1x      1.1x      1.3x      1.8x      2.0x      0.8x   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(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 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 and the three months ended March 31, 2014, earnings were insufficient to cover fixed charges by $61.7 million and $8.3 million, respectively.
EX-12.(B) 3 d905665dex12b.htm EX-12.(B) EX-12.(b)

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,     MARCH 31,  

(dollars in thousands)

   2010(2)     2011      2012      2013      2014     2015      2014(2)  

Net (loss) income

   $ (39,066   $ 6,920       $ 8,115       $ 40,338       $ 287,035      $ 40,804       $ (4,778

Income tax (benefit) expense

     (22,490     5,838         8,353         22,977         (143,264     2,008         (3,444

Fixed charges

     253,569        239,477         227,155         221,219         182,107        44,115         49,044   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Earnings

  192,013      252,235      243,623      284,534      325,878      86,927      40,822   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Interest expense, net

  185,517      170,524      156,762      146,112      105,152      24,530      30,223   

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

  68,052      68,953      70,393      75,107      76,955      19,585      18,821   

Preferred dividends

  0      0      0      0      0      0      0   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Fixed charges

  253,569      239,477      227,155      221,219      182,107      44,115      49,044   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges

  0.8x      1.1x      1.1x      1.3x      1.8x      2.0x      0.8x   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(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 year ended December 31, 2010 and the three months ended March 31, 2014, earnings were insufficient to cover fixed charges by $61.6 million and $8.2 million, respectively.
EX-31.1 4 d905665dex311.htm EX-31.1 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 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: May 6, 2015

 

/s/ Sean E. Reilly

Sean E. Reilly
Chief Executive Officer, Lamar Advertising Company
Chief Executive Officer, Lamar Media Corp.
EX-31.2 5 d905665dex312.htm EX-31.2 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 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: May 6, 2015

 

/s/ Keith A. Istre

Keith A. Istre

Chief Financial Officer, Lamar Advertising Company

Chief Financial Officer, Lamar Media Corp.

EX-32.1 6 d905665dex321.htm EX-32.1 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 of Lamar and Media for the three months ended March 31, 2015 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 fairly presents, in all material respects, the financial condition and results of operations of Lamar and Media.

 

Dated: May 6, 2015 By:

/s/ Sean E. Reilly

Sean E. Reilly
Chief Executive Officer, Lamar Advertising Company
Chief Executive Officer, Lamar Media Corp.
Dated: May 6, 2015 By:

/s/ Keith A. Istre

Keith A. Istre
Chief Financial Officer, Lamar Advertising Company
Chief Financial Officer, Lamar Media Corp.
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The number of dilutive shares excluded from this calculation because of their anti-dilutive effect for stock options is 462,977 for the three months ended March&#xA0;31, 2014. There were no anti-dilutive shares excluded from the calculation for the three months ended March&#xA0;31, 2015.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The following is a summary of intangible assets at March&#xA0;31, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="53%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" rowspan="2">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" rowspan="2" colspan="2" align="center"><b>Estimated<br /> Life<br /> (Years)</b></td> <td valign="bottom" rowspan="2">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>March&#xA0;31, 2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>December&#xA0;31, 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Gross&#xA0;Carrying<br /> Amount</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Accumulated<br /> Amortization</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Gross&#xA0;Carrying<br /> Amount</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Accumulated<br /> Amortization</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Amortizable Intangible Assets:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Customer lists and contracts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7&#xA0;&#x2013;&#xA0;10</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">501,033</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">471,729</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">499,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">470,170</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Non-competition agreements</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3&#xA0;&#x2013;&#xA0;15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">64,201</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">63,254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">64,062</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">63,192</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Site locations</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,542,113</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,209,060</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,531,161</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,194,709</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5&#xA0;&#x2013;&#xA0;15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,496</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,485</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,121,355</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,757,539</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,108,541</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,741,556</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Unamortizable Intangible Assets:</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Goodwill</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,768,987</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">253,536</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,766,304</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">253,536</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> </div> 10-Q LAMAR ADVERTISING CO/NEW LAMR <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> 5. <u>Asset Retirement Obligations</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company&#x2019;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&#x2019;s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at December&#xA0;31, 2014</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">204,327</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Additions to asset retirement obligations</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">532</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Accretion expense</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,267</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Liabilities settled</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(778</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at March&#xA0;31, 2015</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">205,348</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> 4. <u>Goodwill and Other Intangible Assets</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The following is a summary of intangible assets at March&#xA0;31, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="53%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" rowspan="2">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" rowspan="2" colspan="2" align="center"><b>Estimated<br /> Life<br /> (Years)</b></td> <td valign="bottom" rowspan="2">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>March&#xA0;31, 2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>December&#xA0;31, 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Gross&#xA0;Carrying<br /> Amount</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Accumulated<br /> Amortization</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Gross&#xA0;Carrying<br /> Amount</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Accumulated<br /> Amortization</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Amortizable Intangible Assets:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Customer lists and contracts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7&#xA0;&#x2013;&#xA0;10</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">501,033</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">471,729</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">499,310</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">470,170</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Non-competition agreements</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3&#xA0;&#x2013;&#xA0;15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">64,201</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">63,254</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">64,062</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">63,192</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Site locations</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,542,113</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,209,060</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,531,161</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,194,709</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Other</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5&#xA0;&#x2013;&#xA0;15</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,496</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14,008</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,485</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,121,355</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,757,539</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,108,541</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,741,556</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Unamortizable Intangible Assets:</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Goodwill</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,768,987</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">253,536</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,766,304</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">253,536</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The following table reflects information related to our asset retirement obligations:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at December&#xA0;31, 2014</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">204,327</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Additions to asset retirement obligations</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">532</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Accretion expense</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,267</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Liabilities settled</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(778</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance at March&#xA0;31, 2015</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">205,348</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> <div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 10. <u>Information about Geographic Areas</u></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Revenues from external customers attributable to foreign countries totaled $6,442 and $7,159 for the three months ended March&#xA0;31, 2015 and 2014, respectively. Net carrying value of long lived assets located in foreign countries totaled $6,590 and $7,324 as of March&#xA0;31, 2015 and December&#xA0;31, 2014, respectively. All other revenues from external customers and long lived assets relate to domestic operations.</p> </div> Large Accelerated Filer 54731000 Vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. 2015-03-31 37298 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Long-term debt consists of the following at March&#xA0;31, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>March&#xA0;31,<br /> 2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Senior Credit Facility</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">407,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">353,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5 7/8% Senior Subordinated Notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">500,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">500,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5% Senior Subordinated Notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">535,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">535,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5 3/8% Senior Notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">510,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">510,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Other notes with various rates and terms</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,171</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,145</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,953,171</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,899,895</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Less current maturities</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(15,656</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(15,625</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Long-term debt, excluding current maturities</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,937,515</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,884,270</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> false --12-31 2015 95742148 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> 8. <u>Long-term Debt</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Long-term debt consists of the following at March&#xA0;31, 2015 and December&#xA0;31, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>March&#xA0;31,<br /> 2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Senior Credit Facility</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">407,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">353,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5 7/8% Senior Subordinated Notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">500,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">500,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5% Senior Subordinated Notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">535,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">535,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5 3/8% Senior Notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">510,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">510,000</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Other notes with various rates and terms</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,171</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,145</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,953,171</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,899,895</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Less current maturities</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(15,656</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(15,625</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Long-term debt, excluding current maturities</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,937,515</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,884,270</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i><u>5 7/8% Senior Subordinated Notes</u></i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On February&#xA0;9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the &#x201C;5 7/8% Notes&#x201D;). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 7/8% Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February&#xA0;1, 2015, provided that following the redemption, at least 65% of the 5 7/8% Notes that were originally issued remain outstanding. At any time prior to February&#xA0;1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after February&#xA0;1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder&#x2019;s 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i><u>5% Senior Subordinated Notes</u></i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On October&#xA0;30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the &#x201C;5% Notes&#x201D;). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Lamar Media may redeem up to 35% of the aggregate principal amount of the 5% Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November&#xA0;1, 2015, provided that following the redemption, at least 65% of the 5% Notes that were originally issued remain outstanding. At any time prior to May&#xA0;1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May&#xA0;1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder&#x2019;s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i><u>5 3/8% Senior Notes</u></i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On January&#xA0;10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the &#x201C;5 3/8% Senior Notes&#x201D;). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Senior Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January&#xA0;15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Senior Notes that were originally issued remain outstanding. At any time prior to January&#xA0;15, 2019, Lamar Media may redeem some or all of the 5 3/8% Senior Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January&#xA0;15, 2019, Lamar Media may redeem the 5 3/8% Senior Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Senior Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder&#x2019;s 5 3/8% Senior Notes at a price equal to 101% of the principal amount of the 5&#xA0;3/8% Senior Notes, plus accrued and unpaid interest, up to but not including the repurchase date.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i><u>Senior Credit Facility</u></i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On February&#xA0;3, 2014, Lamar Media entered into a Second Restatement Agreement (the &#x201C;Second Restatement Agreement&#x201D;) with the Company, certain of Lamar Media&#x2019;s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media&#x2019;s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement (such Second and Amended and Restated Credit Agreement together with the Second Restatement Agreement being herein referred to as the &#x201C;senior credit facility&#x201D;). The senior credit facility consists of a $400,000 revolving credit facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. We may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> On April&#xA0;18, 2014, Lamar Media entered into Amendment No.&#xA0;1 to the Second Amended and Restated Credit Agreement (the &#x201C;Amendment&#x201D;) with Lamar Advertising, certain of Lamar Media&#x2019;s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein under which the parties agreed to amend Lamar Media&#x2019;s existing senior credit facility on the terms set forth in the Amendment. The Amendment created a new $300,000 Term A Loan facility (the &#x201C;Term A Loans&#x201D;) and certain other amendments to the senior credit agreement. The Term A Loans are not incremental loans and do not reduce the existing $500,000 Incremental Loan facility. Lamar Media borrowed all $300,000 in Term A Loans on April&#xA0;18, 2014. The net loan proceeds, together with borrowings under the revolving portion of the senior credit facility and cash on hand, were used to fund the redemption of all $400,000 in aggregate principal amount of Lamar Media&#x2019;s 7&#xA0;7/8% Notes due 2018 on April&#xA0;21, 2014.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> The Term A Loans began amortizing on June&#xA0;30, 2014 in quarterly installments on each September&#xA0;30,&#xA0;December&#xA0;31,&#xA0;March&#xA0;31, and June&#xA0;30 thereafter, as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="82%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 75.85pt"> Principal Payment Date</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Principal&#xA0;Amount</td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> June&#xA0;30, 2015-March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> June&#xA0;30,&#xA0;2016-&#xA0;March&#xA0;31,&#xA0;2017</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,625</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> June&#xA0;30, 2017-December&#xA0;31, 2018</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,250</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Term A Loan Maturity Date</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">168,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (&#x201C;Eurodollar loans&#x201D;) or the Adjusted Base Rate (&#x201C;Base Rate loans&#x201D;), at Lamar Media&#x2019;s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (&#x201C;Eurodollar loans&#x201D;) or the Adjusted Base Rate (&#x201C;Base Rate loans&#x201D;), at Lamar Media&#x2019;s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> As of March&#xA0;31, 2015, there was $122,000 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $6,846 in letters of credit outstanding as of March&#xA0;31, 2015 resulting in $271,154 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February&#xA0;2, 2019, and bear interest, at Lamar Media&#x2019;s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media&#x2019;s ratio of debt to trailing four quarters EBITDA, as defined in the senior credit facility.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The terms of Lamar Media&#x2019;s senior credit facility and the indentures relating to Lamar Media&#x2019;s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">dispose of assets;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">incur or repay debt;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">create liens;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">make investments; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">pay dividends.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The senior credit facility contains provisions that allows Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Lamar Media&#x2019;s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media&#x2019;s senior credit facility the Company must maintain a specified senior debt ratio at all times and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit agreement provisions during the periods presented.</p> </div> <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The following is a summary of 2009 ESPP share activity for the period ended March&#xA0;31, 2015:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Available for future purchases, January&#xA0;1, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">307,448</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Additional shares reserved under 2009 ESPP</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80,932</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Purchases</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(31,765</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Available for future purchases, March&#xA0;31, 2015</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">356,615</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div> 0001090425 0.68 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> 2. <u>Stock-Based Compensation</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <i>Equity Incentive Plan.</i> Lamar Advertising&#x2019;s 1996 Equity Incentive Plan, as amended (the &#x201C;Incentive Plan&#x201D;) has reserved 15.5&#xA0;million shares of Class&#xA0;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&#xA0;A common stock as reported on the NASDAQ Global Select Market on the date of grant.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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 5,000 shares of its Class&#xA0;A common stock during the three months ended March&#xA0;31, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i>Stock Purchase Plan.</i> In 2009 our Board of Directors adopted a new employee stock purchase plan, the 2009 Employee Stock Purchase Plan or 2009 ESPP, which was approved by our shareholders on May&#xA0;28, 2009. The 2009 ESPP reserved 588,154 shares of Class&#xA0;A common stock for issuance to our employees, which included 88,154 shares of Class&#xA0;A common stock that had been available for issuance under our 2000 Employee Stock Purchase Plan or 2000 ESPP. 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&#xA0;1, 2009 and ended June&#xA0;30, 2009. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The number of shares of Class&#xA0;A common stock available under the 2009 ESPP was automatically increased by 80,932 shares on January&#xA0;1, 2015 pursuant to the automatic increase provisions of the 2009 ESPP.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The following is a summary of 2009 ESPP share activity for the period ended March&#xA0;31, 2015:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Available for future purchases, January&#xA0;1, 2015</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">307,448</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Additional shares reserved under 2009 ESPP</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80,932</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Purchases</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(31,765</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Available for future purchases, March&#xA0;31, 2015</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">356,615</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i>Performance-based compensation.</i> Unrestricted shares of our Class&#xA0;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&#x2019;s Compensation Committee based on our 2015 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2016. 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 three months ended March&#xA0;31, 2015, the Company has recorded $1,402 as stock-based 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&#xA0;A common stock. The awards vest 50% on grant date and 50% on the last day of each director&#x2019;s one-year term. The Company recorded $35 as non-cash compensation expense related to these non-employee director awards for the three months ended March&#xA0;31, 2015.</p> </div> 0.42 <div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 9. <u>Fair Value of Financial Instruments</u></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> At March&#xA0;31, 2015 and December&#xA0;31, 2014, the Company&#x2019;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 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&#x2019;s long term debt (including current maturities) was $2,014,351 which exceeded the carrying amount of $1,953,171 as of March&#xA0;31, 2015. The majority of the fair value is determined using observed market prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).</p> </div> <div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 1. <u>Significant Accounting Policies</u></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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&#x2019;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&#x2019;s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.</p> </div> Q1 0 95704850 1610000 532000 3755000 1438000 180000 8787000 19647000 67254000 39106000 -24530000 587000 42724000 6099000 -4000 1836000 302477000 29041000 40625000 40716000 2000 30869000 65314000 2772000 22926000 778000 -1187000 -1131000 24532000 1158000 1267000 1672000 6511000 2008000 -2819000 15529000 4414000 -10099000 -44270000 113232000 235223000 49230000 15391000 91000 59206000 92000000 3901000 1714000 2613000 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> The Term A Loans began amortizing on June&#xA0;30, 2014 in quarterly installments on each September&#xA0;30,&#xA0;December&#xA0;31,&#xA0;March&#xA0;31, and June&#xA0;30 thereafter, as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="82%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 75.85pt"> Principal Payment Date</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Principal&#xA0;Amount</td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> June&#xA0;30, 2015-March&#xA0;31, 2016</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> June&#xA0;30,&#xA0;2016-&#xA0;March&#xA0;31,&#xA0;2017</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,625</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> June&#xA0;30, 2017-December&#xA0;31, 2018</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,250</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Term A Loan Maturity Date</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">168,750</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> </table> </div> 35000000 15.95 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations and Comprehensive Income (Loss) are:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Three months ended<br /> March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Direct advertising expenses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,085</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,592</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> General and administrative expenses</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">723</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,021</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; 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    Long-term Debt - Additional Information (Detail) (USD $)
    In Thousands, unless otherwise specified
    0 Months Ended 3 Months Ended 0 Months Ended
    Apr. 18, 2014
    Mar. 31, 2015
    Feb. 09, 2012
    Oct. 30, 2012
    Jan. 10, 2014
    Feb. 03, 2014
    Debt Instrument [Line Items]            
    Interest rate on convertible notes 7.875%us-gaap_DebtInstrumentInterestRateStatedPercentage          
    Amended and restated date Apr. 18, 2014          
    Remaining borrowing capacity under revolving credit facility   271,154us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity        
    Letter of Credit [Member]            
    Debt Instrument [Line Items]            
    Outstanding revolving credit facility   122,000us-gaap_LineOfCredit
    / us-gaap_ShortTermDebtTypeAxis
    = us-gaap_LetterOfCreditMember
           
    Letter of credit outstanding   6,846us-gaap_DebtorInPossessionFinancingLettersOfCreditOutstanding
    / us-gaap_ShortTermDebtTypeAxis
    = us-gaap_LetterOfCreditMember
           
    Term A Loan Facility [Member]            
    Debt Instrument [Line Items]            
    Maximum borrowing limit of incremental loan facility 300,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
             
    Term A Loan Facility [Member] | LIBO Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 2.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Ratio of indebtedness to net capital minimum 1lamr_RatioOfIndebtednessToNetCapitalMinimum
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Ratio of indebtedness to net capital one 3.00lamr_RatioOfIndebtednessToNetCapitalOne
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Term A Loan Facility [Member] | Base Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 1.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Ratio of indebtedness to net capital minimum 1lamr_RatioOfIndebtednessToNetCapitalMinimum
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Ratio of indebtedness to net capital one 3.00lamr_RatioOfIndebtednessToNetCapitalOne
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToThreeMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 0.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = lamr_TermaLoanFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToThreeMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Revolving Credit Facility [Member] | LIBO Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 2.25%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Ratio of indebtedness to net capital minimum 1lamr_RatioOfIndebtednessToNetCapitalMinimum
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Ratio of indebtedness to net capital one 3.00lamr_RatioOfIndebtednessToNetCapitalOne
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Revolving Credit Facility [Member] | Base Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 1.25%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Ratio of indebtedness to net capital minimum 1lamr_RatioOfIndebtednessToNetCapitalMinimum
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Ratio of indebtedness to net capital one 3.00lamr_RatioOfIndebtednessToNetCapitalOne
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Revolving Credit Facility [Member] | LAMAR MEDIA CORP [Member]            
    Debt Instrument [Line Items]            
    Revolving credit facility maturity date   Feb. 02, 2019        
    Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToThreeMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 0.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToThreeMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | LIBO Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 2.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToFourPointTwoFiveMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Ratio of indebtedness to net capital minimum 1lamr_RatioOfIndebtednessToNetCapitalMinimum
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToFourPointTwoFiveMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Ratio of indebtedness to net capital one 4.25lamr_RatioOfIndebtednessToNetCapitalOne
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToFourPointTwoFiveMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
             
    Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | Base Rate [Member]            
    Debt Instrument [Line Items]            
    Adjusted Rate 1.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToFourPointTwoFiveMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Ratio of indebtedness to net capital minimum 1lamr_RatioOfIndebtednessToNetCapitalMinimum
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToFourPointTwoFiveMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    Ratio of indebtedness to net capital one 4.25lamr_RatioOfIndebtednessToNetCapitalOne
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_RangeAxis
    = lamr_DebtRatioLessThanOrEqualToFourPointTwoFiveMember
    / us-gaap_VariableRateAxis
    = us-gaap_BaseRateMember
             
    5 7/8% Senior Subordinated Notes [Member]            
    Debt Instrument [Line Items]            
    Interest rate on convertible notes   5.875%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
    5.875%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Aggregate principal amount of debt issued     500,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Net proceeds from the issuance of debt     489,000us-gaap_ProceedsFromDebtNetOfIssuanceCosts
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Redemption percentage of aggregate principal amount of senior notes     35.00%lamr_DebtInstrumentPrincipalAmountRedemptionPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Additional redeemed percentage of aggregate principal amount     105.875%lamr_DebtInstrumentPrincipalAmountRedeemedIncludingRedemptionPremiumPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Redemption percentage of issued notes which remain outstanding     65.00%us-gaap_DebtInstrumentRedemptionPricePercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Redemption percentage equal to principal amount include aggregate premium     100.00%us-gaap_DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    Redemption price percentage of the principal amount to be purchased     101.00%lamr_DebtInstrumentPurchasePriceAfterChangeOfControlPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
         
    5% Senior Subordinated Notes [Member]            
    Debt Instrument [Line Items]            
    Interest rate on convertible notes   5.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
      5.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Aggregate principal amount of debt issued       535,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Net proceeds from the issuance of debt       527,100us-gaap_ProceedsFromDebtNetOfIssuanceCosts
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Redemption percentage of aggregate principal amount of senior notes       35.00%lamr_DebtInstrumentPrincipalAmountRedemptionPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Additional redeemed percentage of aggregate principal amount       105.00%lamr_DebtInstrumentPrincipalAmountRedeemedIncludingRedemptionPremiumPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Redemption percentage of issued notes which remain outstanding       65.00%us-gaap_DebtInstrumentRedemptionPricePercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Redemption percentage equal to principal amount include aggregate premium       100.00%us-gaap_DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    Redemption price percentage of the principal amount to be purchased       101.00%lamr_DebtInstrumentPurchasePriceAfterChangeOfControlPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
       
    5 3/8% Senior Notes [Member]            
    Debt Instrument [Line Items]            
    Interest rate on convertible notes   5.375%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
        5.375%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
     
    Aggregate principal amount of debt issued         510,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
     
    Net proceeds from the issuance of debt         502,300us-gaap_ProceedsFromDebtNetOfIssuanceCosts
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
     
    Redemption percentage of aggregate principal amount of senior notes       35.00%lamr_DebtInstrumentPrincipalAmountRedemptionPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
       
    Additional redeemed percentage of aggregate principal amount       105.375%lamr_DebtInstrumentPrincipalAmountRedeemedIncludingRedemptionPremiumPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
       
    Redemption percentage of issued notes which remain outstanding       65.00%us-gaap_DebtInstrumentRedemptionPricePercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
       
    Redemption percentage equal to principal amount include aggregate premium       100.00%us-gaap_DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
       
    Redemption price percentage of the principal amount to be purchased       101.00%lamr_DebtInstrumentPurchasePriceAfterChangeOfControlPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
       
    Senior Credit Facility [Member] | Letter of Credit [Member]            
    Debt Instrument [Line Items]            
    Maximum borrowing limit of incremental loan facility           400,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_LongtermDebtTypeAxis
    = lamr_SeniorCreditFacilityMember
    / us-gaap_ShortTermDebtTypeAxis
    = us-gaap_LetterOfCreditMember
    Incremental Facility [Member]            
    Debt Instrument [Line Items]            
    Maximum borrowing limit of incremental loan facility 500,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_LongtermDebtTypeAxis
    = lamr_IncrementalFacilityMember
            500,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_LongtermDebtTypeAxis
    = lamr_IncrementalFacilityMember
    7 7/8% Senior Subordinated Notes [Member]            
    Debt Instrument [Line Items]            
    Aggregate principal amount of debt issued 400,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_LongtermDebtTypeAxis
    = lamr_SevenPointSevenByEightPercentSeniorSubordinatedNotesDueTwoThousandEighteenMember
             
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    Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations and Comprehensive Income (Loss) (Detail) (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Depreciation and Amortization Expense [Line Items]    
    Depreciation and amortization $ 49,230us-gaap_DepreciationAmortizationAndAccretionNet $ 69,526us-gaap_DepreciationAmortizationAndAccretionNet
    Direct Advertising Expenses [Member]    
    Depreciation and Amortization Expense [Line Items]    
    Depreciation and amortization 45,085us-gaap_DepreciationAmortizationAndAccretionNet
    / us-gaap_IncomeStatementLocationAxis
    = lamr_AdvertisementExpenseMember
    65,592us-gaap_DepreciationAmortizationAndAccretionNet
    / us-gaap_IncomeStatementLocationAxis
    = lamr_AdvertisementExpenseMember
    General and Administrative Expenses [Member]    
    Depreciation and Amortization Expense [Line Items]    
    Depreciation and amortization 723us-gaap_DepreciationAmortizationAndAccretionNet
    / us-gaap_IncomeStatementLocationAxis
    = us-gaap_GeneralAndAdministrativeExpenseMember
    1,021us-gaap_DepreciationAmortizationAndAccretionNet
    / us-gaap_IncomeStatementLocationAxis
    = us-gaap_GeneralAndAdministrativeExpenseMember
    Corporate Expenses [Member]    
    Depreciation and Amortization Expense [Line Items]    
    Depreciation and amortization $ 3,422us-gaap_DepreciationAmortizationAndAccretionNet
    / us-gaap_IncomeStatementLocationAxis
    = lamr_CorporateExpensesMember
    $ 2,913us-gaap_DepreciationAmortizationAndAccretionNet
    / us-gaap_IncomeStatementLocationAxis
    = lamr_CorporateExpensesMember

    XML 18 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Information about Geographic Areas - Additional Information (Detail) (Foreign Countries [Member], USD $)
    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Dec. 31, 2014
    Revenues from External Customers and Long-Lived Assets [Line Items]      
    Net carrying value of long lived assets $ 6,590us-gaap_NoncurrentAssets   $ 7,324us-gaap_NoncurrentAssets
    External Customers [Member]      
    Revenues from External Customers and Long-Lived Assets [Line Items]      
    Revenue from external customers $ 6,442us-gaap_Revenues
    / us-gaap_MajorCustomersAxis
    = lamr_ExternalCustomersMember
    / us-gaap_StatementGeographicalAxis
    = lamr_ForeignCountriesMember
    $ 7,159us-gaap_Revenues
    / us-gaap_MajorCustomersAxis
    = lamr_ExternalCustomersMember
    / us-gaap_StatementGeographicalAxis
    = lamr_ForeignCountriesMember
     
    XML 19 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Goodwill and Other Intangible Assets
    3 Months Ended
    Mar. 31, 2015
    Goodwill and Intangible Assets Disclosure [Abstract]  
    Goodwill and Other Intangible Assets

    4. Goodwill and Other Intangible Assets

    The following is a summary of intangible assets at March 31, 2015 and December 31, 2014:

     

         Estimated
    Life
    (Years)
         March 31, 2015      December 31, 2014  
          Gross Carrying
    Amount
         Accumulated
    Amortization
         Gross Carrying
    Amount
         Accumulated
    Amortization
     

    Amortizable Intangible Assets:

                  

    Customer lists and contracts

         7 – 10       $ 501,033       $ 471,729       $ 499,310       $ 470,170   

    Non-competition agreements

         3 – 15         64,201         63,254         64,062         63,192   

    Site locations

         15         1,542,113         1,209,060         1,531,161         1,194,709   

    Other

         5 – 15         14,008         13,496         14,008         13,485   
         

     

     

        

     

     

        

     

     

        

     

     

     
    $ 2,121,355    $ 1,757,539    $ 2,108,541    $ 1,741,556   

    Unamortizable Intangible Assets:

    Goodwill

    $ 1,768,987    $ 253,536    $ 1,766,304    $ 253,536   
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    Summarized Financial Information of Subsidiaries - Additional Information (Detail) (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Dec. 31, 2014
    Debt Instrument [Line Items]    
    Balance of permitted transfers to parent company $ 2,299,498lamr_BalanceOfPermittedTransfersToParentCompany $ 2,269,393lamr_BalanceOfPermittedTransfersToParentCompany
    Description of provisions on senior credit facility transfers to Lamar Advertising not subject to additional restrictions (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1.  
    Debt ratio 6.0lamr_MinimumHoldingDebtRatioForApplicabilityOfRestrictionOnTransfer  
    Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions The total debt ratio was less than 6.0 to 1 and Lamar Media's senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility.  
    Debt ratio related to actual position on senior credit facility 6.0lamr_MaximumActualHoldingsDebtRatio  
    Senior Credit Facility [Member]    
    Debt Instrument [Line Items]    
    Senior debt ratio 3.5us-gaap_RatioOfIndebtednessToNetCapital1
    / us-gaap_LongtermDebtTypeAxis
    = lamr_SeniorCreditAgreementMember
     
    Senior Subordinated Notes [Member] | Maximum [Member]    
    Debt Instrument [Line Items]    
    Senior debt ratio 3.5us-gaap_RatioOfIndebtednessToNetCapital1
    / us-gaap_LongtermDebtTypeAxis
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    = us-gaap_MaximumMember
     
    XML 22 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Asset Retirement Obligation Disclosure [Abstract]  
    Beginning Balance $ 204,327us-gaap_AssetRetirementObligationsNoncurrent
    Additions to asset retirement obligations 532us-gaap_AssetRetirementObligationLiabilitiesIncurred
    Accretion expense 1,267us-gaap_AssetRetirementObligationAccretionExpense
    Liabilities settled (778)us-gaap_AssetRetirementObligationLiabilitiesSettled
    Ending Balance $ 205,348us-gaap_AssetRetirementObligationsNoncurrent
    XML 23 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Earnings Per Share - Additional Information (Detail)
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Earnings Per Share [Abstract]    
    The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options 0us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount 462,977us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
    XML 24 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Long-term Debt - Long-Term Debt (Detail) (USD $)
    In Thousands, unless otherwise specified
    Mar. 31, 2015
    Dec. 31, 2014
    Debt Instrument [Line Items]    
    Long Term Debt $ 1,953,171us-gaap_LongTermDebt $ 1,899,895us-gaap_LongTermDebt
    Less current maturities (15,656)us-gaap_LongTermDebtCurrent (15,625)us-gaap_LongTermDebtCurrent
    Long-term debt, excluding current maturities 1,937,515us-gaap_LongTermDebtNoncurrent 1,884,270us-gaap_LongTermDebtNoncurrent
    Senior Credit Facility [Member]    
    Debt Instrument [Line Items]    
    Long Term Debt 407,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_SeniorCreditFacilityMember
    353,750us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_SeniorCreditFacilityMember
    5 7/8% Senior Subordinated Notes [Member]    
    Debt Instrument [Line Items]    
    Long Term Debt 500,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
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    500,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
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    5% Senior Subordinated Notes [Member]    
    Debt Instrument [Line Items]    
    Long Term Debt 535,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
    535,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
    5 3/8% Senior Notes [Member]    
    Debt Instrument [Line Items]    
    Long Term Debt 510,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
    510,000us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
    Other Notes with Various Rates and Terms [Member]    
    Debt Instrument [Line Items]    
    Long Term Debt $ 1,171us-gaap_LongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = lamr_OtherNotesWithVariousRatesAndTermsMember
    $ 1,145us-gaap_LongTermDebt
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    XML 25 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Depreciation and Amortization
    3 Months Ended
    Mar. 31, 2015
    Text Block [Abstract]  
    Depreciation and Amortization

    3. Depreciation and Amortization

    The Company includes all categories of depreciation and amortization on a separate line in its Statements of Operations and Comprehensive Income (Loss). The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations and Comprehensive Income (Loss) are:

     

         Three months ended
    March 31,
     
         2015      2014  

    Direct advertising expenses

       $ 45,085       $ 65,592   

    General and administrative expenses

         723         1,021   

    Corporate expenses

         3,422         2,913   
      

     

     

        

     

     

     
    $ 49,230    $ 69,526   
      

     

     

        

     

     

     

    Effective January 1, 2015, the Company changed its depreciation method from the double declining balance method to the straight-line method. The Company believes that the straight-line method better reflects the pattern of consumption of the future benefits to be derived from those assets being depreciated. The increase to operating income and net income and decrease to depreciation expense for the Company’s assets existing as of January 1, 2015 is $2,772 and $11,089 for the three months ended March 31, 2015 and the year to end December 31, 2015, respectively.

    XML 26 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Long-term Debt - Long-Term Debt (Parenthetical) (Detail)
    Apr. 18, 2014
    Mar. 31, 2015
    Feb. 09, 2012
    Oct. 30, 2012
    Jan. 10, 2014
    Debt Instrument [Line Items]          
    Interest rate on senior notes 7.875%us-gaap_DebtInstrumentInterestRateStatedPercentage        
    5 7/8% Senior Subordinated Notes [Member]          
    Debt Instrument [Line Items]          
    Interest rate on senior notes   5.875%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
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    5.875%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointSevenByEightPercentSeniorSubordinateNotesMember
       
    5% Senior Subordinated Notes [Member]          
    Debt Instrument [Line Items]          
    Interest rate on senior notes   5.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
      5.00%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePercentSeniorSubordinateNotesMember
     
    5 3/8% Senior Notes [Member]          
    Debt Instrument [Line Items]          
    Interest rate on senior notes   5.375%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
        5.375%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_LongtermDebtTypeAxis
    = lamr_FivePointThreeByEightPercentSeniorNotesMember
    XML 27 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Condensed Consolidated Balance Sheets (USD $)
    In Thousands, unless otherwise specified
    Mar. 31, 2015
    Dec. 31, 2014
    Current assets:    
    Cash and cash equivalents $ 32,546us-gaap_CashAndCashEquivalentsAtCarryingValue $ 26,035us-gaap_CashAndCashEquivalentsAtCarryingValue
    Receivables, net of allowance for doubtful accounts 168,527us-gaap_AccountsReceivableNetCurrent 169,610us-gaap_AccountsReceivableNetCurrent
    Prepaid expenses 65,368us-gaap_PrepaidExpenseCurrent 42,713us-gaap_PrepaidExpenseCurrent
    Deferred income tax assets 733us-gaap_DeferredTaxAssetsNetCurrent 729us-gaap_DeferredTaxAssetsNetCurrent
    Other current assets 42,678us-gaap_OtherAssetsCurrent 34,057us-gaap_OtherAssetsCurrent
    Total current assets 309,852us-gaap_AssetsCurrent 273,144us-gaap_AssetsCurrent
    Property, plant and equipment 3,124,302us-gaap_PropertyPlantAndEquipmentGross 3,110,385us-gaap_PropertyPlantAndEquipmentGross
    Less accumulated depreciation and amortization (2,042,636)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (2,026,745)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
    Net property, plant and equipment 1,081,666us-gaap_PropertyPlantAndEquipmentNet 1,083,640us-gaap_PropertyPlantAndEquipmentNet
    Goodwill 1,515,451us-gaap_Goodwill 1,512,768us-gaap_Goodwill
    Intangible assets 363,816us-gaap_FiniteLivedIntangibleAssetsNet 366,985us-gaap_FiniteLivedIntangibleAssetsNet
    Deferred financing costs, net of accumulated amortization 31,567us-gaap_DeferredFinanceCostsNoncurrentNet 32,725us-gaap_DeferredFinanceCostsNoncurrentNet
    Deferred income tax assets 13,535us-gaap_DeferredTaxAssetsNetNoncurrent 12,496us-gaap_DeferredTaxAssetsNetNoncurrent
    Other assets 39,337us-gaap_OtherAssetsNoncurrent 37,060us-gaap_OtherAssetsNoncurrent
    Total assets 3,355,224us-gaap_Assets 3,318,818us-gaap_Assets
    Current liabilities:    
    Trade accounts payable 18,051us-gaap_AccountsPayableCurrent 16,368us-gaap_AccountsPayableCurrent
    Current maturities of long-term debt 15,656us-gaap_LongTermDebtCurrent 15,625us-gaap_LongTermDebtCurrent
    Accrued expenses 84,484us-gaap_AccruedLiabilitiesCurrent 108,790us-gaap_AccruedLiabilitiesCurrent
    Deferred income 87,953us-gaap_DeferredRevenueCurrent 84,558us-gaap_DeferredRevenueCurrent
    Total current liabilities 206,144us-gaap_LiabilitiesCurrent 225,341us-gaap_LiabilitiesCurrent
    Long-term debt 1,937,515us-gaap_LongTermDebtNoncurrent 1,884,270us-gaap_LongTermDebtNoncurrent
    Asset retirement obligation 205,348us-gaap_AssetRetirementObligationsNoncurrent 204,327us-gaap_AssetRetirementObligationsNoncurrent
    Other liabilities 25,029us-gaap_OtherLiabilitiesNoncurrent 23,414us-gaap_OtherLiabilitiesNoncurrent
    Total liabilities 2,374,036us-gaap_Liabilities 2,337,352us-gaap_Liabilities
    Stockholder's equity:    
    Additional paid-in capital 1,643,803us-gaap_AdditionalPaidInCapitalCommonStock 1,611,775us-gaap_AdditionalPaidInCapitalCommonStock
    Accumulated comprehensive income 844us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax 2,454us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
    Accumulated deficit (657,457)us-gaap_RetainedEarningsAccumulatedDeficit (632,859)us-gaap_RetainedEarningsAccumulatedDeficit
    Stockholder's equity 981,188us-gaap_StockholdersEquity 981,466us-gaap_StockholdersEquity
    Cost of shares held in treasury, 104,836 and 0 shares at 2015 and 2014, respectively (6,099)us-gaap_TreasuryStockValue  
    Total liabilities and stockholder's equity 3,355,224us-gaap_LiabilitiesAndStockholdersEquity 3,318,818us-gaap_LiabilitiesAndStockholdersEquity
    LAMAR MEDIA CORP [Member]    
    Current assets:    
    Cash and cash equivalents 32,046us-gaap_CashAndCashEquivalentsAtCarryingValue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    25,535us-gaap_CashAndCashEquivalentsAtCarryingValue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Receivables, net of allowance for doubtful accounts 168,527us-gaap_AccountsReceivableNetCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    169,610us-gaap_AccountsReceivableNetCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Prepaid expenses 65,368us-gaap_PrepaidExpenseCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    42,713us-gaap_PrepaidExpenseCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Deferred income tax assets 733us-gaap_DeferredTaxAssetsNetCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    729us-gaap_DeferredTaxAssetsNetCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other current assets 42,678us-gaap_OtherAssetsCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    34,057us-gaap_OtherAssetsCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Total current assets 309,352us-gaap_AssetsCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    272,644us-gaap_AssetsCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Property, plant and equipment 3,124,302us-gaap_PropertyPlantAndEquipmentGross
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    3,110,385us-gaap_PropertyPlantAndEquipmentGross
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Less accumulated depreciation and amortization (2,042,636)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (2,026,745)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
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    / dei_LegalEntityAxis
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    / dei_LegalEntityAxis
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    1,502,616us-gaap_Goodwill
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    Intangible assets 363,349us-gaap_FiniteLivedIntangibleAssetsNet
    / dei_LegalEntityAxis
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    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Deferred financing costs, net of accumulated amortization 29,613us-gaap_DeferredFinanceCostsNoncurrentNet
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    30,771us-gaap_DeferredFinanceCostsNoncurrentNet
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Deferred income tax assets 13,535us-gaap_DeferredTaxAssetsNetNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    12,496us-gaap_DeferredTaxAssetsNetNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other assets 34,051us-gaap_OtherAssetsNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    31,775us-gaap_OtherAssetsNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Total assets 3,336,865us-gaap_Assets
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    3,300,460us-gaap_Assets
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Current liabilities:    
    Trade accounts payable 18,051us-gaap_AccountsPayableCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    16,368us-gaap_AccountsPayableCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Current maturities of long-term debt 15,656us-gaap_LongTermDebtCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    15,625us-gaap_LongTermDebtCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Accrued expenses 80,522us-gaap_AccruedLiabilitiesCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    105,007us-gaap_AccruedLiabilitiesCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Deferred income 87,953us-gaap_DeferredRevenueCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    84,558us-gaap_DeferredRevenueCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Total current liabilities 202,182us-gaap_LiabilitiesCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    221,558us-gaap_LiabilitiesCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Long-term debt 1,937,515us-gaap_LongTermDebtNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    1,884,270us-gaap_LongTermDebtNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Asset retirement obligation 205,348us-gaap_AssetRetirementObligationsNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    204,327us-gaap_AssetRetirementObligationsNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other liabilities 25,029us-gaap_OtherLiabilitiesNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    23,414us-gaap_OtherLiabilitiesNoncurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Total liabilities 2,370,074us-gaap_Liabilities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    2,333,569us-gaap_Liabilities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Stockholder's equity:    
    Common stock, value 0us-gaap_CommonStockValue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    0us-gaap_CommonStockValue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Additional paid-in capital 2,714,244us-gaap_AdditionalPaidInCapitalCommonStock
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    2,682,216us-gaap_AdditionalPaidInCapitalCommonStock
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Accumulated comprehensive income 844us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    2,454us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Accumulated deficit (1,748,297)us-gaap_RetainedEarningsAccumulatedDeficit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (1,717,779)us-gaap_RetainedEarningsAccumulatedDeficit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Stockholder's equity 966,791us-gaap_StockholdersEquity
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    966,891us-gaap_StockholdersEquity
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Total liabilities and stockholder's equity 3,336,865us-gaap_LiabilitiesAndStockholdersEquity
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    3,300,460us-gaap_LiabilitiesAndStockholdersEquity
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Series AA Preferred Stock [Member]    
    Stockholder's equity:    
    Preferred stock, value 0us-gaap_PreferredStockValue
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    0us-gaap_PreferredStockValue
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    Common Class A [Member]    
    Stockholder's equity:    
    Common stock, value 82us-gaap_CommonStockValue
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    81us-gaap_CommonStockValue
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    Common Class B [Member]    
    Stockholder's equity:    
    Common stock, value $ 15us-gaap_CommonStockValue
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    $ 15us-gaap_CommonStockValue
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    XML 28 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Significant Accounting Policies
    3 Months Ended
    Mar. 31, 2015
    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 2014 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

    LAMAR MEDIA CORP [Member]  
    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 2014 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, 10, 11 and 12 to the condensed consolidated financial statements of the 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, as it is a wholly owned subsidiary of the Company.

    XML 29 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail)
    3 Months Ended
    Mar. 31, 2015
    June 30, 2015-March 31, 2016 [Member]  
    Debt Instrument [Line Items]  
    Principal payment date 2015-06-30 - 2016-03-31
    June 30, 2016- March 31, 2017 [Member]  
    Debt Instrument [Line Items]  
    Principal payment date 2016-06-30 - 2017-03-31
    June 30, 2017-December 31, 2018 [Member]  
    Debt Instrument [Line Items]  
    Principal payment date 2017-06-30 - 2018-12-31
    XML 30 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Long-term Debt (Tables)
    3 Months Ended
    Mar. 31, 2015
    Debt Disclosure [Abstract]  
    Long-Term Debt

    Long-term debt consists of the following at March 31, 2015 and December 31, 2014:

     

         March 31,
    2015
         December 31,
    2014
     

    Senior Credit Facility

       $ 407,000       $ 353,750   

    5 7/8% Senior Subordinated Notes

         500,000         500,000   

    5% Senior Subordinated Notes

         535,000         535,000   

    5 3/8% Senior Notes

         510,000         510,000   

    Other notes with various rates and terms

         1,171         1,145   
      

     

     

        

     

     

     
      1,953,171      1,899,895   

    Less current maturities

      (15,656   (15,625
      

     

     

        

     

     

     

    Long-term debt, excluding current maturities

    $ 1,937,515    $ 1,884,270   
      

     

     

        

     

     

     
    Schedule of Maturities of Long Term Debt

    The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows:

     

    Principal Payment Date

       Principal Amount  

    June 30, 2015-March 31, 2016

       $ 3,750   

    June 30, 2016- March 31, 2017

       $ 5,625   

    June 30, 2017-December 31, 2018

       $ 11,250   

    Term A Loan Maturity Date

       $ 168,750   
    XML 31 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Fair Value of Financial Instruments - Additional Information (Detail) (USD $)
    In Thousands, unless otherwise specified
    Mar. 31, 2015
    Fair Value Disclosures [Abstract]  
    Estimated fair value of Long-term debt (including current maturities) $ 2,014,351us-gaap_DebtInstrumentFairValue
    Carrying amount of company's long term debt $ 1,953,171us-gaap_DebtInstrumentCarryingAmount
    XML 32 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Stock-Based Compensation - Summary of Espp Share Activity (Detail) (2009 Employee Stock Purchase Plan [Member])
    3 Months Ended
    Mar. 31, 2015
    2009 Employee Stock Purchase Plan [Member]
     
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
    Available for future purchases, January 1, 2015 307,448us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    Additional shares reserved under 2009 ESPP 80,932lamr_ShareBasedCompensationArrangementByShareBasedPaymentAwardAdditionalNumberOfSharesReservedForAvailableForIssuance
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    Purchases (31,765)us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    Available for future purchases, March 31, 2015 356,615us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    XML 33 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 34 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Stock-Based Compensation
    3 Months Ended
    Mar. 31, 2015
    Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
    Stock-Based Compensation

    2. Stock-Based Compensation

    Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended (the “Incentive Plan”) has reserved 15.5 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 5,000 shares of its Class A common stock during the three months ended March 31, 2015.

    Stock Purchase Plan. In 2009 our Board of Directors adopted a new employee stock purchase plan, the 2009 Employee Stock Purchase Plan or 2009 ESPP, which was approved by our shareholders on May 28, 2009. The 2009 ESPP reserved 588,154 shares of Class A common stock for issuance to our employees, which included 88,154 shares of Class A common stock that had been available for issuance under our 2000 Employee Stock Purchase Plan or 2000 ESPP. 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. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP.

    The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 80,932 shares on January 1, 2015 pursuant to the automatic increase provisions of the 2009 ESPP.

    The following is a summary of 2009 ESPP share activity for the period ended March 31, 2015:

     

         Shares  

    Available for future purchases, January 1, 2015

         307,448   

    Additional shares reserved under 2009 ESPP

         80,932   

    Purchases

         (31,765
      

     

     

     

    Available for future purchases, March 31, 2015

      356,615   
      

     

     

     

    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 2015 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2016. 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 three months ended March 31, 2015, the Company has recorded $1,402 as stock-based 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 director’s one-year term. The Company recorded $35 as non-cash compensation expense related to these non-employee director awards for the three months ended March 31, 2015.

    XML 35 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
    In Thousands, except Share data, unless otherwise specified
    Mar. 31, 2015
    Dec. 31, 2014
    Allowance for doubtful accounts $ 8,776us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent $ 7,957us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
    Accumulated amortization 15,922us-gaap_AccumulatedAmortizationDeferredFinanceCosts 14,764us-gaap_AccumulatedAmortizationDeferredFinanceCosts
    Shares held in treasury 104,836us-gaap_TreasuryStockShares 0us-gaap_TreasuryStockShares
    LAMAR MEDIA CORP [Member]    
    Allowance for doubtful accounts 8,776us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    7,957us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Accumulated amortization $ 6,634us-gaap_AccumulatedAmortizationDeferredFinanceCosts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    $ 5,476us-gaap_AccumulatedAmortizationDeferredFinanceCosts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Common stock, par value $ 0.01us-gaap_CommonStockParOrStatedValuePerShare
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    $ 0.01us-gaap_CommonStockParOrStatedValuePerShare
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Common stock, shares authorized 3,000us-gaap_CommonStockSharesAuthorized
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    3,000us-gaap_CommonStockSharesAuthorized
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Common stock, shares issued 100us-gaap_CommonStockSharesIssued
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    100us-gaap_CommonStockSharesIssued
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Common stock, shares outstanding 100us-gaap_CommonStockSharesOutstanding
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    100us-gaap_CommonStockSharesOutstanding
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Series AA Preferred Stock [Member]    
    Preferred stock, par value $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    $ 0.001us-gaap_PreferredStockParOrStatedValuePerShare
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    Preferred stock, cumulative dividends $ 63.80lamr_PreferredStockCumulativeDividends
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    $ 63.80lamr_PreferredStockCumulativeDividends
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    Preferred stock, shares authorized 5,720us-gaap_PreferredStockSharesAuthorized
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    5,720us-gaap_PreferredStockSharesAuthorized
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    Preferred stock, shares issued 5,720us-gaap_PreferredStockSharesIssued
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    5,720us-gaap_PreferredStockSharesIssued
    / us-gaap_StatementClassOfStockAxis
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    Preferred stock, shares outstanding 5,720us-gaap_PreferredStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    5,720us-gaap_PreferredStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = lamr_SeriesAaPreferredStockMember
    Common Class A [Member]    
    Common stock, par value $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    Common stock, shares authorized 362,500,000us-gaap_CommonStockSharesAuthorized
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    362,500,000us-gaap_CommonStockSharesAuthorized
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    Common stock, shares issued 81,812,481us-gaap_CommonStockSharesIssued
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    80,933,071us-gaap_CommonStockSharesIssued
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    Common stock, shares outstanding 81,707,645us-gaap_CommonStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    80,933,071us-gaap_CommonStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    Common Class B [Member]    
    Common stock, par value $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    Common stock, shares authorized 37,500,000us-gaap_CommonStockSharesAuthorized
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    37,500,000us-gaap_CommonStockSharesAuthorized
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    Common stock, shares issued 14,610,365us-gaap_CommonStockSharesIssued
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    14,610,365us-gaap_CommonStockSharesIssued
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    Common stock, shares outstanding 14,610,365us-gaap_CommonStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    14,610,365us-gaap_CommonStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    XML 36 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Dividends/Distributions
    3 Months Ended
    Mar. 31, 2015
    Equity [Abstract]  
    Dividends/Distributions

    12. Dividends/Distributions

    During the three months ended March 31, 2015, the Company declared and paid distributions of its REIT taxable income of an aggregate of $65,223 or $0.68 per share. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During the three months ended March 31, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock of $91 or $15.95 per share.

    XML 37 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Document and Entity Information
    3 Months Ended
    Mar. 31, 2015
    May 01, 2015
    Document Information [Line Items]    
    Document Type 10-Q  
    Amendment Flag false  
    Document Period End Date Mar. 31, 2015  
    Document Fiscal Year Focus 2015  
    Document Fiscal Period Focus Q1  
    Trading Symbol LAMR  
    Entity Registrant Name LAMAR ADVERTISING CO/NEW  
    Entity Central Index Key 0001090425  
    Current Fiscal Year End Date --12-31  
    Entity Filer Category Large Accelerated Filer  
    Common Class A [Member]    
    Document Information [Line Items]    
    Entity Common Stock, Shares Outstanding   81,710,845dei_EntityCommonStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
    Common Class B [Member]    
    Document Information [Line Items]    
    Entity Common Stock, Shares Outstanding   14,610,365dei_EntityCommonStockSharesOutstanding
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassBMember
    LAMAR MEDIA CORP [Member]    
    Document Information [Line Items]    
    Document Type 10-Q  
    Amendment Flag false  
    Document Period End Date Mar. 31, 2015  
    Document Fiscal Year Focus 2015  
    Document Fiscal Period Focus Q1  
    Entity Registrant Name LAMAR MEDIA CORP/DE  
    Entity Central Index Key 0000899045  
    Current Fiscal Year End Date --12-31  
    Entity Filer Category Non-accelerated Filer  
    LAMAR MEDIA CORP [Member] | Class Units [Member]    
    Document Information [Line Items]    
    Entity Common Stock, Shares Outstanding   100dei_EntityCommonStockSharesOutstanding
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    / us-gaap_StatementClassOfStockAxis
    = lamr_ClassUnitsMember
    XML 38 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Stock-Based Compensation (Tables)
    3 Months Ended
    Mar. 31, 2015
    Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
    Summary of ESPP Share Activity

    The following is a summary of 2009 ESPP share activity for the period ended March 31, 2015:

     

         Shares  

    Available for future purchases, January 1, 2015

         307,448   

    Additional shares reserved under 2009 ESPP

         80,932   

    Purchases

         (31,765
      

     

     

     

    Available for future purchases, March 31, 2015

      356,615   
      

     

     

     
    XML 39 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
    In Thousands, except Share data, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Net revenues $ 302,477us-gaap_AdvertisingRevenue $ 284,933us-gaap_AdvertisingRevenue
    Operating expenses (income)    
    Direct advertising expenses (exclusive of depreciation and amortization) 113,232us-gaap_AdvertisingRevenueCost 111,508us-gaap_AdvertisingRevenueCost
    General and administrative expenses (exclusive of depreciation and amortization) 59,206us-gaap_GeneralAndAdministrativeExpense 57,677us-gaap_GeneralAndAdministrativeExpense
    Corporate expenses (exclusive of depreciation and amortization) 15,391us-gaap_OtherGeneralAndAdministrativeExpense 15,284us-gaap_OtherGeneralAndAdministrativeExpense
    Depreciation and amortization 49,230us-gaap_DepreciationAmortizationAndAccretionNet 69,526us-gaap_DepreciationAmortizationAndAccretionNet
    Gain on disposition of assets (1,836)us-gaap_GainLossOnDispositionOfAssets1 (206)us-gaap_GainLossOnDispositionOfAssets1
    Total Operating Expenses 235,223us-gaap_CostsAndExpenses 253,789us-gaap_CostsAndExpenses
    Operating income 67,254us-gaap_OperatingIncomeLoss 31,144us-gaap_OperatingIncomeLoss
    Other expense (income)    
    Loss on extinguishment of debt   5,176us-gaap_GainsLossesOnExtinguishmentOfDebt
    Other-than-temporary impairment of investment   4,069us-gaap_ImpairmentOfInvestments
    Interest income (2)us-gaap_InvestmentIncomeInterest (45)us-gaap_InvestmentIncomeInterest
    Interest expense 24,532us-gaap_InterestExpense 30,268us-gaap_InterestExpense
    Non-operating (Income) Expenses 24,530us-gaap_NonoperatingIncomeExpense 39,468us-gaap_NonoperatingIncomeExpense
    Income (loss) before income tax expense (benefit) 42,724us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (8,324)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
    Income tax expense (benefit) 2,008us-gaap_IncomeTaxExpenseBenefit (3,487)us-gaap_IncomeTaxExpenseBenefit
    Net income (loss) 40,716us-gaap_NetIncomeLoss (4,837)us-gaap_NetIncomeLoss
    Preferred stock dividends 91us-gaap_DividendsPreferredStock 91us-gaap_DividendsPreferredStock
    Net income (loss) applicable to common stock 40,625us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic (4,928)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
    Earnings (loss) per share:    
    Basic and diluted earnings (loss) per share $ 0.42us-gaap_EarningsPerShareBasicAndDiluted $ (0.05)us-gaap_EarningsPerShareBasicAndDiluted
    Cash dividends declared per share of common stock $ 0.68us-gaap_CommonStockDividendsPerShareDeclared  
    Weighted average common shares outstanding 95,704,850us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 94,906,018us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
    Incremental common shares from dilutive stock options 37,298us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants  
    Weighted average common shares diluted 95,742,148us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 94,906,018us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
    Statements of Comprehensive Income (Loss)    
    Net income (loss) 40,716us-gaap_NetIncomeLoss (4,837)us-gaap_NetIncomeLoss
    Other comprehensive income (loss)    
    Foreign currency translation adjustments (1,610)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax (384)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
    Comprehensive income (loss) 39,106us-gaap_ComprehensiveIncomeNetOfTax (5,221)us-gaap_ComprehensiveIncomeNetOfTax
    LAMAR MEDIA CORP [Member]    
    Net revenues 302,477us-gaap_AdvertisingRevenue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    284,933us-gaap_AdvertisingRevenue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Operating expenses (income)    
    Direct advertising expenses (exclusive of depreciation and amortization) 113,232us-gaap_AdvertisingRevenueCost
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    111,508us-gaap_AdvertisingRevenueCost
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    General and administrative expenses (exclusive of depreciation and amortization) 59,206us-gaap_GeneralAndAdministrativeExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    57,677us-gaap_GeneralAndAdministrativeExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Corporate expenses (exclusive of depreciation and amortization) 15,303us-gaap_OtherGeneralAndAdministrativeExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    15,182us-gaap_OtherGeneralAndAdministrativeExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Depreciation and amortization 49,230us-gaap_DepreciationAmortizationAndAccretionNet
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    69,526us-gaap_DepreciationAmortizationAndAccretionNet
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Gain on disposition of assets (1,836)us-gaap_GainLossOnDispositionOfAssets1
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (206)us-gaap_GainLossOnDispositionOfAssets1
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Total Operating Expenses 235,135us-gaap_CostsAndExpenses
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    253,687us-gaap_CostsAndExpenses
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Operating income 67,342us-gaap_OperatingIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    31,246us-gaap_OperatingIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other expense (income)    
    Loss on extinguishment of debt   5,176us-gaap_GainsLossesOnExtinguishmentOfDebt
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other-than-temporary impairment of investment   4,069us-gaap_ImpairmentOfInvestments
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Interest income (2)us-gaap_InvestmentIncomeInterest
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (45)us-gaap_InvestmentIncomeInterest
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Interest expense 24,532us-gaap_InterestExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    30,268us-gaap_InterestExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Non-operating (Income) Expenses 24,530us-gaap_NonoperatingIncomeExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    39,468us-gaap_NonoperatingIncomeExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Income (loss) before income tax expense (benefit) 42,812us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (8,222)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Income tax expense (benefit) 2,008us-gaap_IncomeTaxExpenseBenefit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (3,444)us-gaap_IncomeTaxExpenseBenefit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Net income (loss) 40,804us-gaap_NetIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (4,778)us-gaap_NetIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Statements of Comprehensive Income (Loss)    
    Net income (loss) 40,804us-gaap_NetIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (4,778)us-gaap_NetIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other comprehensive income (loss)    
    Foreign currency translation adjustments (1,610)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (384)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Comprehensive income (loss) $ 39,194us-gaap_ComprehensiveIncomeNetOfTax
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    $ (5,162)us-gaap_ComprehensiveIncomeNetOfTax
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    XML 40 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Earnings Per Share
    3 Months Ended
    Mar. 31, 2015
    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, while diluted earnings per share includes the dilutive effect of stock options. The number of dilutive shares excluded from this calculation because of their anti-dilutive effect for stock options is 462,977 for the three months ended March 31, 2014. There were no anti-dilutive shares excluded from the calculation for the three months ended March 31, 2015.

    XML 41 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Summarized Financial Information of Subsidiaries
    3 Months Ended
    Mar. 31, 2015
    Text Block [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 March 31, 2015 and December 31, 2014, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $2,299,498 and $2,269,393, respectively.

    As of March 31, 2015, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect to such distributions, (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. As of March 31, 2015, the total debt ratio was less than 6.0 to 1 and Lamar Media’s senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. In addition, as of March 31, 2015 the senior credit facility allows Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified for taxation as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for Lamar Advertising to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

    XML 42 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Stock-Based Compensation - Additional Information (Detail) (USD $)
    In Thousands, except Share data, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    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.  
    Non cash compensation expense $ 3,901us-gaap_ShareBasedCompensation $ 3,912us-gaap_ShareBasedCompensation
    Restricted Stock [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Expiration date of options granted under equity incentive plan 10 years  
    Term of director 1 year  
    Restricted Stock [Member] | Percentage of awards vesting on grant date [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Percentage of awards vesting on grant date 50.00%us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    / us-gaap_VestingAxis
    = lamr_PercentageOfAwardsVestingOnGrantDateMember
     
    Restricted Stock [Member] | Percentage of Awards Vesting On Last Day of Directors Term [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Percentage of awards vesting on grant date 50.00%us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    / us-gaap_VestingAxis
    = lamr_PercentageOfAwardsVestingOnLastDayOfDirectorsTermMember
     
    Common Class A [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    The Company granted options for an aggregate shares of its Class A common stock 5,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
     
    Common Class A [Member] | 1996 Equity Incentive Plan [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    New employee stock purchase plan, which reserved additional shares of common stock 15,500,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
    / us-gaap_AwardTypeAxis
    = lamr_OneThousandNineHundredNinetySixEquityIncentivePlanMember
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
     
    Common Class A [Member] | Restricted Stock [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Non cash compensation expense 35us-gaap_ShareBasedCompensation
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
     
    Common Class A [Member] | 2009 Employee Stock Purchase Plan [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    New employee stock purchase plan, which reserved additional shares of common stock 588,154us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
     
    Employee stock purchase plan, which available for issuance of common stock 88,154lamr_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesReservedForAvailableForIssuance
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
     
    Additional shares reserved under 2009 ESPP 80,932us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
    / us-gaap_AwardTypeAxis
    = lamr_TwoThousandNineEmployeeStockPurchasePlanMember
    / us-gaap_StatementClassOfStockAxis
    = us-gaap_CommonClassAMember
     
    Performance Based Compensation [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Non cash compensation expense $ 1,402us-gaap_ShareBasedCompensation
    / us-gaap_PlanNameAxis
    = lamr_PerformanceBasedCompensationMember
     
    Minimum [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Award vesting period 3 years  
    Range of awards of target number of share 0.00%lamr_RangeOfAwardsOfTargetNumberOfShare
    / us-gaap_RangeAxis
    = us-gaap_MinimumMember
     
    Maximum [Member]    
    Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
    Award vesting period 5 years  
    Range of awards of target number of share 100.00%lamr_RangeOfAwardsOfTargetNumberOfShare
    / us-gaap_RangeAxis
    = us-gaap_MaximumMember
     
    XML 43 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Depreciation and Amortization (Tables)
    3 Months Ended
    Mar. 31, 2015
    Text Block [Abstract]  
    Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations and Comprehensive Income (Loss)

    The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations and Comprehensive Income (Loss) are:

     

         Three months ended
    March 31,
     
         2015      2014  

    Direct advertising expenses

       $ 45,085       $ 65,592   

    General and administrative expenses

         723         1,021   

    Corporate expenses

         3,422         2,913   
      

     

     

        

     

     

     
    $ 49,230    $ 69,526   
      

     

     

        

     

     

     
    XML 44 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Information about Geographic Areas
    3 Months Ended
    Mar. 31, 2015
    Segment Reporting [Abstract]  
    Information about Geographic Areas

    10. Information about Geographic Areas

    Revenues from external customers attributable to foreign countries totaled $6,442 and $7,159 for the three months ended March 31, 2015 and 2014, respectively. Net carrying value of long lived assets located in foreign countries totaled $6,590 and $7,324 as of March 31, 2015 and December 31, 2014, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

    XML 45 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Long-term Debt
    3 Months Ended
    Mar. 31, 2015
    Debt Disclosure [Abstract]  
    Long-term Debt

    8. Long-term Debt

    Long-term debt consists of the following at March 31, 2015 and December 31, 2014:

     

         March 31,
    2015
         December 31,
    2014
     

    Senior Credit Facility

       $ 407,000       $ 353,750   

    5 7/8% Senior Subordinated Notes

         500,000         500,000   

    5% Senior Subordinated Notes

         535,000         535,000   

    5 3/8% Senior Notes

         510,000         510,000   

    Other notes with various rates and terms

         1,171         1,145   
      

     

     

        

     

     

     
      1,953,171      1,899,895   

    Less current maturities

      (15,656   (15,625
      

     

     

        

     

     

     

    Long-term debt, excluding current maturities

    $ 1,937,515    $ 1,884,270   
      

     

     

        

     

     

     

    5 7/8% Senior Subordinated Notes

    On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000.

    Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 7/8% Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2015, provided that following the redemption, at least 65% of the 5 7/8% Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after February 1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

     

    5% Senior Subordinated Notes

    On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100.

    Lamar Media may redeem up to 35% of the aggregate principal amount of the 5% Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2015, provided that following the redemption, at least 65% of the 5% Notes that were originally issued remain outstanding. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

    5 3/8% Senior Notes

    On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Senior Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300.

    Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Senior Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Senior Notes that were originally issued remain outstanding. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Senior Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2019, Lamar Media may redeem the 5 3/8% Senior Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Senior Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 3/8% Senior Notes at a price equal to 101% of the principal amount of the 5 3/8% Senior Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

    Senior Credit Facility

    On February 3, 2014, Lamar Media entered into a Second Restatement Agreement (the “Second Restatement Agreement”) with the Company, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement (such Second and Amended and Restated Credit Agreement together with the Second Restatement Agreement being herein referred to as the “senior credit facility”). The senior credit facility consists of a $400,000 revolving credit facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. We may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.

    On April 18, 2014, Lamar Media entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “Amendment”) with Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein under which the parties agreed to amend Lamar Media’s existing senior credit facility on the terms set forth in the Amendment. The Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and certain other amendments to the senior credit agreement. The Term A Loans are not incremental loans and do not reduce the existing $500,000 Incremental Loan facility. Lamar Media borrowed all $300,000 in Term A Loans on April 18, 2014. The net loan proceeds, together with borrowings under the revolving portion of the senior credit facility and cash on hand, were used to fund the redemption of all $400,000 in aggregate principal amount of Lamar Media’s 7 7/8% Notes due 2018 on April 21, 2014.

     

    The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows:

     

    Principal Payment Date

       Principal Amount  

    June 30, 2015-March 31, 2016

       $ 3,750   

    June 30, 2016- March 31, 2017

       $ 5,625   

    June 30, 2017-December 31, 2018

       $ 11,250   

    Term A Loan Maturity Date

       $ 168,750   

    The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.

    As of March 31, 2015, there was $122,000 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $6,846 in letters of credit outstanding as of March 31, 2015 resulting in $271,154 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 2, 2019, and bear interest, at Lamar Media’s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media’s ratio of debt to trailing four quarters EBITDA, as defined in the senior credit facility.

    The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:

     

        dispose of assets;

     

        incur or repay debt;

     

        create liens;

     

        make investments; and

     

        pay dividends.

    The senior credit facility contains provisions that allows Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

    Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility the Company must maintain a specified senior debt ratio at all times and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.

    Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit agreement provisions during the periods presented.

    XML 46 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Fair Value of Financial Instruments
    3 Months Ended
    Mar. 31, 2015
    Fair Value Disclosures [Abstract]  
    Fair Value of Financial Instruments

    9. Fair Value of Financial Instruments

    At March 31, 2015 and December 31, 2014, 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 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 $2,014,351 which exceeded the carrying amount of $1,953,171 as of March 31, 2015. The majority of the fair value is determined using observed market prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

    XML 47 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
    New Accounting Pronouncements
    3 Months Ended
    Mar. 31, 2015
    Text Block [Abstract]  
    New Accounting Pronouncements

    11. New Accounting Pronouncements

    In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles in the United States when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

    In January 2014, the FASB issued guidance on the accounting for service concession arrangements with public sector entities. This guidance specifies that an operating entity should not account for a service concession arrangement as a lease and the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment. This guidance applies when the public sector entity controls the services that the operating entity must provide within the infrastructure and also controls any residual interest in the infrastructure at the end of the term of the arrangement. We have adopted this guidance, which was effective for reporting periods beginning after December 15, 2014. There was no impact to our consolidated financial statements.

    In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs. The pronouncement requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU retrospectively to all prior periods. The Company does not expect that the adoption of this pronouncement will have a material impact on the consolidated financial statements.

    XML 48 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    June 30, 2015-March 31, 2016 [Member]  
    Debt Instrument [Line Items]  
    Principal payment amount $ 3,750us-gaap_DebtInstrumentPeriodicPaymentPrincipal
    / us-gaap_LongtermDebtTypeAxis
    = lamr_JuneThirtyTwoThousandFifteenToMarchThirtyFirstTwoThousandSixteenMember
    June 30, 2016- March 31, 2017 [Member]  
    Debt Instrument [Line Items]  
    Principal payment amount 5,625us-gaap_DebtInstrumentPeriodicPaymentPrincipal
    / us-gaap_LongtermDebtTypeAxis
    = lamr_JuneThirtyTwoThousandSixteenToMarchThirtyFirstTwoThousandSeventeenMember
    June 30, 2017-December 31, 2018 [Member]  
    Debt Instrument [Line Items]  
    Principal payment amount 11,250us-gaap_DebtInstrumentPeriodicPaymentPrincipal
    / us-gaap_LongtermDebtTypeAxis
    = lamr_JuneThirtyTwoThousandSeventeenToDecemberThirtyOneTwoThousandEighteenMember
    Term A Loan Maturity Date [Member]  
    Debt Instrument [Line Items]  
    Principal payment amount $ 168,750us-gaap_DebtInstrumentPeriodicPaymentPrincipal
    / us-gaap_LongtermDebtTypeAxis
    = lamr_TermaLoanMaturityDateMember
    XML 49 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Asset Retirement Obligations (Tables)
    3 Months Ended
    Mar. 31, 2015
    Asset Retirement Obligation Disclosure [Abstract]  
    Information Related to Asset Retirement Obligations

    The following table reflects information related to our asset retirement obligations:

     

    Balance at December 31, 2014

    $ 204,327   

    Additions to asset retirement obligations

      532   

    Accretion expense

      1,267   

    Liabilities settled

      (778
      

     

     

     

    Balance at March 31, 2015

    $ 205,348   
      

     

     

     
    XML 50 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Depreciation and Amortization - Additional Information (Detail) (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended 12 Months Ended
    Mar. 31, 2015
    Dec. 31, 2015
    Component Of Other Income And Expense [Line Items]    
    Increase in net income and operating income due to depreciation adjustment $ 2,772us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome  
    Scenario, Forecast [Member]    
    Component Of Other Income And Expense [Line Items]    
    Increase in net income and operating income due to depreciation adjustment   $ 11,089us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome
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    Condensed Consolidated Statements of Cash Flows (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Cash flows from operating activities:    
    Net income (loss) $ 40,716us-gaap_NetIncomeLoss $ (4,837)us-gaap_NetIncomeLoss
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
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    Stock-based compensation 3,901us-gaap_ShareBasedCompensation 3,912us-gaap_ShareBasedCompensation
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    Other-than-temporary impairment of investment   4,069us-gaap_ImpairmentOfInvestments
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    Deferred tax benefit (1,187)us-gaap_DeferredIncomeTaxExpenseBenefit (5,365)us-gaap_DeferredIncomeTaxExpenseBenefit
    Provision for doubtful accounts 1,672us-gaap_ProvisionForDoubtfulAccounts 1,600us-gaap_ProvisionForDoubtfulAccounts
    (Increase) decrease in:    
    Receivables (1,438)us-gaap_IncreaseDecreaseInReceivables (2,357)us-gaap_IncreaseDecreaseInReceivables
    Prepaid expenses (22,926)us-gaap_IncreaseDecreaseInPrepaidExpense (22,043)us-gaap_IncreaseDecreaseInPrepaidExpense
    Other assets (8,787)us-gaap_IncreaseDecreaseInOtherOperatingAssets (5,855)us-gaap_IncreaseDecreaseInOtherOperatingAssets
    Increase (decrease) in:    
    Trade accounts payable 1,714us-gaap_IncreaseDecreaseInAccountsPayableTrade 2,833us-gaap_IncreaseDecreaseInAccountsPayableTrade
    Accrued expenses (10,099)us-gaap_IncreaseDecreaseInAccruedLiabilities 6,073us-gaap_IncreaseDecreaseInAccruedLiabilities
    Other liabilities 2,613us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 8,775us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
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    Cash flows from investing activities:    
    Acquisitions (19,647)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (4,281)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
    Capital expenditures (29,041)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (22,398)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
    Proceeds from disposition of assets and investments 4,414us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 897us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
    Decrease in notes receivable 4us-gaap_IncreaseDecreaseInNotesReceivables 10us-gaap_IncreaseDecreaseInNotesReceivables
    Net cash used in investing activities (44,270)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (25,772)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
    Cash flows from financing activities:    
    Cash used for purchase of treasury stock (6,099)us-gaap_PaymentsForRepurchaseOfCommonStock (2,987)us-gaap_PaymentsForRepurchaseOfCommonStock
    Net proceeds from issuance of common stock 15,529us-gaap_ProceedsFromIssuanceOfCommonStock 7,697us-gaap_ProceedsFromIssuanceOfCommonStock
    Principal payments on long term debt (3,755)us-gaap_RepaymentsOfLongTermDebt (23)us-gaap_RepaymentsOfLongTermDebt
    Payment on revolving credit facility (35,000)lamr_PaymentsOfSeniorRevolvingCreditFacility (150,000)lamr_PaymentsOfSeniorRevolvingCreditFacility
    Proceeds received from revolving credit facility 92,000us-gaap_ProceedsFromLongTermLinesOfCredit  
    Proceeds received from note offering   510,000us-gaap_ProceedsFromIssuanceOfDebt
    Payment on senior credit agreement   (352,106)lamr_RepaymentOnSeniorSecuredCreditFacility
    Debt issuance costs   (12,947)us-gaap_PaymentsOfDebtIssuanceCosts
    Distributions to non-controlling interest (180)us-gaap_PaymentsOfDistributionsToAffiliates (180)us-gaap_PaymentsOfDistributionsToAffiliates
    Dividends/distributions (65,314)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (91)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
    Net cash used in financing activities (2,819)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (637)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
    Effect of exchange rate changes in cash and cash equivalents (1,131)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (646)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
    Net increase in cash and cash equivalents 6,511us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 35,529us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
    Cash and cash equivalents at beginning of period 26,035us-gaap_CashAndCashEquivalentsAtCarryingValue 33,212us-gaap_CashAndCashEquivalentsAtCarryingValue
    Cash and cash equivalents at end of period 32,546us-gaap_CashAndCashEquivalentsAtCarryingValue 68,741us-gaap_CashAndCashEquivalentsAtCarryingValue
    Supplemental disclosures of cash flow information:    
    Cash paid for interest 30,869us-gaap_InterestPaid 15,753us-gaap_InterestPaid
    Cash paid for foreign, state and federal income taxes 587us-gaap_IncomeTaxesPaid 726us-gaap_IncomeTaxesPaid
    LAMAR MEDIA CORP [Member]    
    Cash flows from operating activities:    
    Net income (loss) 40,804us-gaap_NetIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (4,778)us-gaap_NetIncomeLoss
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
    Depreciation and amortization 49,230us-gaap_DepreciationAmortizationAndAccretionNet
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    69,526us-gaap_DepreciationAmortizationAndAccretionNet
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Stock-based compensation 3,901us-gaap_ShareBasedCompensation
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    3,912us-gaap_ShareBasedCompensation
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Amortization included in interest expense 1,158us-gaap_AmortizationOfFinancingCosts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    1,283us-gaap_AmortizationOfFinancingCosts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Gain on disposition of assets and investment (1,836)us-gaap_GainLossOnDispositionOfAssets1
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (206)us-gaap_GainLossOnDispositionOfAssets1
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other-than-temporary impairment of investment   4,069us-gaap_ImpairmentOfInvestments
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Loss on extinguishment of debt   5,176us-gaap_GainsLossesOnExtinguishmentOfDebt
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Deferred tax benefit (1,187)us-gaap_DeferredIncomeTaxExpenseBenefit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (5,322)us-gaap_DeferredIncomeTaxExpenseBenefit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Provision for doubtful accounts 1,672us-gaap_ProvisionForDoubtfulAccounts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    1,600us-gaap_ProvisionForDoubtfulAccounts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (Increase) decrease in:    
    Receivables (1,438)us-gaap_IncreaseDecreaseInReceivables
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (2,357)us-gaap_IncreaseDecreaseInReceivables
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Prepaid expenses (22,926)us-gaap_IncreaseDecreaseInPrepaidExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (22,043)us-gaap_IncreaseDecreaseInPrepaidExpense
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other assets (8,787)us-gaap_IncreaseDecreaseInOtherOperatingAssets
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (5,855)us-gaap_IncreaseDecreaseInOtherOperatingAssets
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Increase (decrease) in:    
    Trade accounts payable 1,714us-gaap_IncreaseDecreaseInAccountsPayableTrade
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    2,833us-gaap_IncreaseDecreaseInAccountsPayableTrade
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Accrued expenses (10,099)us-gaap_IncreaseDecreaseInAccruedLiabilities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    6,073us-gaap_IncreaseDecreaseInAccruedLiabilities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Other liabilities (14,065)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (1,130)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Net cash provided by operating activities 38,141us-gaap_NetCashProvidedByUsedInOperatingActivities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    52,781us-gaap_NetCashProvidedByUsedInOperatingActivities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Cash flows from investing activities:    
    Acquisitions (19,647)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (4,281)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Capital expenditures (29,041)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (22,398)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Proceeds from disposition of assets and investments 4,414us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    897us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Payments received on notes receivable 4us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    10us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Net cash used in investing activities (44,270)us-gaap_NetCashProvidedByUsedInInvestingActivities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (25,772)us-gaap_NetCashProvidedByUsedInInvestingActivities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Cash flows from financing activities:    
    Principal payments on long term debt (3,755)us-gaap_RepaymentsOfLongTermDebt
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (23)us-gaap_RepaymentsOfLongTermDebt
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Payment on revolving credit facility (35,000)lamr_PaymentsOfSeniorRevolvingCreditFacility
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (150,000)lamr_PaymentsOfSeniorRevolvingCreditFacility
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Proceeds received from revolving credit facility 92,000us-gaap_ProceedsFromLongTermLinesOfCredit
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
     
    Proceeds received from note offering   510,000us-gaap_ProceedsFromIssuanceOfDebt
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Payment on senior credit agreement   (352,106)lamr_RepaymentOnSeniorSecuredCreditFacility
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Debt issuance costs   (12,947)us-gaap_PaymentsOfDebtIssuanceCosts
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Distributions to non-controlling interest (180)us-gaap_PaymentsOfDistributionsToAffiliates
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (180)us-gaap_PaymentsOfDistributionsToAffiliates
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
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    / dei_LegalEntityAxis
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    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    17,409us-gaap_ProceedsFromContributionsFromParent
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Net cash provided by financing activities 13,771us-gaap_NetCashProvidedByUsedInFinancingActivities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    9,166us-gaap_NetCashProvidedByUsedInFinancingActivities
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Effect of exchange rate changes in cash and cash equivalents (1,131)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    (646)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Net increase in cash and cash equivalents 6,511us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    35,529us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
    Cash and cash equivalents at beginning of period 25,535us-gaap_CashAndCashEquivalentsAtCarryingValue
    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
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    / dei_LegalEntityAxis
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    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
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    / dei_LegalEntityAxis
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    / dei_LegalEntityAxis
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    / dei_LegalEntityAxis
    = us-gaap_SubsidiariesMember
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    / dei_LegalEntityAxis
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    Asset Retirement Obligations
    3 Months Ended
    Mar. 31, 2015
    Asset Retirement Obligation Disclosure [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, 2014

    $ 204,327   

    Additions to asset retirement obligations

      532   

    Accretion expense

      1,267   

    Liabilities settled

      (778
      

     

     

     

    Balance at March 31, 2015

    $ 205,348   
      

     

     

     
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    In Thousands, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Dec. 31, 2014
    Finite-Lived Intangible Assets [Line Items]    
    Gross Carrying Amount 2,121,355us-gaap_FiniteLivedIntangibleAssetsGross $ 2,108,541us-gaap_FiniteLivedIntangibleAssetsGross
    Accumulated Amortization 1,757,539us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization 1,741,556us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    Goodwill gross carrying amount 1,768,987us-gaap_GoodwillGross 1,766,304us-gaap_GoodwillGross
    Goodwill accumulated amortization 253,536lamr_GoodwillAccumulatedAmortization 253,536lamr_GoodwillAccumulatedAmortization
    Customer Lists and Contracts [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Gross Carrying Amount 501,033us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_CustomerListsAndContractsMember
    499,310us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_CustomerListsAndContractsMember
    Accumulated Amortization 471,729us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_CustomerListsAndContractsMember
    470,170us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_CustomerListsAndContractsMember
    Customer Lists and Contracts [Member] | Minimum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 7 years  
    Customer Lists and Contracts [Member] | Maximum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 10 years  
    Non-competition Agreements [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Gross Carrying Amount 64,201us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_NoncompeteAgreementsMember
    64,062us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_NoncompeteAgreementsMember
    Accumulated Amortization 63,254us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_NoncompeteAgreementsMember
    63,192us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_NoncompeteAgreementsMember
    Non-competition Agreements [Member] | Minimum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 3 years  
    Non-competition Agreements [Member] | Maximum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 15 years  
    Site Locations [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Gross Carrying Amount 1,542,113us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_SiteLocationsMember
    1,531,161us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_SiteLocationsMember
    Accumulated Amortization 1,209,060us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_SiteLocationsMember
    1,194,709us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = lamr_SiteLocationsMember
    Site Locations [Member] | Maximum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 15 years  
    Other [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Gross Carrying Amount 14,008us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_OtherIntangibleAssetsMember
    14,008us-gaap_FiniteLivedIntangibleAssetsGross
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_OtherIntangibleAssetsMember
    Accumulated Amortization 13,496us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_OtherIntangibleAssetsMember
    $ 13,485us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization
    / us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
    = us-gaap_OtherIntangibleAssetsMember
    Other [Member] | Minimum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 5 years  
    Other [Member] | Maximum [Member]    
    Finite-Lived Intangible Assets [Line Items]    
    Estimated Life (Years) 15 years  
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    In Thousands, except Per Share data, unless otherwise specified
    3 Months Ended
    Mar. 31, 2015
    Mar. 31, 2014
    Dividends [Line Items]    
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    Distributions paid, preferred stockholders, per share $ 15.95lamr_PreferredStockDividendShares  
    Taxable Income Distribution [Member]    
    Dividends [Line Items]    
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    Goodwill and Other Intangible Assets (Tables)
    3 Months Ended
    Mar. 31, 2015
    Goodwill and Intangible Assets Disclosure [Abstract]  
    Summary of Intangible Assets

    The following is a summary of intangible assets at March 31, 2015 and December 31, 2014:

     

         Estimated
    Life
    (Years)
         March 31, 2015      December 31, 2014  
          Gross Carrying
    Amount
         Accumulated
    Amortization
         Gross Carrying
    Amount
         Accumulated
    Amortization
     

    Amortizable Intangible Assets:

                  

    Customer lists and contracts

         7 – 10       $ 501,033       $ 471,729       $ 499,310       $ 470,170   

    Non-competition agreements

         3 – 15         64,201         63,254         64,062         63,192   

    Site locations

         15         1,542,113         1,209,060         1,531,161         1,194,709   

    Other

         5 – 15         14,008         13,496         14,008         13,485   
         

     

     

        

     

     

        

     

     

        

     

     

     
    $ 2,121,355    $ 1,757,539    $ 2,108,541    $ 1,741,556   

    Unamortizable Intangible Assets:

    Goodwill

    $ 1,768,987    $ 253,536    $ 1,766,304    $ 253,536