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, 


(dollars in thousands) 

2013 


2014 


2015 


2016 


2017 


Net income 

$ 
40,139 


$ 
253,518 


$ 
262,570 


$ 
298,809 


$ 
317,676 

Income tax expense (benefit) 


22,841 



(110,092 
) 


22,058 



13,356 



9,230 

Fixed charges 


221,584 



182,472 



179,881 



213,820 



221,434 

Earnings 

$ 
284,564 


$ 
325,898 


$ 
464,509 


$ 
525,985 


$ 
548,340 

Interest expense, net 


146,112 



105,152 



98,399 



123,682 



128,390 

Rents under leases representative of an interest factor 


75,107 



76,955 



81,117 



89,773 



92,679 

Preferred dividends 


365 



365 



365 



365 



365 

Fixed charges 

$ 
221,584 


$ 
182,472 


$ 
179,881 


$ 
213,820 


$ 
221,434 

Ratio of earnings to fixed charges 

1.3x 


1.8x 


2.6x 


2.5x 


2.5x 

^{(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 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. 