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Document and Entity Information - USD ($)	9 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2010	Oct. 29, 2010	Jun. 30, 2009
Statement [Line Items]
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Central Index Key	0001090425
Document Type	10-Q
Document Period End Date	Sep. 30, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 876,847,087
LAMAR MEDIA CORP
Statement [Line Items]
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Central Index Key	0000899045
Document Type	10-Q
Document Period End Date	Sep. 30, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		100
Common Class A
Statement [Line Items]
Entity Common Stock, Shares Outstanding		77,322,049
Common Class B
Statement [Line Items]
Entity Common Stock, Shares Outstanding		15,122,865

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2010	Dec. 31, 2009
Current assets:
Cash and cash equivalents	$ 38,415	$ 112,253
Receivables, net of allowance for doubtful accounts of $9,292 and $9,550 in 2010 and 2009, respectively	158,128	142,518
Prepaid expenses	56,437	40,588
Deferred income tax assets	9,608	13,523
Other current assets	58,834	59,054
Total current assets	321,422	367,936
Property, plant and equipment	2,815,867	2,828,726
Less accumulated depreciation and amortization	(1,521,724)	(1,421,815)
Net property, plant and equipment	1,294,143	1,406,911
Goodwill	1,425,601	1,424,283
Intangible assets	593,412	670,501
Deferred financing costs, net of accumulated amortization	44,994	32,613
Other assets	39,372	41,297
Total assets	3,718,944	3,943,541
Current liabilities:
Trade accounts payable	12,691	10,678
Current maturities of long-term debt	16,296	121,282
Accrued expenses	92,135	95,616
Deferred income	47,120	36,131
Total current liabilities	168,242	263,707
Long-term debt	2,456,510	2,553,630
Deferred income tax liabilities	92,479	116,130
Asset retirement obligation	171,679	160,260
Other liabilities	13,633	18,016
Total liabilities	2,902,543	3,111,743
Stockholders' equity:
Additional paid-in capital	2,380,815	2,361,166
Accumulated comprehensive income	5,087	5,248
Accumulated deficit	(684,573)	(651,317)
Cost of shares held in treasury, 16,998,850 and 16,945,253 shares in 2010 and 2009, respectively	(885,037)	(883,408)
Stockholders' equity	816,401	831,798
Total liabilities and stockholders' equity	3,718,944	3,943,541
Common Class A
Stockholders' equity:
Common stock	94	94
Common Class B
Stockholders' equity:
Common stock	15	15
Preferred Class A
Stockholders' equity:
Preferred stock	0	0
Series AA Preferred Stock
Stockholders' equity:
Preferred stock	0	0
LAMAR MEDIA CORP
Current assets:
Cash and cash equivalents	32,867	105,306
Receivables, net of allowance for doubtful accounts of $9,292 and $9,550 in 2010 and 2009, respectively	158,128	142,518
Prepaid expenses	56,437	40,588
Deferred income tax assets	9,608	13,523
Other current assets	51,917	52,251
Total current assets	308,957	354,186
Property, plant and equipment	2,815,867	2,828,726
Less accumulated depreciation and amortization	(1,521,724)	(1,421,815)
Net property, plant and equipment	1,294,143	1,406,911
Goodwill	1,415,449	1,414,131
Intangible assets	592,871	669,938
Deferred financing costs, net of accumulated amortization	43,040	30,660
Other assets	34,086	36,012
Total assets	3,688,546	3,911,838
Current liabilities:
Trade accounts payable	12,691	10,678
Current maturities of long-term debt	13,917	118,009
Accrued expenses	81,379	84,877
Deferred income	47,120	36,131
Total current liabilities	155,107	249,695
Long-term debt	2,456,510	2,553,630
Deferred income tax liabilities	125,168	148,765
Asset retirement obligation	171,679	160,260
Other liabilities	13,633	18,016
Total liabilities	2,922,097	3,130,366
Stockholders' equity:
Common stock	0	0
Additional paid-in capital	2,554,455	2,534,783
Accumulated comprehensive income	5,087	5,248
Accumulated deficit	(1,793,093)	(1,758,559)
Stockholders' equity	766,449	781,472
Total liabilities and stockholders' equity	$ 3,688,546	$ 3,911,838

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2010	Dec. 31, 2009
Current assets:
Allowance for doubtful accounts	$ 9,292,000	$ 9,550,000
Accumulated amortization	$ 18,264,000	$ 37,880,000
Stockholders' equity:
Shares held in treasury	16,998,850	16,945,253
Common Class A
Stockholders' equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	94,320,819	93,742,080
Common stock, shares outstanding	77,321,969	76,796,827
Common Class B
Stockholders' equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	37,500,000	37,500,000
Common stock, shares issued	15,122,865	15,172,865
Common stock, shares outstanding	15,122,865	15,172,865
Preferred Class A
Stockholders' equity:
Preferred stock, par value	$ 638	$ 638
Preferred stock, cumulative dividends	$ 63.8	$ 63.8
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series AA Preferred Stock
Stockholders' equity:
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, cumulative dividends	$ 63.8	$ 63.8
Preferred stock, shares authorized	5,720	5,720
Preferred stock, shares issued	5,720	5,720
Preferred stock, shares outstanding	5,720	5,720
LAMAR MEDIA CORP
Current assets:
Allowance for doubtful accounts	$ 9,292,000	$ 9,550,000
Accumulated amortization	8,976,000	28,592,000
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2010	Sep. 30, 2009	Sep. 30, 2010	Sep. 30, 2009
Statement [Line Items]
Net revenues	$ 286,138	$ 271,766	$ 816,607	$ 793,750
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	99,595	97,630	297,972	298,055
General and administrative expenses (exclusive of depreciation and amortization)	51,428	44,225	146,774	138,828
Corporate expenses (exclusive of depreciation and amortization)	12,062	10,345	34,810	32,003
Depreciation and amortization	77,617	83,529	234,124	252,792
Gain on disposition of assets	(1,137)	(3,222)	(3,756)	(5,095)
Total Operating Expenses	239,565	232,507	709,924	716,583
Operating income	46,573	39,259	106,683	77,167
Other expense (income)
Loss (gain) on extinguishment of debt		(131)	17,398	(3,670)
Gain on disposition of investment		(1,445)		(1,445)
Interest income	(14)	(128)	(190)	(442)
Interest expense	45,352	52,090	141,322	145,085
Non-operating Expenses (Income)	45,338	50,386	158,530	139,528
Income (loss) before income tax expense	1,235	(11,127)	(51,847)	(62,361)
Income tax expense (benefit)	454	(6,346)	(18,864)	(24,005)
Net loss	781	(4,781)	(32,983)	(38,356)
Preferred stock dividends	91	91	273	273
Net income (loss) applicable to common stock	$ 690	$ (4,872)	$ (33,256)	$ (38,629)
Earnings per share:
Basic earnings (loss) per share	$ 0.01	$ (0.05)	$ (0.36)	$ (0.42)
Diluted earnings (loss) per share	$ 0.01	$ (0.05)	$ (0.36)	$ (0.42)
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding	92,315,046	91,770,644	92,183,591	91,679,539
Incremental common shares from dilutive stock options and warrants	413,817
Incremental common shares from convertible debt
Weighted average common shares diluted	92,728,863	91,770,644	92,183,591	91,679,539
LAMAR MEDIA CORP
Statement [Line Items]
Net revenues	$ 286,138	$ 271,766	$ 816,607	$ 793,750
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	99,595	97,630	297,972	298,055
General and administrative expenses (exclusive of depreciation and amortization)	51,428	44,225	146,774	138,828
Corporate expenses (exclusive of depreciation and amortization)	12,062	10,344	34,810	31,577
Depreciation and amortization	77,617	83,529	234,124	252,792
Gain on disposition of assets	(1,137)	(3,222)	(3,756)	(5,095)
Total Operating Expenses	239,565	232,506	709,924	716,157
Operating income	46,573	39,260	106,683	77,593
Other expense (income)
Loss (gain) on extinguishment of debt			17,402
Gain on disposition of investment		(1,445)		(1,445)
Interest income	(11)	(113)	(183)	(379)
Interest expense	45,312	51,822	141,189	139,987
Non-operating Expenses (Income)	45,301	50,264	158,408	138,163
Income (loss) before income tax expense	1,272	(11,004)	(51,725)	(60,570)
Income tax expense (benefit)	469	(6,182)	(18,820)	(23,395)
Net loss	$ 803	$ (4,822)	$ (32,905)	$ (37,175)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2010	Sep. 30, 2009	Sep. 30, 2010	Sep. 30, 2009
Cash flows from operating activities:
Net loss	$ 781	$ (4,781)	$ (32,983)	$ (38,356)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			234,124	252,792
Non-cash equity based compensation			12,715	9,687
Amortization included in interest expense			12,579	15,723
Gain on disposition of assets and investments			(3,756)	(6,540)
Loss (gain) on extinguishment of debt		(131)	17,398	(3,670)
Deferred tax benefit			(19,833)	(9,651)
Provision for doubtful accounts			5,357	8,438
(Increase) decrease in:
Receivables			(19,492)	(14,032)
Prepaid expenses			(14,298)	(11,742)
Other assets			(855)	(129)
Increase (decrease) in:
Trade accounts payable			1,996	(4,696)
Accrued expenses			(3,434)	(18,175)
Other liabilities			661	11,773
Net cash provided by operating activities			190,179	191,422
Cash flows from investing activities:
Acquisitions			(2,916)	(1,675)
Capital expenditures			(27,712)	(29,010)
Proceeds from disposition of assets and investments			5,505	11,716
Payments received on notes receivable			196	142
Net cash used in investing activities			(24,927)	(18,827)
Cash flows from financing activities:
Debt issuance costs			(32,462)	(19,849)
Cash used for purchase of treasury stock			(1,629)	(43)
Net proceeds from issuance of common stock			6,958	3,254
Net payments under credit agreement			(226,700)	(171,299)
Net proceeds from credit agreement refinancing			5,360
Payment on convertible notes			(1,000)	(266,094)
Net proceeds from note offering			400,000	314,927
Net payment on 7 1/4% notes			(389,647)
Dividends			(273)	(273)
Net cash used in financing activities			(239,393)	(139,377)
Effect of exchange rate changes in cash and cash equivalents			303	343
Net (decrease) increase in cash and cash equivalents			(73,838)	33,561
Cash and cash equivalents at beginning of period			112,253	14,139
Cash and cash equivalents at end of period	38,415	47,700	38,415	47,700
Supplemental disclosures of cash flow information:
Cash paid for interest			134,981	133,442
Cash paid for foreign, state and federal income taxes			2,746	2,519
LAMAR MEDIA CORP
Cash flows from operating activities:
Net loss	803	(4,822)	(32,905)	(37,175)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			234,124	252,792
Non-cash equity based compensation			12,715	9,687
Amortization included in interest expense			12,504	10,625
Gain on disposition of assets and investments			(3,756)	(6,540)
Loss (gain) on extinguishment of debt			17,402
Deferred tax benefit			(19,789)	(11,969)
Provision for doubtful accounts			5,357	8,438
(Increase) decrease in:
Receivables			(19,492)	(14,032)
Prepaid expenses			(14,298)	(11,742)
Other assets			(764)	(129)
Increase (decrease) in:
Trade accounts payable			1,996	1,119
Accrued expenses			(3,451)	(15,246)
Other liabilities			(12,052)	22,146
Net cash provided by operating activities			177,591	207,974
Cash flows from investing activities:
Acquisitions			(2,916)	(1,675)
Capital expenditures			(27,712)	(29,010)
Proceeds from disposition of assets and investments			5,505	11,716
Payments received on notes receivable			196	142
Net cash used in investing activities			(24,927)	(18,827)
Cash flows from financing activities:
Debt issuance costs			(32,462)	(19,849)
Payment on mirror note				(287,500)
Net payments under credit agreement			(226,700)	(171,299)
Net proceeds from credit agreement refinancing			5,360
Net proceeds from note offering			400,000	314,927
Net payment on 7 1/4% notes			(389,647)
Contributions (distributions) to/from parent			19,672	(2,145)
Dividend to parent			(1,629)
Net cash used in financing activities			(225,406)	(165,866)
Effect of exchange rate changes in cash and cash equivalents			303	343
Net (decrease) increase in cash and cash equivalents			(72,439)	23,624
Cash and cash equivalents at beginning of period			105,306	14,139
Cash and cash equivalents at end of period	$ 32,867	$ 37,763	32,867	37,763
Supplemental disclosures of cash flow information:
Cash paid for interest			134,941	133,442
Cash paid for foreign, state and federal income taxes			$ 2,746	$ 2,519

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2010
Statement [Line Items]
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 2009 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
LAMAR MEDIA CORP
Statement [Line Items]
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 2009 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 3, 4, 5, 6, and 8 to the condensed consolidated financial statements of Lamar Advertising Company included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for Lamar Media Corp., as it is a wholly owned subsidiary of the Company.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2010

Stock-Based Compensation [Abstract]

Stock-Based Compensation

2. Stock-Based Compensation

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

We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 13,500 shares of its Class A common stock during the nine months ended September 30, 2010.

Stock Purchase Plan. Lamar’s 2000 Employee Stock Purchase Plan has reserved 924,000 shares of Class A common stock for issuance to employees. The 2000 ESPP was terminated following the issuance of all shares that were subject to the offer that commenced under the 2000 ESPP on January 1, 2009 and ended June 30, 2009. In 2009 we adopted a new employee stock purchase plan, which reserved 500,000 additional shares of common stock for issuance to employees. Our 2009 Employee Stock Purchase Plan (2009 ESPP) was adopted by our Board of Directors in February 2009 and approved by our shareholders on May 28, 2009. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP. The following is a summary of ESPP share activity for the nine months ended September 30, 2010:


	Shares
Available for future purchases, January 1, 2010		480,858
Purchases		110,936

Available for future purchases, September 30, 2010		369,922

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 2010 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2011. 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 nine months ended September 30, 2010, the Company has recorded $6,085 as non-cash compensation expense related to performance based awards. In addition, each non-employee director automatically receives upon election or re-election a restricted stock award of our Class A common stock. The awards vest 50% on grant date and 50% on the last day of the directors one year term. The Company recorded $234 non-cash compensation expense related to these awards for the nine months ended September 30, 2010.

Depreciation and Amortization

9 Months Ended

Sep. 30, 2010

Depreciation and Amortization [Abstract]

Depreciation and Amortization

3. Depreciation and Amortization

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


	Three months ended				Nine months ended
	September 30,				September 30,
	2010		2009		2010		2009
Direct advertising expenses	$	73,902	$	79,057	$	223,018	$	239,355
General and administrative expenses		1,163		1,499		3,679		4,697
Corporate expenses		2,552		2,973		7,427		8,740

	$	77,617	$	83,529	$	234,124	$	252,792

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2010

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

The following is a summary of intangible assets at September 30, 2010 and December 31, 2009.


	Estimated		September 30, 2010				December 31, 2009
	Life		Gross Carrying		Accumulated		Gross Carrying		Accumulated
	(Years)		Amount		Amortization		Amount		Amortization
Customer lists and contracts		7—10	$	465,933	$	438,795	$	465,634	$	429,674
Non-competition agreements		3—15		63,440		60,686		63,419		59,810
Site locations		15		1,373,279		810,300		1,371,968		741,599
Other		5—15		13,608		13,067		13,608		13,045

				1,916,260		1,322,848		1,914,629		1,244,128
Unamortizable intangible assets:
Goodwill			$	1,679,236	$	253,635	$	1,677,918	$	253,635

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2010

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

5. Asset Retirement Obligations

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


Balance at December 31, 2009	$	160,260
Revisions in cash flow estimates		7,809
Additions to asset retirement obligations		167
Accretion expense		7,802
Liabilities settled		(4,359	)

Balance at September 30, 2010	$	171,679

Summarized Financial Information of Subsidiaries	9 Months Ended
Summarized Financial Information of Subsidiaries	Sep. 30, 2010
Summarized Financial Information of Subsidiaries [Abstract]
Summarized Financial Information of Subsidiaries	6. Summarized Financial Information of Subsidiaries Separate financial statements of each of the Company’s direct or indirect wholly owned subsidiaries that have guaranteed Lamar Media’s obligations with respect to its publicly issued notes (collectively, the “Guarantors”) are not included herein because the Company has no independent assets or operations, the guarantees are full and unconditional and joint and several and the only subsidiaries that are not guarantors are in the aggregate minor. Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of September 30, 2010 and December 31, 2009, Lamar Media was permitted under the terms of its outstanding subordinated notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $1,321,956 and $1,156,267, respectively. Under its senior credit facility, however, if the total holdings debt ratio (as defined in the senior credit facility) is greater than 5.75 to 1 or its senior debt ratio (as defined in the senior credit facility) is greater than 3.25 to 1.0, or if under the indenture for the 9 3/4% senior notes Lamar Media’s senior leverage ratio (as defined in the indenture for the 9 3/4% senior notes) is greater than or equal to 3.0 to 1, transfers to Lamar Advertising are subject to additional restrictions. As of September 30, 2010, (i) the total holdings debt ratio was less than 5.75 to 1 (ii) the senior debt ratio was less than 3.25 to 1.0 and (iii) the senior leverage ratio was less than 3.0 to 1.0 and, therefore, transfers to Lamar Advertising were not subject to additional restrictions under our senior credit facility or the 9 ³/₄% senior notes.

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2010
Earnings Per Share [Abstract]
Earnings Per Share	7. Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options and convertible debt, while diluted earnings per share includes the dilutive effect of options and convertible debt. The number of dilutive shares excluded from this calculation resulting from the dilutive effect of options is 413,817 and 224,337 for the three months ended September 30, 2010 and 2009 and 465,575 and 30,867 for the nine months ended September 30, 2010 and 2009. Diluted earnings per share should also reflect the potential dilution that could occur if the Company’s convertible debt was converted to common stock. The number of potentially dilutive shares related to the Company’s convertible debt excluded from the calculation because of their antidilutive effect is 49,125 and 602,986 for the three months ended September 30, 2010 and 2009, respectively and 54,765 and 3,284,425 for the nine months ended September 30, 2010 and September 30, 2009, respectively.

Long-term Debt

9 Months Ended

Sep. 30, 2010

Long-term Debt [Abstract]

Long-term Debt

8. Long-term Debt

On April 22, 2010 the Company completed an institutional private placement of $400,000 aggregate principal amount of 7 7/8% Senior Subordinated Notes due 2018 the (“7 7/8% Notes”) of Lamar Media. The institutional private placement resulted in net proceeds to Lamar Media of approximately $392,000.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 7 7/8% Notes, at any time and from time to time, at a price equal to 107.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon (including additional interest, if any), with the net cash proceeds of certain public equity offerings completed before April 15, 2013, provided that following the redemption at least 65% of the 7 7/8% Notes that were originally issued remain outstanding. At any time prior to April 15, 2014, Lamar Media may redeem some or all of the 7 7/8% Notes at a price equal to 100% of the principal amount plus a make-whole premium. On or after April 15, 2014, Lamar Media may redeem the 7 7/8% Notes, in whole or part, in cash at redemption prices specified in the Indenture.

The Company used the proceeds of this offering, after the payment of fees and expenses, to repurchase all of its outstanding 7 1/4% Senior Subordinated Notes due 2013 (the “7 1/4% Notes”), as described below.

On April 8, 2010, Lamar Media commenced a tender offer to purchase for cash any and all of its outstanding 7 1/4% Notes. In conjunction with the tender offer, Lamar Media also solicited consents from the holders of the 7 1/4% Notes to amend the 7 1/4% Notes to eliminate certain covenants and amend certain provisions of the indenture governing the 7 1/4% Notes. On April 22, 2010 Lamar Media accepted tenders for $365,390 in aggregate principal amount of the 7 1/4% Notes in connection with the early settlement date of the tender offer. The holders of accepted notes received a total consideration of $1,012.08 per $1,000 principal amount of the notes tendered (per note data not in thousands). The total cash payment to purchase the tendered 7 1/4% Notes, including accrued and unpaid interest up to but excluding April 22, 2010 was $377,972. Tendering holders also delivered the requisite consents authorizing Lamar Media to remove certain covenants in the 7 1/4% Notes. These consents authorized entry into a Supplemental Indenture, which reflects the amendments to the 7 1/4% Notes discussed above. On May 6, 2010, Lamar Media accepted tenders for an additional $169 in aggregate principal amount of 7 1/4% Notes in connection with the final settlement of the tender offer. On June 7, 2010, Lamar Media redeemed the remaining $19,441 in outstanding notes.

The Company recognized a loss of $17,398 on the early extinguishment of debt resulting from its refinancing transactions for the nine months ended September 30, 2010.

On April 28, 2010, Lamar Media Corp. refinanced its existing senior credit facility with a new senior credit facility. The new senior credit facility, for which JPMorgan Chase Bank, N.A. serves as administrative agent, consists of a $250,000 revolving credit facility, a $270,000 term loan A-1 facility, a $30,000 term loan A-2 facility, a $575,000 term loan B facility and a $300,000 incremental facility, which may be increased by up to an additional $200,000, based upon our satisfaction of a senior debt ratio test (as described below), of less than or equal to 3.25 to 1. Lamar Media is the borrower under our new senior credit facility, except with respect to the $30,000 term loan A-2 facility for which Lamar Media’s wholly-owned subsidiary, Lamar Advertising of Puerto Rico, Inc. is the borrower. We may also from time to time designate additional wholly-owned subsidiaries as subsidiary borrowers under the incremental loan facility that can borrow up to $110,000 of the incremental 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.

The term loan A-1 will begin amortizing on June 30, 2011 in quarterly installments paid on each September 30, December 31, March 31 and June 30 thereafter, as follows:


Principal Payment Date	Principal Amount
June 30, 2011 — March 31, 2012	$	3,375
June 30, 2012 — March 31, 2014	$	6,750
June 30, 2014 — March 31, 2015	$	13,500
June 30, 2015 — September 30, 2015	$	37,125
December 31, 2015	$	74,250

The term loan A-2 will begin amortizing on June 30, 2011 in quarterly installments paid on each September 30, December 31, March 31 and June 30 thereafter, as follows:


Principal Payment Date	Principal Amount
June 30, 2011 — March 31, 2012	$	375
June 30, 2012 — March 31, 2014	$	750
June 30, 2014 — March 31, 2015	$	1,500
June 30, 2015 — September 30, 2015	$	4,125
December 31, 2015	$	8,250

The term loan B began amortizing on June 30, 2010 in equal quarterly installments of $1,437.5 paid on each September 30, December 31, March 31 and June 30 thereafter, with the remainder of $539,062.5 payable at maturity.

The term loan A-1 and term loan A-2 facilities will mature on December 31, 2015; the term loan B facility will mature on December 31, 2016; and the revolving credit facility will mature on April 28, 2015.

Lamar Media is required to comply with certain covenants and restrictions under its senior credit facility. If the Company fails to comply with these tests, the long term debt payments may be accelerated. At September 30, 2010, we must be in compliance with the following financial ratios:

•

a total holdings debt ratio, defined as total consolidated debt of Lamar Media and its restricted subsidiaries as of any date to EBITDA, as defined below, for the most recent four fiscal quarters then ended as set forth below:


Period	Ratio
April 28, 2010 through and including September 29, 2010		7.50 to 1.00
September 30, 2010 through and including March 30, 2011		7.25 to 1.00
March 31, 2011 through and including December 30, 2011		7.00 to 1.00
December 31, 2011 through and including March 30, 2012		6.75 to 1.00
March 31, 2012 through and including March 30, 2013		6.25 to 1.00
From and after March 31, 2013		6.00 to 1.00

•

a senior debt ratio, defined as total consolidated senior debt of Lamar Media and its restricted subsidiaries to EBITDA, as defined below, for the most recent four fiscal quarters then ended as set forth below:


Period	Ratio
April 28, 2010 through and including September 29, 2010		4.00 to 1.00
September 30, 2010 through and including March 30, 2011		3.75 to 1.00
March 31, 2011 through and including September 29, 2011		3.50 to 1.00
September 30, 2011 through and including March 30, 2012		3.25 to 1.00
March 31, 2012 through and including March 30, 2013		3.00 to 1.00
From and after March 31, 2013		2.75 to 1.00

•

a fixed charges coverage ratio, defined as the ratio of EBITDA, (as defined below), for the most recent four fiscal quarters to the sum of (1) the total payments of principal and interest on debt for such period, plus (2) capital expenditures made during such period, plus (3) income and franchise tax payments made during such period, plus (4) dividends, of greater than 1.05 to 1.

The definition of “EBITDA” under the new senior credit agreement is as follows: “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 taxes, interest expense, depreciation, amortization and any other non-cash income or charges accrued for such period, one-time cash restructuring and cash severance changes in the fiscal year ending December 31, 2009 of up to $2,500 aggregate amount, charges and expenses in connection with the credit facility transactions and the repurchase or redemption of our 7 1/4% senior subordinated notes due 2013, and (except to the extent received or paid in cash by us or any of our 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 not in the ordinary course. For purposes of calculating EBITDA, the effect on such calculation of any adjustments required under Statement of Accounting Standards No. 141R is excluded.

Disclosures About Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2010

Disclosures About Fair Value of Financial Instruments [Abstract]

Disclosures About Fair Value of Financial Instruments

9. Disclosures About Fair Value of Financial Instruments

At September 30, 2010, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investments are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The following table provides fair value measurement information for liabilities reported in the accompanying Condensed Consolidated Balance Sheet as of September 30, 2010:

As of September 30, 2010

Fair Value Measurements Using:

Quoted

Significant

Prices in

Other

Active

Observable

Significant

Carrying

Total Fair

Markets

Inputs

Unobservable

Amount

Value

(Level 1)

(Level 2)

Inputs (Level 3)

Financial liabilities

Long-term debt (including current maturities)

2,472,806

2,605,056

$ —

Fair Value Measurements and Disclosures (formerly SFAS No. 157), established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. As presented in the table above, this hierarchy consists of three broad levels. Level 1 inputs on the hierarchy consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are other than quoted prices in active markets included in Level 1, and Level 3 inputs have the lowest priority and include significant inputs that are generally less observable from objective sources. When available, we measure fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. We currently do not use Level 2 or Level 3 inputs to measure fair value.

The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above.

Level 1 Fair Value Measurements

Long-term debt — The Fixed Rate Notes and Floating Rate Notes are actively traded in an established market. The fair values of these debt instruments are based on quotes obtained through financial information services and/or major financial institutions.