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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 35,865	$ 33,503
Receivables, net of allowance for doubtful accounts of $ 7,600 and $7,500 in 2012 and 2011	144,940	147,436
Prepaid expenses	59,171	39,514
Deferred income tax assets	7,967	9,812
Other current assets	33,686	26,360
Total current assets	281,629	256,625
Property, plant and equipment	2,868,937	2,860,592
Less accumulated depreciation and amortization	(1,699,153)	(1,666,975)
Net property, plant and equipment	1,169,784	1,193,617
Goodwill	1,427,206	1,426,848
Intangible assets	455,879	476,880
Deferred financing costs net of accumulated amortization	41,777	34,409
Other assets	40,556	38,974
Total assets	3,416,831	3,427,353
Current liabilities:
Trade accounts payable	12,691	12,663
Current maturities of long-term debt	26,242	17,310
Accrued expenses	90,761	94,654
Deferred income	39,047	36,717
Total current liabilities	168,741	161,344
Long-term debt	2,161,353	2,141,218
Deferred income tax liabilities	68,738	92,317
Asset retirement obligation	181,455	180,662
Other liabilities	15,433	12,814
Total liabilities	2,595,720	2,588,355
Stockholders' equity:
Additional paid-in capital	2,410,886	2,405,679
Accumulated comprehensive income	6,007	5,326
Accumulated deficit	(706,506)	(683,599)
Cost of shares held in treasury, 17,110,209 and 17,082,652 shares in 2012 and 2011, respectively	(889,386)	(888,518)
Total Stockholders' equity	821,111	838,998
Total liabilities and stockholder's equity	3,416,831	3,427,353
Common Class A
Stockholders' equity:
Common stock, value	95	95
Common Class B
Stockholders' equity:
Common stock, value	15	15
Preferred Class A
Stockholders' equity:
Preferred stock, value
Series AA Preferred Stock
Stockholders' equity:
Preferred stock, value
LAMAR MEDIA CORP
Current assets:
Cash and cash equivalents	35,365	33,377
Receivables, net of allowance for doubtful accounts of $ 7,600 and $7,500 in 2012 and 2011	144,940	147,436
Prepaid expenses	59,171	39,514
Deferred income tax assets	7,967	9,812
Other current assets	33,904	26,578
Total current assets	281,347	256,717
Property, plant and equipment	2,868,937	2,860,592
Less accumulated depreciation and amortization	(1,699,153)	(1,666,975)
Net property, plant and equipment	1,169,784	1,193,617
Goodwill	1,417,054	1,416,696
Intangible assets	455,382	476,376
Deferred financing costs net of accumulated amortization	39,824	32,455
Other assets	35,271	33,689
Total assets	3,398,662	3,409,550
Current liabilities:
Trade accounts payable	12,691	12,663
Current maturities of long-term debt	26,242	17,310
Accrued expenses	88,963	93,315
Deferred income	39,047	36,717
Total current liabilities	166,943	160,005
Long-term debt	2,161,353	2,141,218
Deferred income tax liabilities	101,985	125,462
Asset retirement obligation	181,455	180,662
Other liabilities	15,433	12,814
Total liabilities	2,627,169	2,620,161
Stockholders' equity:
Common stock, value
Additional paid-in capital	2,584,526	2,579,318
Accumulated comprehensive income	6,007	5,326
Accumulated deficit	(1,819,040)	(1,795,255)
Total Stockholders' equity	771,493	789,389
Total liabilities and stockholder's equity	$ 3,398,662	$ 3,409,550

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net loss	$ (22,816)	$ (13,240)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	72,373	73,873
Non-cash equity based compensation	2,612	2,132
Amortization included in interest expense	4,497	4,534
Gain on disposition of assets and investments	(936)	(6,447)
Loss on extinguishment of debt	29,972
Deferred tax benefit	(21,664)	(5,275)
Provision for doubtful accounts	963	1,175
(Increase) decrease in:
Receivables	1,412	(4,281)
Prepaid expenses	(18,886)	(18,736)
Other assets	(6,759)	(2,097)
Increase (decrease) in:
Trade accounts payable	(503)	106
Accrued expenses	(5,664)	(8,794)
Other liabilities	2,101	2,876
Net cash provided by operating activities	36,702	25,826
Cash flows from investing activities:
Acquisitions	(6,083)	(6,742)
Capital expenditures	(19,747)	(28,813)
Proceeds from disposition of assets and investments	1,750	7,072
Payments received on notes receivable	40	148
Net cash used in investing activities	(24,040)	(28,335)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(869)	(3,481)
Net proceeds from issuance of common stock	2,596	1,522
Principal payments on long-term debt	(22)	(54,955)
Payment on senior subordinated notes	(598,181)
Proceeds received from note offering	500,000
Proceeds received from senior credit facility term loan	100,000
Debt issuance costs	(14,028)
Dividends	(91)	(91)
Net cash used in financing activities	(10,595)	(57,005)
Effect of exchange rate changes in cash and cash equivalents	295	276
Net increase (decrease) in cash and cash equivalents	2,362	(59,238)
Cash and cash equivalents at beginning of period	33,503	91,679
Cash and cash equivalents at end of period	35,865	32,441
Supplemental disclosures of cash flow information:
Cash paid for interest	33,374	37,494
Cash paid for foreign, state and federal income taxes	1,125	739
LAMAR MEDIA CORP
Cash flows from operating activities:
Net loss	(22,825)	(13,164)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	72,373	73,873
Non-cash equity based compensation	2,612	2,132
Amortization included in interest expense	4,497	4,534
Gain on disposition of assets and investments	(936)	(6,447)
Loss on extinguishment of debt	29,972
Deferred tax benefit	(21,563)	(5,293)
Provision for doubtful accounts	963	1,175
(Increase) decrease in:
Receivables	1,412	(4,281)
Prepaid expenses	(18,886)	(18,736)
Other assets	(6,759)	(2,083)
Increase (decrease) in:
Trade accounts payable	(503)	106
Accrued expenses	(5,664)	(8,794)
Other liabilities	(976)	3,296
Net cash provided by operating activities	33,717	26,318
Cash flows from investing activities:
Acquisitions	(6,083)	(6,742)
Capital expenditures	(19,747)	(28,813)
Proceeds from disposition of assets and investments	1,750	7,072
Payments received on notes receivable	40	148
Net cash used in investing activities	(24,040)	(28,335)
Cash flows from financing activities:
Principal payments on long-term debt	(22)	(54,955)
Payment on senior subordinated notes	(598,181)
Proceeds received from note offering	500,000
Proceeds received from senior credit facility term loan	100,000
Debt issuance costs	(14,028)
Dividend to parent	(960)	(3,481)
Contributions from parent	5,207	3,653
Net cash used in financing activities	(7,984)	(54,783)
Effect of exchange rate changes in cash and cash equivalents	295	276
Net increase (decrease) in cash and cash equivalents	1,988	(56,524)
Cash and cash equivalents at beginning of period	33,377	88,565
Cash and cash equivalents at end of period	35,365	32,041
Supplemental disclosures of cash flow information:
Cash paid for interest	33,374	37,494
Cash paid for foreign, state and federal income taxes	$ 1,125	$ 739

Depreciation and Amortization

3 Months Ended

Mar. 31, 2012

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 March 31,
	2012		2011
Direct advertising expenses	$	68,235	$	69,571
General and administrative expenses		976		1,011
Corporate expenses		3,162		3,291

	$	72,373	$	73,873

Stock-Based Compensation (Table)

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Summary of ESPP share activity


	Shares
Available for future purchases, January 1, 2012		253,294
Purchases		43,091

Available for future purchases, March 31, 2012		210,203

Asset Retirement Obligation (Details) $ in Thousands	3 Months Ended
Asset Retirement Obligation (Details) $ in Thousands	Mar. 31, 2012 USD ($)
Information related to asset retirement obligation
Balance at December 31, 2011	$ 180,662
Additions to asset retirement obligations	155
Accretion expense	1,976
Liabilities settled	(1,338)
Balance at March 31, 2012	$ 181,455

Goodwill and Other Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2012 USD ($) yr	Dec. 31, 2011 USD ($)
Amortizable Intangible Assets:
Gross Carrying Amount	$ 1,933,113	$ 1,928,647
Accumulated Amortization	1,477,234	1,451,767
Unamortizable Intangible Assets:
Goodwill gross carrying amount	1,680,841	1,680,483
Goodwill accumulated amortization	$ 253,635	253,635
Customer lists and contracts [Member]
Amortizable Intangible Assets:
Estimated Life (Years), Minimum \| yr	7
Estimated Life (Years), Maximum \| yr	10
Gross Carrying Amount	$ 469,149	468,371
Accumulated Amortization	$ 453,475	451,524
Non-competition agreements [Member]
Amortizable Intangible Assets:
Estimated Life (Years), Minimum \| yr	3
Estimated Life (Years), Maximum \| yr	15
Gross Carrying Amount	$ 63,604	63,592
Accumulated Amortization	$ 62,068	61,849
Site locations [Member]
Amortizable Intangible Assets:
Estimated Life (Years), Maximum \| yr	15
Gross Carrying Amount	$ 1,386,752	1,383,076
Accumulated Amortization	$ 948,580	925,291
Other Intangible Assets [Member]
Amortizable Intangible Assets:
Estimated Life (Years), Minimum \| yr	5
Estimated Life (Years), Maximum \| yr	15
Gross Carrying Amount	$ 13,608	13,608
Accumulated Amortization	$ 13,111	$ 13,103

Asset Retirement Obligation (Tables)

3 Months Ended

Mar. 31, 2012

Asset Retirement Obligations [Abstract]


Balance at December 31, 2011	$	180,662
Additions to asset retirement obligations		155
Accretion expense		1,976
Liabilities settled		(1,338	)

Balance at March 31, 2012	$	181,455

Long-term Debt

3 Months Ended

Mar. 31, 2012

Long-term Debt [Abstract]

Long-term Debt

8. Long-term Debt

Long-term debt consists of the following at March 31, 2012 and December 31, 2011:


	March 31, 2012			December 31, 2011
Senior Credit Facility	$	695,477		$	595,477
7 7/8% Senior Subordinated Notes		400,000			400,000
6 5/8% Senior Subordinated Notes		122,760			381,290
6 5/8% Senior Subordinated Notes — Series B		98,493			191,544
6 5/8% Senior Subordinated Notes — Series C		34,910			256,040
5 7/8% Senior Subordinated Notes		500,000			—
9 3/4% Senior Notes		333,358			331,553
Other notes with various rates and terms		2,597			2,624

		2,187,595			2,158,528
Less current maturities		(26,242	)		(17,310	)

Long-term debt, excluding current maturities	$	2,161,353		$	2,141,218

6 5/8% Senior Subordinated Notes

On August 16, 2005, Lamar Media Corp., issued $400,000 aggregate principal amount of 6 5/8% Senior Subordinated Notes due 2015. These notes are unsecured senior subordinated obligations and will be subordinated to all of Lamar Media’s existing and future senior debt, rank equally with all of Lamar Media’s existing and future senior subordinated debt and rank senior to all of our existing and any future subordinated debt of Lamar Media. These notes are redeemable at the company’s option anytime on or after August 15, 2010 in whole or part, in cash at redemption prices specified in the notes. The net proceeds for this issuance were used to reduce borrowings under Lamar Media’s senior credit facility.

On August 17, 2006, Lamar Media Corp. issued $216,000 aggregate principal amount of 6 5/8% Senior Subordinated Notes due 2015 – Series B. These notes are unsecured senior subordinated obligations and will be subordinated to all of Lamar Media’s existing and future senior debt, rank equally with all of Lamar Media’s existing and future senior subordinated debt and rank senior to all of our existing and any future subordinated debt of Lamar Media. These notes are redeemable at the company’s option anytime on or after August 15, 2010 in whole or part, in cash at redemption prices specified in the notes. The net proceeds from this issuance were used to reduce borrowings under Lamar Media’s senior credit facility and repurchase the Company’s Class A common stock pursuant to its repurchase plan.

On October 11, 2007, Lamar Media Corp. issued $275,000 aggregate principal amount of 6 5/8% Senior Subordinated Notes due 2015 – Series C. These notes are unsecured senior subordinated obligations and will be subordinated to all of Lamar Media’s existing and future senior debt, rank equally with all of Lamar Media’s existing and future senior subordinated debt and rank senior to all of the existing and any future subordinated debt of Lamar Media. These notes are redeemable at the company’s option anytime on or after August 15, 2010 in whole or part, in cash at redemption prices specified in the notes. A portion of the net proceeds from the offering of the Notes was used to repay a portion of the amounts outstanding under Lamar Media’s revolving senior credit facility.

On January 26, 2012, Lamar Media commenced a tender offer to purchase for cash, up to $700,000 in aggregate principal amount of its outstanding 6 5/8% Notes. On February 9, 2012, Lamar Media accepted tenders for approximately $483,655 in aggregate principal amount of the 6 5/8% Notes, out of approximately $582,903 tendered, in connection with the early settlement date of the tender offer. On February 27, 2012, Lamar Media accepted tenders for approximately $99,248 previously tendered and not accepted for payment and an additional $220 tendered following the early settlement date. Lamar Media made aggregate cash payments (including early tender consideration and accrued but unpaid interest) in connection with the tender offer of approximately $613,887.

For the three months ended March 31, 2012, the Company recognized a loss of $29,972 in connection with the repurchase of a portion of its 6 5/8% Notes.

9 3/4% Senior Notes

On March 27, 2009, Lamar Media issued $350,000 in aggregate principal amount ($314,927 gross proceeds) of 9 3/4% Senior Notes due 2014. The institutional private placement resulted in net proceeds to Lamar Media of approximately $307,489. The senior notes mature on April 1, 2014 and have interest at a rate of 9 3/4% per annum, which is payable semi-annually on April 1 and October 1 of each year, beginning October 1, 2009. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The terms of the senior notes will, among other things, limit Lamar Media’s and its restricted subsidiaries’ ability to (i) incur additional debt and issue preferred stock; (ii) make certain distributions, investments and other restricted payments; (iii) create certain liens; (iv) enter into transactions with affiliates; (v) have the restricted subsidiaries make payments to Lamar Media; (vi) merge, consolidate or sell substantially all of Lamar Media’s or the restricted subsidiaries’ assets; and (vii) sell assets. These covenants are subject to a number of exceptions and qualifications.

At any time prior to April 1, 2014, Lamar Media may redeem some or all of the senior notes at a price equal to 100% of the principal amount plus a make-whole premium. 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 senior notes at a price equal to 101% of the principal amount of the senior notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.

7 7/8% Senior Subordinated Notes

On April 22, 2010, Lamar Media issued $400,000 in aggregate principal amount of 7 7/8% Senior Subordinated Notes due 2018. 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 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 Notes.

5 7/8% Senior Subordinated Notes

On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principle amount of 5 7/8% Senior Subordinated Notes, due 2022. 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 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 Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 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 Notes, in whole or in part, in cash at redemption prices specified in the 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 Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

The Company used the proceeds of this offering, after payment and fees, to repurchase its tendered and accepted 6 5/8% Notes.

2010 Senior Credit Facility

On February 9, 2012, Lamar Media entered into a restatement agreement with respect to its existing senior credit facility in order to fund a new $100,000 Term loan A facility and to make certain covenant changes to the senior credit facility, which was entered into on April 28, 2010, as amended on June 11, 2010, November 18, 2010 and February 9, 2012 (the “senior credit facility”), for which JPMorgan Chase Bank, N.A. serves as administrative agent. The senior credit facility 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 $100,000 term loan A-3 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 the 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 remaining quarterly amortizations of the Term facilities as of March 31, 2012 is as follows:


	Term A-1		Term A-2		Term A-3		Term B
September 30, 2012 — December 31, 2012	$	6,750	$	750	$	—	$	813.2
March 31, 2013 — March 31, 2014	$	6,750	$	750	$	625	$	813.2
June 30, 2014 — December 31, 2014	$	13,500	$	1,500	$	625	$	813.2
March 31, 2015	$	13,500	$	1,500	$	1,250	$	813.2
June 30, 2015 — September 30, 2015	$	37,125	$	4,125	$	1,250	$	813.2
December 31, 2015	$	74,250	$	8,250	$	1,250	$	813.2
March 31, 2016 — September 30, 2016	$	—	$	—	$	1,250	$	813.2
December 31, 2016	$	—	$	—	$	1,250	$	304,151.9
March 31, 2017 — June 30, 2017	$	—	$	—	$	21,250	$	—
August 9, 2017	$	—	$	—	$	42,500	$	—

In addition to the amortizations of our Term facilities, Lamar Media may be required to make certain mandatory prepayments on loans outstanding under the senior credit facility that would be applied first to any outstanding term loans. These payments, if any, will be calculated based on a percentage of Consolidated Excess Cash Flow (as defined in the senior credit facility) at the end of each fiscal year. For fiscal years ending or after December 31, 2012, this percentage is subject to reduction to 0% if the total holdings debt ratio (as defined in the senior credit facility) is less than or equal to 5.00 to 1.00 as of the last day of such fiscal year.

As of March 31, 2012, there was no amounts outstanding under the revolving senior facility. The revolving facility terminates April 28, 2015. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,364 letters of credit outstanding as of March 31, 2012 resulting in $241,636 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to maturity. The loans bear interest, at Lamar Media’s option, at the LIBOR Rate or JPMorgan Chase Prime Rate plus applicable margins, such margins being set from time to time based on Lamar Media’s ratio of debt to trailing twelve month 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.

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 specified financial ratios and levels including:

•

a fixed charges ratio;

•

a senior debt ratio; and

•

a total holdings debt ratio.

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

Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
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	$ 2,612	$ 2,132
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%
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%
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	9,000
Performance Based Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash compensation expense	$ 619
1996 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Plan has reserved shares of Class A common stock	13,000,000
Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan	10 years
Percentage of awards vesting on grant date	50.00%
Percentage of awards vesting on the last day of directors term	50.00%
Term of director	1 year
Restricted Stock Award [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash compensation expense	$ 29
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	500,000
2000 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock Purchase Plan reserved shares of Class A common stock for issuance to employees	924,000

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

9. Fair Value of Financial Instruments

At March 31, 2012 and December 31, 2011, 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. Investment contracts 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 $2,299,567 which exceeded both the gross and carrying amounts of $2,208,050 and $2,187,595, respectively, as of March 31, 2012.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 28
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2012	May 01, 2012
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Central Index Key	0001090425
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
LAMAR MEDIA CORP
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Central Index Key	0000899045
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		100
Common Class A
Entity Common Stock, Shares Outstanding		78,334,876
Common Class B
Entity Common Stock, Shares Outstanding		14,910,365

Stock-Based Compensation (Details) - 2009 Employee Stock Purchase Plan [Member]	3 Months Ended
	Mar. 31, 2012 shares
Summary of ESPP share activity
Available for future purchases, January 1, 2012	253,294
Purchases	43,091
Available for future purchases, March 31, 2012	210,203

- Definition

Number of shares issued during the period as a result of an employee stock purchase plan.

+ References + Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts	$ 7,600,000	$ 7,500,000
Accumulated amortization	$ 24,532,000	$ 28,187,000
Shares held in treasury	17,110,209	17,082,652
Common Class A
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	95,444,171	95,011,499
Common stock, shares outstanding	78,333,962	77,928,847
Common Class B
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	37,500,000	37,500,000
Common stock, shares issued	14,910,365	15,122,865
Common stock, shares outstanding	14,910,365	15,122,865
Preferred Class A
Preferred stock, par value	$ 638	$ 638
Preferred stock, cumulative dividends	$ 63.80	$ 63.80
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series AA Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, cumulative dividends	$ 63.80	$ 63.80
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
Allowance for doubtful accounts	$ 7,600,000	$ 7,500,000
Accumulated amortization	$ 15,245,000	$ 18,899,000
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

Stock Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock Compensation Plans

2. Stock-Based Compensation

Equity Incentive Plan. Lamar’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 9,000 shares of its Class A common stock during the three months ended March 31, 2012.

Stock Purchase Plan. Lamar’s 2000 Employee Stock Purchase Plan 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 three months ended March 31, 2012:


	Shares
Available for future purchases, January 1, 2012		253,294
Purchases		43,091

Available for future purchases, March 31, 2012		210,203

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 2012 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2013. 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, 2012, the Company has recorded $619 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 each of the director’s one-year term. The Company recorded $29 non-cash compensation expense related to these awards for the three months ended March 31, 2012.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Summarized Financial Information of Subsidiaries (Details) $ in Thousands	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2011	Mar. 27, 2009
Summarized Financial Information of Subsidiaries (Textual) [Abstract]
Balance of permitted transfers to parent company	$ 1,690,691	$ 1,641,856
Description of provisions on senior credit facility transfers to Lamar Advertising subject to additional restrictions	the total holdings debt ratio is greater than 5.75 to 1 or its senior debt ratio is greater than 3.25 to 1, or if under the indenture for the 9 3/4% senior notes Lamar Media’s senior leverage ratio is greater than or equal to 3.0 to 1
Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	(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 and (iii) the senior leverage ratio was less than 3.0 to 1 related our senior credit facility or the 9 3/4% senior notes
Holdings debt ratio	5.75
Senior debt ratio	3.25
Senior leverage ratio	3.0
Holdings debt ratio related to actual position On senior credit facility	5.75
Senior debt ratio related to actual position On senior credit facility	3.25
Senior leverage ratio related to actual position On senior credit facility	3.0
9 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior subordinate notes	9.75%		9.75%	9.75%

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2012

Goodwill and Other Intangible Assets [Abstract]

Summary of intangible assets


	Estimated Life (Years)	March 31, 2012				December 31, 2011
	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 – 10	$	469,149	$	453,475	$	468,371	$	451,524
Non-competition agreements	3 – 15		63,604		62,068		63,592		61,849
Site locations	15		1,386,752		948,580		1,383,076		925,291
Other	5 – 15		13,608		13,111		13,608		13,103

		$	1,933,113	$	1,477,234	$	1,928,647	$	1,451,767
Unamortizable Intangible Assets:
Goodwill		$	1,680,841	$	253,635	$	1,680,483	$	253,635

Earnings Per Share (Details) - shares	3 Months Ended
Earnings Per Share (Details) - shares	Mar. 31, 2012	Mar. 31, 2011
Earnings Per Share (Textual) [Abstract]
The number of dilutive shares excluded from calculation of Basic Earning per share resulting from the antidilutive effect of options	343,478	475,701

Depreciation and Amortization (Tables)

3 Months Ended

Mar. 31, 2012

Depreciation and Amortization [Abstract]

Depreciation and amortization expenses excluded from operating expenses


	Three months ended March 31,
	2012		2011
Direct advertising expenses	$	68,235	$	69,571
General and administrative expenses		976		1,011
Corporate expenses		3,162		3,291

	$	72,373	$	73,873

Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	$ 72,373	$ 73,873
Direct advertising expenses [Member]
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	68,235	69,571
General and administrative expenses [Member]
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	976	1,011
Corporate expenses [Member]
Depreciation and amortization expenses excluded from operating expenses
Depreciation and amortization	$ 3,162	$ 3,291

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Statement of Operations [Abstract]
Net revenues	$ 266,238	$ 255,202
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	103,423	99,551
General and administrative expenses (exclusive of depreciation and amortization)	53,095	51,067
Corporate expenses (exclusive of depreciation and amortization)	12,490	11,551
Depreciation and amortization	72,373	73,873
Gain on disposition of assets	(936)	(6,447)
Total Operating Expenses	240,445	229,595
Operating income	25,793	25,607
Other expense (income)
Loss on extinguishment of debt	29,972
Interest income	(58)	(32)
Interest expense	39,914	43,620
Non-operating (Income) Expenses	69,828	43,588
Loss before income tax benefit	(44,035)	(17,981)
Income tax benefit	(21,219)	(4,741)
Net loss	(22,816)	(13,240)
Preferred stock dividends	91	91
Net loss applicable to common stock	$ (22,907)	$ (13,331)
Loss per share:
Basic and diluted loss per share	$ (0.25)	$ (0.14)
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding	93,114,125	92,681,351
Incremental common shares from dilutive stock options
Weighted average common shares diluted	93,114,125	92,681,351
Statement of Comprehensive Income (Loss)
Net loss	$ (22,816)	$ (13,240)
Other comprehensive income
Foreign currency translation adjustments	681	735
Comprehensive loss	(22,135)	(12,505)
LAMAR MEDIA CORP
Statement of Operations [Abstract]
Net revenues	266,238	255,202
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	103,423	99,551
General and administrative expenses (exclusive of depreciation and amortization)	53,095	51,067
Corporate expenses (exclusive of depreciation and amortization)	12,397	11,479
Depreciation and amortization	72,373	73,873
Gain on disposition of assets	(936)	(6,447)
Total Operating Expenses	240,352	229,523
Operating income	25,886	25,679
Other expense (income)
Loss on extinguishment of debt	29,972
Interest income	(58)	(32)
Interest expense	39,914	43,620
Non-operating (Income) Expenses	69,828	43,588
Loss before income tax benefit	(43,942)	(17,909)
Income tax benefit	(21,117)	(4,745)
Net loss	(22,825)	(13,164)
Statement of Comprehensive Income (Loss)
Net loss	(22,825)	(13,164)
Other comprehensive income
Foreign currency translation adjustments	681	735
Comprehensive loss	$ (22,144)	$ (12,429)

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2012

Long-term Debt [Abstract]

Long-term debt


	March 31, 2012			December 31, 2011
Senior Credit Facility	$	695,477		$	595,477
7 7/8% Senior Subordinated Notes		400,000			400,000
6 5/8% Senior Subordinated Notes		122,760			381,290
6 5/8% Senior Subordinated Notes — Series B		98,493			191,544
6 5/8% Senior Subordinated Notes — Series C		34,910			256,040
5 7/8% Senior Subordinated Notes		500,000			—
9 3/4% Senior Notes		333,358			331,553
Other notes with various rates and terms		2,597			2,624

		2,187,595			2,158,528
Less current maturities		(26,242	)		(17,310	)

Long-term debt, excluding current maturities	$	2,161,353		$	2,141,218

Remaining quarterly amortization of the Term facilities


	Term A-1		Term A-2		Term A-3		Term B
September 30, 2012 — December 31, 2012	$	6,750	$	750	$	—	$	813.2
March 31, 2013 — March 31, 2014	$	6,750	$	750	$	625	$	813.2
June 30, 2014 — December 31, 2014	$	13,500	$	1,500	$	625	$	813.2
March 31, 2015	$	13,500	$	1,500	$	1,250	$	813.2
June 30, 2015 — September 30, 2015	$	37,125	$	4,125	$	1,250	$	813.2
December 31, 2015	$	74,250	$	8,250	$	1,250	$	813.2
March 31, 2016 — September 30, 2016	$	—	$	—	$	1,250	$	813.2
December 31, 2016	$	—	$	—	$	1,250	$	304,151.9
March 31, 2017 — June 30, 2017	$	—	$	—	$	21,250	$	—
August 9, 2017	$	—	$	—	$	42,500	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Long-Term Debt (Details 1) - USD ($)	3 Months Ended
Long-Term Debt (Details 1) - USD ($)	Mar. 31, 2012	Mar. 31, 2011
September 30, 2012 - December 31, 2012 [Member] \| Term Loan A 1 Facility [Member]
Principal Payment of term loan
Principal amount	$ 6,750,000
September 30, 2012 - December 31, 2012 [Member] \| Term Loan A 2 Facility [Member]
Principal Payment of term loan
Principal amount	750,000
September 30, 2012 - December 31, 2012 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
March 31, 2013 - March 31, 2014 [Member] \| Term Loan A 1 Facility [Member]
Principal Payment of term loan
Principal amount	6,750,000
March 31, 2013 - March 31, 2014 [Member] \| Term Loan A 2 Facility [Member]
Principal Payment of term loan
Principal amount	750,000
March 31, 2013 - March 31, 2014 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	625,000
March 31, 2013 - March 31, 2014 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
June 30, 2014 - December 31, 2014 [Member] \| Term Loan A 1 Facility [Member]
Principal Payment of term loan
Principal amount	13,500,000
June 30, 2014 - December 31, 2014 [Member] \| Term Loan A 2 Facility [Member]
Principal Payment of term loan
Principal amount	1,500,000
June 30, 2014 - December 31, 2014 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	625,000
June 30, 2014 - December 31, 2014 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
March 31, 2015 [Member] \| Term Loan A 1 Facility [Member]
Principal Payment of term loan
Principal amount	13,500,000
March 31, 2015 [Member] \| Term Loan A 2 Facility [Member]
Principal Payment of term loan
Principal amount	1,500,000
March 31, 2015 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	1,250,000
March 31, 2015 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
June 30, 2015 - September 30, 2015 [Member] \| Term Loan A 1 Facility [Member]
Principal Payment of term loan
Principal amount	37,125,000
June 30, 2015 - September 30, 2015 [Member] \| Term Loan A 2 Facility [Member]
Principal Payment of term loan
Principal amount	4,125,000
June 30, 2015 - September 30, 2015 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	1,250,000
June 30, 2015 - September 30, 2015 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
December 31, 2015 [Member] \| Term Loan A 1 Facility [Member]
Principal Payment of term loan
Principal amount	74,250,000
December 31, 2015 [Member] \| Term Loan A 2 Facility [Member]
Principal Payment of term loan
Principal amount	8,250,000
December 31, 2015 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	1,250,000
December 31, 2015 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
March 31, 2016 - September 30, 2016 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	1,250,000
March 31, 2016 - September 30, 2016 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount	813,200
December 31, 2016 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	1,250,000
December 31, 2016 [Member] \| Term B Facility [Member]
Principal Payment of term loan
Principal amount		$ 304,151,900
March 31, 2017 - June 30, 2017 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	21,250,000
August 9, 2017 [Member] \| Term Loan A-3 Facility [Member]
Principal Payment of term loan
Principal amount	$ 42,500,000

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2012

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 March 31, 2012 and December 31, 2011:


	Estimated Life (Years)	March 31, 2012				December 31, 2011
	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 – 10	$	469,149	$	453,475	$	468,371	$	451,524
Non-competition agreements	3 – 15		63,604		62,068		63,592		61,849
Site locations	15		1,386,752		948,580		1,383,076		925,291
Other	5 – 15		13,608		13,111		13,608		13,103

		$	1,933,113	$	1,477,234	$	1,928,647	$	1,451,767
Unamortizable Intangible Assets:
Goodwill		$	1,680,841	$	253,635	$	1,680,483	$	253,635

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Summarized Financial Information of Subsidiaries

3 Months Ended

Mar. 31, 2012

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 the senior credit facility. As of March 31, 2012 and December 31, 2011, Lamar Media was permitted under the terms of its outstanding senior subordinated notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $1,690,691 and $1,641,856, respectively. Transfers to Lamar Advertising are subject to additional restrictions if, (i) under Lamar Media’s senior credit facility and as defined therein, (x) the total holdings debt ratio is greater than 5.75 to 1 or (y) the senior debt ratio is greater than 3.25 to 1.0, and (ii) if under the indenture for Lamar Media’s 9 3/4% senior notes and as defined therein, its senior leverage ratio is greater than or equal to 3.0 to 1. As of March 31, 2012, the total holdings debt ratio was less than 5.75 to 1 and Lamar Media’s senior debt ratio was less than 3.25 to 1 and its senior leverage ratio was less than 3.0 to 1; therefore, transfers to Lamar Advertising were not subject to any additional restrictions under the senior credit facility or pursuant to the indenture governing the 9 3/4% senior notes.

Long-Term Debt (Details Textual) $ in Thousands	1 Months Ended			3 Months Ended
Long-Term Debt (Details Textual) $ in Thousands	Feb. 29, 2012 USD ($)	Apr. 30, 2010 USD ($)	Mar. 31, 2009 USD ($)	Mar. 31, 2012 USD ($)	Feb. 27, 2012 USD ($)	Feb. 09, 2012 USD ($)	Jan. 26, 2012 USD ($)	Mar. 31, 2011	Apr. 22, 2010 USD ($)	Mar. 27, 2009 USD ($)	Oct. 11, 2007 USD ($)	Aug. 17, 2006 USD ($)	Aug. 16, 2005 USD ($)
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Mar. NaN, 2017
Aggregate principal amount of Debt issued				$ 2,208,050
Remaining borrowing capacity under revolving credit facility				241,636
Loss on extinguishment of debt				(29,972)
Additional Long-term Debt (Textual) [Abstract]
Balance outstanding under revolving credit facility				$ 0
Additional Senior credit facility						$ 200,000
Senior debt ratio						3.25
Reduced percentage of consolidated excess cash flow to repay outstanding loan two				0.00%
Description of Interest Computation				360-day year comprised of twelve 30-day months
Aggregate cash payment in connection with tender offer				$ 613,887
September 30, 2012 - December 31, 2012 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Sep. NaN, 2012
March 31, 2013 - March 31, 2014 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Mar. NaN, 2013
June 30, 2014 - December 31, 2014 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Jun. NaN, 2014
March 31, 2015 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Mar. 31, 2015
June 30, 2015 - September 30, 2015 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Jun. NaN, 2015
December 31, 2015 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Dec. 31, 2015
March 31, 2016 - September 30, 2016 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Mar. NaN, 2016
December 31, 2016 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Dec. 31, 2016
August 9, 2017 [Member]
Long-term Debt Type (Textual) [Abstract]
Principal payment date				Aug. 09, 2017
Senior Credit Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						$ 100,000
Ratio of indebtedness to net capital minimum				1.00
Ratio of indebtedness to net capital one				5.00
7 7/8% Senior Subordinated Notes [Member]
Long-term Debt Type (Textual) [Abstract]
Interest rate on senior subordinate notes				7.875%				7.875%	7.875%
Net proceeds from the issuance of debt		$ 392,000
Redemption percentage of aggregate principal amount of senior notes		35.00%
Redemption percentage equal to principal amount include aggregate premium		100.00%
Additional redeemed percentage of aggregate principal amount		107.875%
Redemption percentage of issued notes which remain outstanding		65.00%
Aggregate principal amount of Debt issued									$ 400,000
Revolving Credit Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						250,000
Letter of credit outstanding				$ 8,364
6 5/8% Senior Subordinated Notes [Member]
Long-term Debt Type (Textual) [Abstract]
Interest rate on senior subordinate notes				6.625%				6.625%					6.625%
Tender offer amount							$ 700,000
Tender accepted amount						483,655
Repurchase tendered amount						582,903
Repurchase previous tender accepted amount					$ 99,248
Previous tendered amount					$ 220
Aggregate principal amount of Debt issued													$ 400,000
Loss on extinguishment of debt				$ 29,972
6 5/8% Senior Subordinated Notes - Series B [Member]
Long-term Debt Type (Textual) [Abstract]
Interest rate on senior subordinate notes				6.625%				6.625%				6.625%
Aggregate principal amount of Debt issued												$ 216,000
6 5/8% Senior Subordinated Notes - Series C [Member]
Long-term Debt Type (Textual) [Abstract]
Interest rate on senior subordinate notes				6.625%				6.625%			6.625%
Aggregate principal amount of Debt issued											$ 275,000
5 7/8% Senior Subordinated Notes [Member]
Long-term Debt Type (Textual) [Abstract]
Interest rate on senior subordinate notes				5.875%				5.875%
Net proceeds from the issuance of debt	$ 489,000
Redemption percentage of aggregate principal amount of senior notes	35.00%
Redemption percentage equal to principal amount include aggregate premium	100.00%
Additional redeemed percentage of aggregate principal amount	105.875%
Redemption price percentage of the principal amount to be purchased	101.00%
Redemption percentage of issued notes which remain outstanding	65.00%
Aggregate principal amount of Debt issued						500,000
9 3/4% Senior Notes [Member]
Long-term Debt Type (Textual) [Abstract]
Interest rate on senior subordinate notes				9.75%				9.75%		9.75%
Gross proceeds from the issuance of debt			$ 314,927
Net proceeds from the issuance of debt			$ 307,489
Redemption percentage equal to principal amount include aggregate premium			100.00%
Redemption price percentage of the principal amount to be purchased			101.00%
Aggregate principal amount of Debt issued										$ 350,000
Term Loan A 1 Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						270,000
Term Loan A 2 Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						30,000
Term Loan A-3 Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						100,000
Term B Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						575,000
Incremental Facility [Member]
Long-term Debt Type (Textual) [Abstract]
Maximum borrowing limit of incremental loan facility						300,000
Line of credit facility maximum borrowing capacity available to subsidiaries						$ 110,000

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Long-term debt
Long Term Debt	$ 2,187,595	$ 2,158,528
Less current maturities	(26,242)	(17,310)
Long-term debt, excluding current maturities	2,161,353	2,141,218
Senior Credit Facility [Member]
Long-term debt
Long Term Debt	695,477	595,477
7 7/8% Senior Subordinated Notes [Member]
Long-term debt
Long Term Debt	400,000	400,000
6 5/8% Senior Subordinated Notes [Member]
Long-term debt
Long Term Debt	122,760	381,290
6 5/8% Senior Subordinated Notes - Series B [Member]
Long-term debt
Long Term Debt	98,493	191,544
6 5/8% Senior Subordinated Notes - Series C [Member]
Long-term debt
Long Term Debt	34,910	256,040
5 7/8% Senior Subordinated Notes [Member]
Long-term debt
Long Term Debt	500,000
9 3/4% Senior Notes [Member]
Long-term debt
Long Term Debt	333,358	331,553
Other notes with various rates and terms [Member]
Long-term debt
Long Term Debt	$ 2,597	$ 2,624

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2012
Significant Accounting Policies [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 2011 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 [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 2011 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 and 9 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.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2012

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, 2011	$	180,662
Additions to asset retirement obligations		155
Accretion expense		1,976
Liabilities settled		(1,338	)

Balance at March 31, 2012	$	181,455

Fair Value of Financial Instruments (Details) $ in Thousands	Mar. 31, 2012 USD ($)
Fair Value of Financial Instruments (Textual) [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,299,567
Gross amount of company long term debt	2,208,050
Carrying amount of company long term debt	$ 2,187,595

Earnings Per Share

3 Months Ended

Mar. 31, 2012

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 343,478 and 475,701 for the three months ended March 31, 2012 and 2011.