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EXHIBIT 11.1

Lamar Advertising Company and Subsidiaries Earnings Per Share Computation Information

Years ended December 31, 2003, 2002 and 2001

|                                                                  |  |              |             |              |  |              |             |   |  |   |              |  
|----------------------------------------------------------------- |  | ------------ | ----------- | ------------ |  | ------------ | ----------- | - |  | - | ------------ | -
|                                                                  |  | Year Ended   |             | Year Ended   |  | Year Ended  
|                                                                  |  | December 31, |             | December 31, |  | December 31,
|                                                                  |  | 2003         |             | 2002         |  | 2001        
|                                                                  |  |              |             |              |  |             
|Net loss applicable to common stock                               |  | $            | (80,360,000 | )            |  | $            | (36,693,000 | ) |  | $ | (108,999,000 | )
|                                                                  |  |              |             |              |  |              |             |   |  |   |              |  
|Weighted average common shares outstanding                        |  |              | 102,686,780 |              |  |              | 101,089,215 |   |  |   | 98,566,949   |  
|Shares issuable upon exercise of stock options                    |  |              |            |              |  |              |            |   |  |   |             |  
|Incremental shares of convertible debt                            |  |              |            |              |  |              |            |   |  |   |             |  
|                                                                  |  |              |             |              |  |              |             |   |  |   |              |  
|Weighted average common shares and common
equivalents outstanding |  |              | 102,686,780 |              |  |              | 101,089,215 |   |  |   | 98,566,949   |  
|                                                                  |  |              |             |              |  |              |             |   |  |   |              |  
|Net loss per common share basic and diluted                       |  | $            | (0.78       | )            |  | $            | (0.36       | ) |  | $ | (1.11        | )
|                                                                  |  |              |             |              |  |              |             |   |  |   |              |  

The above earnings per share (EPS) calculations are submitted in accordance
with Statement of Financial Accounting Standards No. 128. An EPS calculation in
accordance with Regulation S-K item 601 (b) (11) is not shown above for the
years ended December 31, 2003, 2002 and 2001 because it produces an
antidilutive result. The following information is disclosed for purposes of
calculating antidilutive EPS for that period.

|                                                                     |  |              |             |              |  |              |             |   |  |   |              |  
|-------------------------------------------------------------------- |  | ------------ | ----------- | ------------ |  | ------------ | ----------- | - |  | - | ------------ | -
|                                                                     |  | Year Ended   |             | Year Ended   |  | Year Ended  
|                                                                     |  | December 31, |             | December 31, |  | December 31,
|                                                                     |  | 2003         |             | 2002         |  | 2001        
|                                                                     |  |              |             |              |  |             
|Net loss applicable to common stock                                  |  | $            | (80,360,000 | )            |  | $            | (36,693,000 | ) |  | $ | (108,999,000 | )
|Income impact of assumed conversions                                 |  |              | 7,718,327   |              |  |              | 9,207,188   |   |  |   | 9,207,188    |  
|                                                                     |  |              |             |              |  |              |             |   |  |   |              |  
|Loss available to common shareholders plus
assumed conversion        |  | $            | (72,641,673 | )            |  | $            | (27,485,812 | ) |  | $ | (99,791,812  | )
|                                                                     |  |              |             |              |  |              |             |   |  |   |              |  
|Weighted average common shares outstanding                           |  |              | 102,686,780 |              |  |              | 101,089,215 |   |  |   | 98,566,949   |  
|Shares issuable upon exercise of stock options                       |  |              | 360,578     |              |  |              | 546,242     |   |  |   | 617,855      |  
|Incremental shares from convertible debt                             |  |              | 6,365,931   |              |  |              | 6,216,210   |   |  |   | 6,216,210    |  
|                                                                     |  |              |             |              |  |              |             |   |  |   |              |  
|Weighted average common shares plus dilutive
potential common shares |  |              | 109,413,289 |              |  |              | 107,851,667 |   |  |   | 105,401,014  |  
|                                                                     |  |              |             |              |  |              |             |   |  |   |              |  
|Net loss per common share                                            |  | $            | (0.66       | )            |  | $            | (0.25       | ) |  | $ | (0.95        | )
|                                                                     |  |              |             |              |  |              |             |   |  |   |              |