LAMAR ADVERTISING CO/NEW — Director's Dealing 2011

Feb 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2011-02-21

Reporting Person: ISTRE KEITH A (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-21	Class A Common Stock	A	26000	—	Acquired	74750	Direct
2011-02-21	Class A Common Stock	F	9091	$41.54	Disposed	65659	Direct

Footnotes

F1: These shares were certified by the Compensation Committee as earned pursuant to the previously announced performance-based equity bonus program for fiscal year 2010 under the Lamar 1996 Equity Incentive Plan, as amended.

F2: Closing price as of February 18, 2011, the trading day preceding the certification date since the certification date was not a trading day.